Russia was the world’s third largest nickel producer in 2020, the last year for which data has been compiled.
During 2020, it produced 270,000 metric tonnes, or roughly one tenth of total global production.
Indonesia and the Philippines filled the number one and two slots respectively, with Indonesia far out ahead at 800,000 tonnes of annual production.
It remains to be seen how far Russian supplies into the market will be restricted by the latest developments in the Ukraine, but the nickel price was already at a ten year high ahead of the latest moves of Russian troops into the Ukraine.
Disruption to supply is to be expected, at the same time as demand continues strong global infrastructure projects and electric vehicle batteries.
Companies with nickel assets outside of the immediate areas of conflict, like VALE, BHP Group Limited (LSE:BHP) and Horizonte Minerals might be expected to benefit, although the immediate market sell-off on the latest Russian moves caught all the miners up in it too.
Russia is also the world’s second largest producer of gold, after China, and the second largest producer of platinum, after South Africa.