The company improved its condition as FCF entered a positive area.

Figure 1.

Investors, as usual, focus on this indicator and react with excessive energy.

This indicator is too volatile, and strict FCF is more relevant for assessing the lower price limit.

Figure 2.

Thus, the price on stock exchanges will fluctuate between the lines with a very large angular difference.

NLMK published a weak report.

Free cash flow fell to 13.6 rubles per share.

So investors will not look too far ahead.

I think everyone is interested in what math  thinks about the dollar-ruble exchange rate.
Over a long distance, it calculates the average value very well.

The monetary base has not been growing for a whole year. With high credit activity, money should become more expensive. I think this is not the case now, because economic agents are selling currency and closing loans.

NLMK has room to grow to the dividend line. 

Norilsk Nickel has reached its price.

Stock market speculators risk not getting their money back.

Figure 1.

The possibilities for paying dividends are quite modest.

Figure 2.

It looks like the M2 monetary aggregate looks down. Perhaps the Central Bank's key rate will go there too.

The company has a quite correct valuation on the stock exchange.

Magnitogorsk Iron and Steel Works is clearly not in a good mood.