Russia Stopping Palladium Sales-Norilsk

Norilsk, the world's largest nickel producer, said nickel demand in 2010 should increase by about 10% while output will increase by less than that.

"The gap between growth rates of consumption and production might be covered from London Metal Exchange inventories and strategic metal reserves in China," Norilsk said.

In the long term it expects an annual nickel demand growth rate of 4% between 2011 and 2015 due to a recovery in stainless steel production, forecast to grow 15% in 2010.

The company said it doesn't expect many more palladium supplies coming from Russian government stockpiles between now and 2015.

"Supply from Russian government stockpiles assumed none," it said. "[There is] some evidence that these inventories could have declined to relatively low levels with limited influence on the palladium market in 2010."

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