The London Metal Exchange has announced the suspension of nickel deliveries from the Nornickel Harjavalta processing plant in Finland effective October 3.
The plant was delivering nickel cathodes and briquettes to the world market despite western sanctions imposed on Russian metal. The decision by the LME, the world’s largest and oldest metals trading venue, is related to its responsible sourcing campaign, rather than Russia-related sanctions, two sources familiar with the matter told Reuters.
The LME said in January it would suspend or delist 10% of its listed metals brands until their producers provided it with their responsible sourcing reports.
The plant at Harjavalta is a major producer of refined nickel, accounting for 24% of Nornickel’s output, or 65 000 tons per year as of 2020. In 2023, the company produced 208 000 tons of nickel.
Theodor Lisovoy, Editor in Chief, Rough&Polished
