Thursday, August 14, 2008
Norilsk does not have new cobalt metal to sell over deal with OM Group
Norilsk Nickel does not have 180 tpm of new cobalt metal production to sell over and above its contract to supply OM Group with up to 2,500 tpy of metal, a company official said.
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Norilsk Nickel does not have 180 tpm of new cobalt metal production to sell over and above its contract to supply OM Group with up to 2,500 tpy of metal, a company official said.
“That was double-counting,” he said.
He was responding to a comment earlier this week from a market participant, who said that the huge nickel producer was also selling 180 tpm of new cobalt metal production.
But this is not the case, the company official said.
“It would have been market shaping if it was true. But it’s not,” the Norilsk official said.
Market participants, including traders, producers and consumers, had already dismissed the comment.
“It can’t be true. It’s a listed company and it would have had to reveal something like that. In any case, nickel production hasn’t increased that much,” one trader said.
