of nickel in retaliation for Western sanctions has been greeted with a collective shrug by the market.
Even Norilsk’s high-purity refined nickel is rapidly being displaced by a new generation of Chinese and Indonesian producers.Back in 2022 the potential loss of Russian metal threatened to create a supply chain disaster for many Western consumers. Although Indonesia was rapidly emerging as the world’s biggest nickel supplier, the country’s production was still largely in the form of intermediate products such as nickel pig iron that were better suited to stainless steel production than electric vehicle batteries.Things have changed dramatically over the last two years after Chinese producers made the processing leap of converting Indonesia’s relatively low-grade ore into Class I refined metal.
The Russian component of on-warrant LME stocks has held steady at around 24,000 tonnes this year, while Chinese-brand inventory has mushroomed from 6,400 tons at the end of December to 42,738 tonnes at the end of August. New Caledonian producer Koniambo shut down its furnaces at the start of this month as talks with potential buyers for Glencore’s stake in the company continue to drag on.a debt restructuring plan and Anglo American has hired financial advisors in a bid to off-load its Brazilian nickel mines.
Its nickel has already had sanctions imposed in the United States and Britain though not yet in the European Union.
Ireland Ireland Latest News, Ireland Ireland Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: mining - 🏆 449. / 53 Read more »