Nornickel expects 2026 palladium and nickel output roughly unchanged

Nornickel, Russia a major producer of nickel and world’s largest palladium producer, has reported its nickel output to reach 193,000–203,000 metric tons in 2026, similar to 2025. The company said it produced 198,521 tons of nickel in 2025, a 3% drop from the previous year, a result that came within the company’s projected range of 196,000 to 204,000 tons.

Palladium output is expected to drop to range of 2.415 million and 2.465 million ounces, after it produced 2.725 million ounces of palladium in 2025, down 1% but in also line with its forecasts.

A decline in production in recent years the company linked to the depletion of ore reserves and a forced switch to alternative mining equipment due to Western sanctions.

While Nornickel is not subject to direct sanctions, the measures have constrained imports of Western equipment, complicated payments and logistics, and prompted some foreign clients to avoid buying Russian metals. The company expects recovery in 2028.