According to Norilsk Nickel, strikes in South African mean global platinum supplies may fall short of demand in 2012. Mr Yuriy Sobolev director of sales at Norilsk Nickel said that "Our estimate is that South Africa will lose 350,000 to 400,000 ounces of production in 2012 and that a surplus in the market would be immaterial if any He added that the company initially expected a platinum surplus in 2012. Mr Sobolev said that Norilsk doesn't expect a further slump in commodities markets in the near future as metal prices are too low for production to keep pace with consumption. He added that "At USD 16,000 a tonne of nickel, 30% of the producers are most likely making losses." Mr Sobolev said that nickel consumption has grown at about 3% to 4% a year, slightly better than forecast. It is likely to grow 4% in 2012 and maybe slightly better in 2013, mostly from the stainless steel sector in China and India. He said that "It's an exaggeration to label it as a depression, even with current growth rates in the steel industry lower than average. Nickel demand is 30% higher than in 2009, which was the lowest point."

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