Nickel
It must be noted that the global nickel market recorded a third consecutive year of oversupply in 2023.
The company announced on Sunday that it successfully produced high-nickel materials with 88% nickel content on October 12.
In 2025, the supply of Class 2 nickel is expected to stay balanced despite an increase in the supply of NPI from Indonesia.
Russian president Vladimir Putin's suggestion that Moscow should consider capping exports of nickel in retaliation for Western sanctions has been greeted with a collective shrug by the market.
Right now the only U.S. source of nickel is the Eagle Mine in Michigan. Ore mined there is shipped internationally for refining.
The U.S. had imposed sanctions on several Nornickel subsidiaries and the Nornikel-controlled Bystrinsky copper and gold project.
The furnace repairs have been badly impacting the company’s profits.
The $340 million repairs comprised of replacement of the smelting unit and required sophisticated equipment.
The nickel prices had witnessed a brief rally earlier during the current year. However, the prices witnessed decline henceforth.
The exchange did not disclose the reason for the suspension.
The Brazilian mining giant sees the potential to expand production capacity to about 500,000 tons of copper by 2028 mainly through improvements to its Salobo and Sossego mines in Brazil.
Key environmental and technical approvals have been secured, and exploration efforts, including a new copper-gold project, are underway, positioning the company for robust growth and development.
The US and the Philippines are in discussions over ways to prevent China from dominating nickel processing in the Southeast Asian nation, a key supplier of the metal that’s crucial for electric vehicle batteries.
It must be noted that nickel ore in the country has been trading at a premium of more than $7 per ton.