The LME declined to remark. Nornickel didn’t reply to a Reuters request for remark.
Deliveries of nickel cathodes and briquettes produced by Norilsk Nickel Harjavalta Oy is not going to be accepted for the LME nickel contract warranting from Oct. 3, the LME stated in two separate notices.
The LME, owned by Hong Kong Exchanges and Clearing, stated in January it will droop or delist 10% of its listed metals manufacturers till their producers supplied it with their accountable sourcing studies.
Harjavalta, one of many largest nickel refining crops in Europe, is but to finish its routine accountable minerals audit, one of many sources stated, including that the method was prone to be accomplished earlier than the LME’s Oct. 3 deadline.
The plant has an annual manufacturing capability of 65,000 metric tons of nickel which it produces from uncooked supplies of Russian or different origin. Nornickel itself produced 209,000 tons of nickel in 2023.
The LME in April banned from its system all Russian aluminum, copper and nickel produced from April 13 to adjust to US and UK sanctions imposed over Russia’s 2022 invasion of Ukraine.
Nornickel’s Finnish plant was unaffected by that call.
(By Polina Devitt; Modifying by Jan Harvey)