Mr Pozgalev, a former governor of Vologda, an ethnic Russian region that includes Cherepovets, identified the mood swing while campaigning for United Russia in last year's elections.
While also affected by the South African supply disruptions, this turnabout was in large part due to a swing to net investment from disinvestment a year ago, lower Russian stockpile sales and stronger demand, according to the Johnson Matthey report.