Norilsk Nickel Forecasts 2013 Palladium Deficit of 1 Million Ounces

Mining Weekly reported that Norilsk Nickel OAO (MCX:GMKN), the world’s top palladium producer, thinks that in 2013 the palladium deficit will rise 25 percent on the back of falling supplies. That will bring the deficit up to about 1 million troy ounces.

As quoted in the market news:

“We expect a significant deficit on the palladium market this year – at about one-million troy ounces,” Anton Berlin said in a telephone interview. Last year the deficit was about 0.8-million ounces, he added.

Norilsk, which accounts for 41% of global palladium output, forecast it would cut 2013 palladium production to 2.63-million to 2.64-million ounces from 2.73-million ounces the previous year. Its platinum production is also expected to decrease.

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