Despite original hints that he only planned to stay on for two years, Russian billionaire Vladimir Potanin “is clearly relishing his role at the center of a major turnaround and indicates he has no plans to stand down as chief executive of the world’s largest producer of nickel and palladium,” reports Reuters.
“I don’t like deadlines,” the 52-year-old Potanin told Reuters.
“His departure could be years away as he develops the Norilsk management into a world-class team, he said.”
“For a rich and reasonably successful guy, it is impossible not to enjoy your job, otherwise why would you spend so much time and effort doing it? I am a great fan of Norilsk and I like this kind of challenge.”
Following a 1.2 percent on the LME decline to $13,695 per metric ton, the 3-month price of nickel finished as the week’s biggest mover on the weekly Stainless MMI®. The spot price of nickel saw a 1.1 percent drop this week on the LME, closing at $13,625 per metric ton. The cash price of primary Indian nickel rose 0.2 percent after falling 2.1 percent during the previous week.
Chinese stainless steel prices were mixed for the week. Following a steady week, prices for Chinese ferro-chrome closed flat. Chinese ferro-moly remained essentially flat from the previous week.
The price of Chinese primary nickel closed last week, after a 0.2 percent drop. Chinese 304 stainless steel scrap traded sideways last week. The week finished with no movement for Chinese 316 stainless steel scrap. Chinese 304 stainless coil traded sideways last week. The price of Chinese 316 stainless coil did not change since the previous week.
Korean 430 stainless steel coil remained unchanged for the week. Following a steady week, prices for Korean 304 stainless coil closed flat.
The Stainless MMI® collects and weights 14 global stainless steel and raw material price points to provide a unique view into stainless steel price trends. For more information on the Stainless MMI®, how it’s calculated or how your company can use the index, please drop us a note at: info (at) agmetalminer (dot) com.