Norilsk Nickel (Nornickel), a Russian nickel and palladium mining and smelting company, reported that nickel production kept flat at over 146,000 tons in the first nine months of this year, while palladium production rose by 1% to around 2.2 million troy ounces.

For the production guidance for 2024, Nornickel revised its nickel production forecast to 196,000 and 204,000 tons, up from the previous forecast of 184,000 to 194,000 tons. Despite the increased output forecast, 2024 output is still lower than 2023's 209,000 tons.

As for palladium, the production guideline of this metal was also raised, reaching 2.624 million to 2.728 million ounces, rising from the previously expected 2.296 million to 2.451 million ounces.

Nornickel is not directly subject to sanctions imposed by Western countries, but sanctions against Russia have deterred some Western producers from buying Russian metals. Therefore, Nornickel has shifted its sales target to the Asian market.