俄罗斯镍出口Have Not Been Affected And Nornickel Continues To Meet All Contractual Obligations.

Russia's Nornickel on Monday cut its forecast for a shortfall in the global palladium market in 2022 to 100,000 Troy ounces, Reuters reported, citing a drop in demand from the automotive industry amid the Ukraine crisis and a slow recovery in the chip market from a shortage.

Western sanctions imposed on Moscow after it sent tens of thousands of troops into Ukraine on February 24 have so far not targeted Nornickel, the world's largest producer of palladium and high-grade nickel.

Nornickel, which accounts for 40 per cent of the world's primary palladium production, "continues to deliver the metal in accordance with its contractual obligations despite logistical obstacles associated with limited international flights from Russia", the company said in its latest market comment.

"Russian nickel exports have not been affected and Nornickel continues to meet all contractual obligations," the miner added.

Nornickel, which produces 20 per cent of high-grade nickel, said the exclusion of Russian nickel from the trading system would be disastrous for the London Metal Exchange and the global nickel market.

The company now expects a global nickel market surplus of 37,000 tonnes in 2022, which will then expand to 103,000 tonnes of nickel (mainly low grade nickel) by 2023 due to the start-up of new capacity in Indonesia.

The palladium market will be balanced in 2023, the miner added, as a recovery in automotive demand will be mainly offset by increased supply.

In February, the miner forecast a 300,000 ounce shortfall in the global palladium market in 2022 and a 42,000 tonne oversupply in the global nickel market.