Norilsk Nickel Said The Epidemic Reduces Demand, Sales Down Much
According to recent reports, Norilsk stated that due to the reduction in industrial demand due to the epidemic, the sales volume of nickel and palladium in Russia’s Norilsk Nickel will be less than in 2020.
Anton Berlin, the head of Nornickel’s sales department, said, “Some industries have started to take a breather, such as the automobile manufacturing industry, stainless steel pipe and fittings industry, but it’s not so good so far.”
Nornickel expects nickel and palladium sales in 2020 to decline by 5% to 7% year-on-year. It sold 230,000 tons of nickel and 3 million troy ounces of palladium in 2019. The company hopes to sell inventory caused by the epidemic, nickel and palladium production will be flat in 2021, and copper production will decline.
He predicts that the global market will be short of 400,000 ounces of palladium in 2020. The nickel market will have a surplus of 100,000 tons. Nornickel’s global palladium fund sales will be lower than previously expected 300,000 to 500,000 ounces in 2020.
Posted by SSN
Nornickel is Russia’s leading metals and mining company, No. 1 manufacturer of palladium and refined nickel, and one of the biggest platinum and copper producers. The Group also produces cobalt, rhodium, silver, gold, iridium, ruthenium, selenium, tellurium, and sulphur.