Brazil ramps up nickel imports from Russia to highest since 2005 – Kommersant

Brazil bought $11.1 million worth of nickel from Russia in July, the highest since May 2005, and also made Russia the main supplier of nickel to the country, it was reported. “RIA News” with reference to the Brazilian Statistical Service.

According to its data, in July Russia increased nickel deliveries to Brazil by 2.2 times compared to June. In absolute terms, imports of Russian nickel increased by 2.3 times, to 435.9 tons of nickel, which is the largest supply since July 2019.

Norway was second in terms of nickel supplies to Brazil ($10.4 million), the United States was third ($7.3 million), Germany ($4.7 million) and South Africa ($3 million) were also in the top five.

At the same time, according to the results of seven months, the United States was the main importer of nickel to Brazil, which supplied the metal for $48.3 million and displaced Norway ($44.7 million) from the first place. Russia, which increased deliveries in January-July by 2.5 times (up to $28.8 million), took the third place.

In the first half of the year, Norilsk Nickel sharply reoriented sales to Asia, the region for the first time in history became the largest market for the company. At the same time, the fall in metal prices led to a reduction in the company’s revenue by 20%, to $7.2 billion, and exchange rate differences brought down net profit by five times, to $1.1 billion.

Details – in the material “Kommersant” “Norilsk Nickel dropped profits”.

Laura Keffer