[ferro-alloys.com]Nickel sales contributed 27% to the Group’s total metal revenue in 1H2018, down from 29% in 1H2017. The decrease by 2 p.p. was driven by the cumulative effect of increased copper, platinum and palladium sales volumes, and decrease of refined nickel sales volume, which was partly offset by stronger performance of nickel price as compared to other metals’ prices.

In 1H2018, nickel revenue increased 34% y-o-y (or by +USD 380 million) to USD 1,494

million primarily due to higher realized nickel price (+USD 431 million) which was negatively offset by lower sales volume (-USD 51 million) owing to reduction of low-margin processing of thirdparty feed.

The average realized refined nickel price increased 40% y-o-y to USD 14,141 per tonne in 1H2018 (vs USD 10,067 per tonne in 1H2017).

Sales volume of refined nickel, produced from own Russian feed, decreased by 1% (or -1 thousand tonnes) to 98 thousand tons.

Sales volume of nickel produced from third-party feed decreased 86% y-o-y to 1 thousand tonnes as Harjavalta decreased the processing of third-party feed.

Sales of nickel in semi-products increased 65% y-o-y to USD 86 million primarily owing to strong performance of nickel price and higher sales volume of semi-products.

• [Editor:王可]