“The London Metal Exchange has told some of its committee members it will not ban Nornickel's metal from its system as the company is not under UK sanctions even though Chief Executive Vladimir Potanin is, three sources familiar with the matter said,” Reuters writes in a correspondence from London.
The refusal to put a ban on trading in Russian nickel comes amid fears in the steel industry that the situation that arose on the nickel market on March 8 - when nickel prices soared to $100,000 per ton and the LME was forced to suspend trading - could be repeated.
Despite countless sanctions against Russia, nickel is excluded being a key ingredient in stainless steel and an element to produce electric vehicle batteries. It is a metal on which the entire world economy depends to a great extent.
Nickel prices have been rising since the beginning of this year, and this growth is backed by strong consumer demand and destocking of the metal, according to Reuters.
“Russia supplies about 10% of the world's nickel, 6% of its aluminium and around 3.5% of its copper. A ban on Russian metal could lead to shortages and fresh price surges at a time of high inflation around the world,” the agency said.
ABOUT THE COMPANY
MMC Norilsk Nickel is a diversified mining and metallurgical company, the world’s largest producer of palladium and high-grade nickel and a major producer of platinum and copper. The company also produces cobalt, rhodium, silver, gold, iridium, ruthenium, selenium, tellurium and other products.
The production units of Norilsk Nickel Group are located at the Norilsk Industrial District, on the Kola Peninsula and Zabaykalsky Krai in Russia as well as in Finland.
MMC Norilsk Nickel shares are listed on the Moscow and on the Saint-Petersburg Stock Exchanges, ADRs are accepted for trading on the Saint-Petersburg Stock Exchange.
Norilsk Nickel fully supports the 2030 Agenda for Sustainable Development and the UN Sustainable Development Goals. The Company considers social responsibility and commitment to the principles of sustainable development as one of the pillars of operational efficiency and business development. Nornickel seeks to continuously improve its activities in the areas of environmental protection, human rights, health and safety, environmental impact assessment, and biodiversity preservation. The company spent RUB 221.5 billion on SDG-linked projects in 2021.
Vladimir Malakhov, Rough&Polished
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