RHJ/iStock via Getty Images
Palladium prices plummeted as much as 5% Friday to the lowest in more than a year as Norilsk Nickel (OTC:NILSY), the world's top producer of palladium and nickel, said it forecasts a 300K oz palladium deficit in 2023, reducing its prediction from an 800K oz deficit three months ago.
The Russian group said its FY 2022 EBITDA fell 17% Y/Y to $8.7B, net profit fell 16% to $5.9B, and net debt doubled to $9.8B, as it coped with a drop in sales and supply chain disruptions.
While not directly targeted by Western sanctions over the war in Ukraine, Nornickel (OTC:NILSY) has faced problems importing equipment and transporting goods abroad.
Nornickel (OTC:NILSY) President and largest shareholder Vladimir Potanin has said the group was seeking deeper ties with countries such as China and Turkey because of Western sanctions.