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Russia's Norilsk Nickel prepares to sell all it produces in 2025

Russia's Nornickel, the world's largest manufacturer of palladium and a significant manufacturer of fine-tuned nickel, on Friday stated it prepares to sell whatever it produces in 2025, despite difficult conditions in the metals markets.

Nornickel is not subject to direct Western sanctions, however limitations against Moscow have actually triggered some Western business to avoid purchasing Russian metal and complicated payment flows, leading Nornickel to redirect sales to Asia.

In April, the London Metal Exchange prohibited shipments of newly-produced Russian aluminium, copper and nickel to the LME-registered warehouses to abide by U.S. and UK sanctions that are aimed at attempting to interrupt Russian export revenues.

Nornickel reported a 22% fall in first-half revenue in August, due to weak nickel and palladium costs, logistical troubles, and problems related to cross-border payments.

In 2025, the management is anticipating to offer the whole metal production volumes, while forecasting that metal market conditions will remain challenging, with a nickel market particularly forecasted to be in surplus, Nornickel stated in the statement.

It did not provide production projections for 2025.

Nornickel today stated it sees the international nickel market preserving a surplus of 150,000 metric loads in both 2024 and 2025.

In October, the business raised its 2024 production guidance for all metals, anticipating nickel output at 196,000-204,000. metric loads and palladium production at between 2.624 million. and 2.728 million ounces. Nornickel, whose board of directors authorized its 2025 spending plan. with a 215 billion rouble ($ 2.1 billion) investment strategy, stated. maintaining monetary stability was an essential top priority. The business did not reveal 2024 financial investment volumes. Formerly, Nornickel decreased its investment prepare for this year. to $3 billion from the at first approved $3.6 billion due to. currency exchange rate changes and sanctions triggering it to modify. investment tasks.

(source: Reuters)