Russia Metal Export Nickel Palladium 2025: Asia Pivot Redraws Market
Explore how Russia's metal exports of nickel and palladium have pivoted to Asia in 2025. Analyze the impact of LME bans and the growing trade with China and India.
Over 40% of the world's palladium comes from Russia, and Moscow's found a way to keep it flowing despite Western walls. According to Nornickel, the share of metal exports to Asia has surged by 15 percentage points in 2025, hitting an all-time high as the Kremlin bypasses European ports.
Russia Metal Export Nickel Palladium Shifts Toward Asia
The London Metal Exchange (LME) ban on new Russian metal didn't stop the trade—it just redirected it. Supplies that once fed German factories are now powering battery plants in China and India. Reuters reports that China's imports of Russian nickel topped 200,000 tons this year, signaling a permanent eastward shift in the global supply chain.
| Region | 2023 Share | 2025 Share |
|---|---|---|
| Asia | 45% | 68% |
| Europe | 31% | 12% |
The High Cost of Bypassing Western Sanctions
It's not all smooth sailing for Moscow. Shifting to non-SWIFT payment systems and complex logistics has pushed transaction costs up by 5% to 8%. While the volume is there, the margins are under pressure due to heavy discounts demanded by Asian buyers who know they've got the upper hand.
Investors should watch the widening 'sanction discount' on Russian metals. Price volatility is expected to remain high as the market fragments into Western and Eastern tiers.
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