The London Metal Exchange plans to resume trading in nickel, a week after it was suspended when the price of the metal surged to over USD 100,000 a tonne on 7 March 2022. Trading will resume at 8 AM London time on 16 March 2022.That follows an announcement by Chinese stainless steel maker Tsingshan Holding Group, which was reportedly was caught short while struggling to make margin calls that it has struck a deal with a consortium of its creditors on a standstill arrangement. It said the banks agreed not to make margin calls or close out their positions against Tsingshan while the company is resolving its nickel margin and settlement requirements. As an integral feature of the agreement, there is provision for the existing hedge positions to be reduced by the Tsingshan group in a fair and orderly manner as abnormal market conditions subsideRussia supplies the world with about 10% of its nickel needs, mainly for use in stainless steel and electric vehicle batteries. Norilsk Nickel or Nornickel is a Russian nickel and palladium mining and smelting company. Headquartered in Moscow, Norilsk Nickel is the world's largest producer of refined nickel. Its largest operations are located in the Norilsk–Talnakh area near the Yenisei River in the north of Siberia. It also has holdings in Nikel, Zapolyarny and Monchegorsk on the Kola Peninsula, in Harjavalta in western Finland, and in South Africa. As of March 2021, its key shareholders were Vladimir Potanin's Olderfrey Holdings Ltd (34.59%) and Oleg Deripaska's Rusal (27.82%). In 2021, consolidated nickel production decreased 18% YoY to 193 KT, thus accounting for 8% share of global productionGlobal nickel mine production reached 2,427 KT in 2021, up by 6.8% over 2020 & the top five nickel-producing countries were Indonesia, Philippines, New Caledonia, Russia and Australia. The nickel market was in deficit during January to December 2021 with apparent demand exceeding production by 144.3 KT.
The London Metal Exchange plans to resume trading in nickel, a week after it was suspended when the price of the metal surged to over USD 100,000 a tonne on 7 March 2022. Trading will resume at 8 AM London time on 16 March 2022.That follows an announcement by Chinese stainless steel maker Tsingshan Holding Group, which was reportedly was caught short while struggling to make margin calls that it has struck a deal with a consortium of its creditors on a standstill arrangement. It said the banks agreed not to make margin calls or close out their positions against Tsingshan while the company is resolving its nickel margin and settlement requirements. As an integral feature of the agreement, there is provision for the existing hedge positions to be reduced by the Tsingshan group in a fair and orderly manner as abnormal market conditions subsideRussia supplies the world with about 10% of its nickel needs, mainly for use in stainless steel and electric vehicle batteries. Norilsk Nickel or Nornickel is a Russian nickel and palladium mining and smelting company. Headquartered in Moscow, Norilsk Nickel is the world's largest producer of refined nickel. Its largest operations are located in the Norilsk–Talnakh area near the Yenisei River in the north of Siberia. It also has holdings in Nikel, Zapolyarny and Monchegorsk on the Kola Peninsula, in Harjavalta in western Finland, and in South Africa. As of March 2021, its key shareholders were Vladimir Potanin's Olderfrey Holdings Ltd (34.59%) and Oleg Deripaska's Rusal (27.82%). In 2021, consolidated nickel production decreased 18% YoY to 193 KT, thus accounting for 8% share of global productionGlobal nickel mine production reached 2,427 KT in 2021, up by 6.8% over 2020 & the top five nickel-producing countries were Indonesia, Philippines, New Caledonia, Russia and Australia. The nickel market was in deficit during January to December 2021 with apparent demand exceeding production by 144.3 KT.
