CoVid-19 to swell nickel, platinum surpluses; palladium deficit to shrink: nornickel

摘要

Russia’s Nornickel has revised its supply- demand outlook in light of the coronavirus pandemic and now expects much higher nickel and platinum surpluses than previ- ously and a less severe palladium deficit. Nornickel has reduced its 2020 estimate of palladium consumption amid weaker global car sales, with January-February sales dropping 15% year-on-year. Global car sales may decline 6% overall this year, but platinum group metals (PGM) content per vehicle continues to increase, which should slightly offset the impact lower car production is going to have on PGM demand, it said.