LME to suspend deliveries of nickel from Norilsk Finland plant
The London Metal Exchange is suspending deliveries of nickel from a plant in Finland owned by Russia’s MMC Norilsk Nickel, whose products have continued to be deliverable despite western sanctions on Russian metal.
No new deliveries of nickel cathodes and briquettes from Norilsk’s Harjavalta plant will be allowed from October 3, the LME said in two separate notices Wednesday.
The bourse did not say why it was taking the action, but it has delisted numerous metal brands this year after requiring them to comply with responsible-sourcing rules.
The plant at Harjavalta is a major producer of refined nickel, with total capacity of 65 000 t/y according to Norilsk’s annual report, compared to the miner’s total production of 208 000 t last year.
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