The London Metal Exchange (LME) has banned Russian nickel from its two approved warehouses in the UK exported on or after July 20, mining.com wrote.
The decision follows an April 1 resolution that blocked other Russian metals, including copper, lead, primary aluminum and aluminum alloy from British warehouses.
The exchange said there was currently no Russian nickel stored in approved British warehouses, located in Hull and Liverpool.
The LME noted, however, that anyone receiving Russian nickel from the UK risks being hit with very high additional costs.
Russia supplies roughly 10% of the world’s nickel, 6% of its aluminum and around 3.5% of its copper. A ban on Russian metals could lead to shortages and fresh price surges at a time of global inflation.
Nickel prices have been climbing since the start of the year due to strong demand and inventory draws. Another impetus to this was Russia's special operations in Ukraine.
Alex Shishlo для Rough&Polished
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