LME to Suspend Listing of Nornickel Nickel Brand

SEATTLE (Scrap Monster): The London Metal Exchange (LME) announced its decision to suspend the listing of a nickel brand produced by Russian metals giant Nornickel at its Finnish plant, with effect from 3, October, 2024. The exchange did not disclose the reason for the suspension.

As per sources familiar with the matter, the LME’s decision is in connection with its previously announced responsible sourcing campaign and has nothing to do with sanctions related to Russia on account of Ukraine war.

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Earlier in January this year, the LME had warned that it would suspend or delist 10% of its listed metals brands, if the producers fail to provide responsible sourcing reports. Incidentally, Harjavalta has not yet completed its routine responsible minerals audit, which the company hopes to complete before the deadline of 3rd October.   

The Exchange released two separate notices announcing its decision. In the first notice, it mentioned that deliveries of nickel cathodes produced by Norilsk Nickel Harjavalta Oy will not be accepted for the LME nickel contract warranting from Oct. 3. The terms and conditions of the second notice remained the same, with the only change that they will be applicable to deliveries of briquettes.

The Nornickel Finnish plant has an annual production capacity of around 65,000 metric tons of nickel.