Russian Stock Market (MOEX): Share prices of metallurgy and mining enterprises 30.10.2025, 12:29 MSK
Market Overview — A Cautious Morning on MOEX
By midday trading on October 30, 2025, the Moscow Exchange (MOEX) showed a mixed performance in the metallurgy and mining sector. Global metal prices remained volatile amid fluctuating Chinese demand and continued Western sanctions, causing Russian industrial shares to move cautiously. The MOEX Metals & Mining Index hovered around the flat line, reflecting investor uncertainty.
Major Gainers — Norilsk Nickel Leads with Steady Growth
Norilsk Nickel (GMKN) shares gained +0.8%, supported by stable nickel prices and optimistic Q3 export data. The company continues to benefit from rising demand for battery metals, especially as Asian markets expand electric vehicle production. Analysts note that Norilsk remains one of the few Russian exporters maintaining consistent international partnerships.
Lagging Stocks — Severstal and Mechel Dip
Severstal (CHMF) slipped −0.5%, and Mechel (MTLR) fell −1.2%, as concerns over steel overproduction weighed on the sector. Domestic construction slowdown and reduced infrastructure spending have pressured profit margins. Despite these declines, both firms signaled cost-cutting measures to sustain earnings through Q4.
Aluminum and Coal Movers — RUSAL and SUEK in Focus
RUSAL (RUAL) rose +0.4% after announcing an export diversification plan targeting India and Southeast Asia. Meanwhile, SUEK (SUEK) shares traded flat, with investors awaiting updates on the company’s coal export quotas for the winter season. Energy market trends remain a key driver for these stocks heading into November.
Investor Sentiment and Outlook
Analysts expect the metals and mining sector to remain range-bound in the near term. With global commodity trends uncertain and the ruble stabilizing, institutional investors are showing selective interest—favoring companies with strong export capabilities and low debt. The next key data point will be corporate earnings in early November, which could determine short-term direction on MOEX.
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