According to the company’s department director Mikhail Borovikov, traditionally Norilsk Nickel have never supplied the metal to the exchange and tried to make 99% of sales to end users
MOSCOW, May 31. /TASS/. Sanctions imposed by the United States and the United Kingdom on imports of Russian copper, nickel and aluminum did not seriously affect Norilsk Nickel sales, department director of the Russian company Mikhail Borovikov said.
“We have never supplied the metal to the exchange traditionally. We tried to make 99% of sales to end users, specifically industrial ones. Yes, we made minor sales to traders, minor sales to distributors, but we endeavored not to make supplies to the exchange in general. The metal went to the exchange more likely from other suppliers or our metal not spent by a consumer and supplied in order to avoid turnover losses. Closing by the exchange, in terms of our sales, did not have a particular effect on us,” Borovikov said.
On April 12, the US and the UK expanded sanctions against Russia, stipulating that the London Metal Exchange and the Chicago mercantile Exchange will not be able anymore to replenish aluminum, copper and nickel inventories in their storages on account of supplies of raw materials of Russian origin.
Source: Tass
