Norilsk Nickel: epidemic reduces Industrial demand Nickel sales will be less than output this year

SMM12, March 2: according to a recent report, Norilsk said that sales of nickel and palladium in Russia's Norilsk Nickel will be less than in 2020 due to reduced industrial demand.

"some industries, such as car manufacturing, have begun to catch their breath, but so far it doesn't feel good," said Anton Berlin (Anton Berlin), head of Nornickel sales.

Nornickel expects sales of nickel and palladium to fall 5-7 per cent year-on-year in 2020. It sold 230000 tons of nickel and 3 million troy ounces of palladium in 2019. The company hopes to sell the inventory caused by the epidemic, nickel and palladium production will be flat in 2021, copper production will decline.

He expects a shortage of 400000 ounces of palladium in the global market in 2020. There will be a surplus of 100000 tons in the nickel market. Sales of Nornickel's global palladium fund will be lower than the previous forecast of 300000 to 500000 ounces in 2020.