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[ferro-alloys.com]PJSC MMC Norilsk Nickel, the largest refined nickel and palladium producer in the

world, reports today IFRS financial results for the full year ended December 31, 2018.

Nickel in 2018 – deficit expanded to 130 kt (approximately 6% of global

consumption) driven by resilient demand growth in stainless steel and booming

battery sector; by the year end exchange inventories were down 47% (or -191 kt) to

approximately 32 days of global consumption which was already below historical

average; average LME price was up 26% year-on-year with some volatility in 4Q 2018

as bearish macroeconomic expectations and fears of China-US trade war prevailed in

the market sentiment.

Nickel sales contributed 27% to the Group’s total metal revenue in 2018 (vs 29% in 2017).

The decrease by 2 p.p. was driven by an increase of copper and palladium sales volumes, which were partly offset by nickel price outperforming other metals’ prices.

In 2018, nickel revenue increased 25% y-o-y (or by +USD 597 million) to USD 3,013 million primarily due to higher realized metal price.

The average realized price of refined nickel produced from own feed increased 26% to USD 13,531 per tonne in 2018 (vs USD 10,704 per tonne in 2017).

Sales volume of refined nickel produced from own Russian feed, increased by 1% (or +2 thousand tonnes) to 208 thousand tons.

Sales volume of nickel produced from third-party feed decreased 78% y-o-y to 2 thousand tonnes as Harjavalta reduced the processing volumes of third-party feed.

In 2018, sales of nickel in semi-products increased 55% y-o-y to USD 175 million primarily owing to higher sales volume of semi-products.

Nickel outlook – neutral; we expect persisting, yet narrowing deficits in 2019-

2021 as Indonesia and China continue to increase NPI output; the demand from

stainless sector is expected to be robust; EV story continues to be the key demand

growth driver in the medium- and long-term as the xEV penetration grows and the

share of nickel-intensive cathode materials keeps growing alongside.

（Nornickel official）

• [Editor:王可]