Rusal Says Norilsk Nickel Will Cut Its 2013 Dividend Target

“Russia’s Norilsk Nickel, the world’s biggest nickel and palladium producer, has lowered its dividend target for 2013-14, its co-owner, aluminium giant Rusal said on Tuesday, as oversupply in its key market hurts prices,” reports Reuters.

Though expected to pay at least $3 billion for 2013 and 2014 until in September, “Rusal said on Tuesday that it and Potanin had agreed Norilsk would now pay 2013 and 2014 dividends of not less than $2 billion per year. The annual payment is expected to be equal to 50 percent of its earnings before interest, taxation, depreciation and amortisation.”

The cash price of primary Indian nickel saw the biggest upwards shift for the day, rising 1.4 percent on Monday, September 30. After rising 0.8 percent, prices settled at $13,880 per metric ton, driving an accelerated rise since Tuesday, September 24. Today marks the fifth day in a row of improvement for the spot price of nickel on the LME. The nickel 3-month price rose 0.8 percent on the LME to $13,965 per metric ton. Today marked the fifth in a row of increasing prices and the improvement has accelerated since Tuesday, September 24.

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Chinese stainless steel prices were mixed for the day. The price of Chinese ferro-chrome held steady, as did the price of Chinese ferro-moly.

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Following a couple days of improvement, the price of Chinese primary nickel weakened by 0.2 percent. The price of Chinese 316 stainless coil was unchanged. For the fifth consecutive day, the price of Chinese 304 stainless coil held flat. The price of Chinese 316 stainless steel scrap saw little movement. The price of Chinese 304 stainless steel scrap continues to hover for the fifth day in a row.

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