Decrying the Soviet way of state-planning and doing business, primary Norilsk shareholder Vladimir Potanin wants to overhaul the company’s market strategy.
After the precipitous drop-off in nickel prices, Norilsk is now scrambling to become more nimble in its investment strategies, bucking the trend of 15-year-long timelines for projects, according to Potanin, speaking in an interview with the Financial Times. Even though Norilsk is still the largest nickel producer with $12 billion in annual revenues, they need some outside help.
Potanin told the FT that consultants from McKinsey and the Boston Consulting Group have come in to advise the company. Looming in the background is the tenuous relationship between Potanin and Oleg Deripaska, another big Norilsk shareholder.
The Indian nickel cash price experienced the biggest price decline of the day, dropping 3.0 percent on Tuesday, September 10.
Following two days of rising prices, the nickel spot price dropped 0.6 percent on the LME to $13,815 per metric ton. Following a couple days of improvement, the nickel 3-month price weakened by 0.6 percent on the LME. Prices closed at $13,890 per metric ton.
Chinese stainless steel closed mixed yesterday. For the fifth day in a row, the price of Chinese ferro-chrome remained essentially flat. The price of Chinese ferro-moly saw little movement.
The price of Chinese primary nickel, following a couple days of improvement, weakened by 0.5 percent.
The price of Chinese 316 stainless coil held steady. For the fifth consecutive day, the price of Chinese 304 stainless coil held flat. The price of Chinese 316 stainless steel scrap remained essentially flat. The price of Chinese 304 stainless steel scrap saw essentially no change for the fifth day in a row.