The London Metal Exchange (LME) does not plan to launch a separate “green” nickel contract because the market is not large enough, but said its partner was developing an index price that will reflect demand for low carbon nickel.
Indonesia, the world’s largest nickel exporter, has a sobering message for struggling producers of the battery metal elsewhere: don’t expect any meaningful revival in prices.
Nickel, which had steadily gained this week in anticipation of the sanctions news, pared an earlier advance of as much as 1.2% to trade just 0.3% higher.
Russian metals producer Nornickel on Monday said it expected a further decline in nickel output this year, hit by adverse geopolitical risks and postponed furnace repairs, following on from a drop in production in 2023.
For the calendar year ending December 31, 2023 Ramu produced 33,604 tonnes of nickel and 3,072 tonnes of cobalt contained in mixed hydroxide precipitate (“MHP”), exceeding Ramu’s design capacity for a 7th consecutive year.