Nornickel Maintains 2025 Nickel Production Forecast Despite Q1 Decline and Multiple Pressures

Russia's Nornickel has maintained its 2025 nickel production forecast at 204,000–211,000 metric tons, despite a 1.1% year-on-year decline in Q1 nickel output to 42,000 tons. Palladium production dipped 0.6% to 741,000 ounces, while platinum output rose 0.6% to 180,000 ounces. The drop in nickel was attributed to scheduled maintenance, which the company says supports long-term stability.

Domestically, Nornickel faces revenue pressure from a stronger rouble and high interest rates. Internationally, it is impacted by falling metal prices, weak demand due to U.S. trade tariffs, and indirect effects of Western sanctions, which complicate sales and access to equipment.