Nornickel Held Nickel Output Forecast Unmoved for 2024

The furnace repairs have been badly impacting the company’s profits.

SEATTLE (Scrap Monster): Russian Nornickel reported marginal dip in nickel output by 1% during the initial six-month period of the current year. The dip in output was attributed to furnace repairs at its Nadezhda smelter. Meantime, the company kept its full year nickel production forecast for 2024 unchanged. Also, it maintained the 2024 output forecast for palladium.

In a statement issued, the company noted that its full-year nickel production forecast remained unchanged at 184,000-194,000 metric tons. This is upon comparison with the output of 209,000 metric tons during the previous year. The production guidance for palladium too remained unchanged at 2.296-2.451 million ounces, it said.

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The furnace repairs have been badly impacting the company’s profits. The difficulty in procuring necessary equipment and technology, which was previously offered by Western counties, had forced the company to postpone the furnace repairs for almost two years. The company has reportedly identified new equipment supplier. Consequently, the furnace is now expected to return to operation in early-August after repairs.

The return of furnace to normal operation, along with the overhaul of the converter electric furnace and peripheral equipment will lead to significant improvement in the reliability of industrial assets, Nornickel said.

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