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Russia May Reduce Palladium Export in 10 Times
17.10.2011 10:28
Russia May Reduce Palladium Export in 10 Times

Russia will have to reduce palladium supplies abroad in 10 times for the next two years. Then the export of the metal could stop at all, said Ministry of Finance to the news agency Interfax.

As the source reports, there are ‘very little’ liquid palladium in the country. In 2012-2013 Russia may export only 4-4,5 tons of palladium annually. Before that time, Russia has exported about 50 tons a year.

Last year Norilskiy Nikel, one of the main world palladium producer, claimed about possible deficit. This spring the Deputy General Director Viktor Spogis confirmed the information.

Palladium is one of the rarest metals in the world. It is used in jewellery, medicine, industries. The annual volume of palladium production in the world is about 200 tons. For comparison, gold production is about 2.5 thousand tons a year.

In February this year, the metal cost raised up to $ 855 for ounce. For the last six months price has been falling. On October 13 at New York Mercantile Exchange one ounce of palladium was traded for $ 594.  

Author: Irina Fomina

Tags: Russian business export    

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