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Bloomberg reported that Russia’s central bank is holding back on sales of palladium to a group led by Norilsk Nickel amidst low prices for the metal.
Bloomberg reported that Russia’s central bank is holding back on sales of palladium to a group led by Norilsk Nickel amidst low prices for the metal.
As quoted in the publication:
Negotiations on sales have stalled with prices near a five-year low, said the people, who asked not to be identified because the matter is private. Vladimir Potanin, the billionaire chief executive officer of Norilsk, said last year that the group would invest as much as $200 million buying the metal and that the Bank of Russia agreed in principle to sell.
Norilsk is the world’s largest miner of palladium, which is mostly used in devices that restrict harmful emissions from vehicles. It slid 36 percent in the past year and this month reached the lowest since 2010 after South African production rebounded and China’s slowing economy curbed demand. It’s this month’s worst-performing metal.