Nornickel Lifted 2024 Metals Output Guidance

SEATTLE (Scrap Monster): Preliminary consolidated production statistics for the third quarter and the first nine months of this year were released by Nornickel, a Russian metals manufacturer. Additionally, it announced the production outlook for 2024 as a whole.

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During January through September of this year, the company produced 146,210 tons of nickel, which was essentially the same as the year before. The primary cause of the higher output was the August reopening of the #2 flash smelting furnace at the Nadezhda Metallurgical Plant, which had undergone extensive renovations. Instead of the 90 days that were intended, the reconstruction was finished in 60 days. As a result, the company's Q3 nickel production increased 16% over the previous quarter to 56 kt.

The full-year nickel output forecast was previously set at 184,000–194,000 tons, but Nornickel increased it to 196,000–204,000 metric tons. The updated prediction is still less than the 209,000 tons of nickel produced the year before, though.

The company's combined copper output in Q3 2024 was 108 kt, essentially identical from the previous quarter. Throughout the nine months, the output increased slightly by 7% to 326 kt.

The palladium production prediction for the year was increased by Nornickel from between 2.296 million and 2.451 million ounces to between 2.624 million and 2.728 million ounces.