【SMM Nickel Market Flash】Nornickel Q3 Nickel Output Rises Q-o-Q on Semi-Finished Processing; Annual Target Unchanged

Published: Oct 29, 2025 01:23

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【SMM Nickel Market Flash】Norilsk Nickel (Nornickel) reported its Q3 2025 nickel production reached approximately 53,600 tonnes, an 18.4% increase quarter-on-quarter but a 4% decrease year-on-year. The company attributed the quarterly growth to increased processing of semi-finished materials built up in Q2. Production for the first nine months totaled 140,000 tonnes, down 4% year-on-year. Nornickel maintained its full-year 2025 nickel production guidance of 196,000-204,000 tonnes. Copper output in Q3 was 100,105 tonnes, down 4% Q-o-Q and 7% Y-o-Y, with the annual target set at 343,000-355,000 tonnes.

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