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LME stops nickel deliveries from Norilsk plant in Finland

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Newly manufactured nickel cathode sheets are seen at the electrolysis workshop of the JSC Kola Mining & Metallurgical Co (Kola MMC) plant, a unit of MMC Norilsk Nickel PJSC, in Monchegorsk, Russia, Thursday, Feb. 25, 2021. Copper continued its rapid rise, approaching a record high reached a decade ago as investors pour into metals on bets that the economy will recover, further tightening supplies. Photo: Andrey Rudakov/Bloomberg

Newly manufactured nickel cathode sheets are produced at the electrolysis plant of the JSC Kola Mining & Metallurgical Co (Kola MMC) plant, a unit of MMC Norilsk Nickel PJSC, in Monchegorsk, Russia, on Thursday, Feb. 25, 2021. Copper continued its rapid rise, approaching a record high reached a decade ago as investors pour into metals on bets that the economy will recover, further tightening supplies. Photographer: Andrey Rudakov/Bloomberg , Bloomberg

(Bloomberg) — The London Metal Exchange is suspending supplies of nickel from a plant in Finland owned by Russia’s MMC Norilsk Nickel PJSC, which has continued to supply the company’s products despite Western sanctions against Russian metal.

As of October 3, no new deliveries of nickel cathodes and briquettes from the Norilsk Harjavalta plant will be permitted, the LME announced in two separate statements on Wednesday.

The exchange did not disclose a reason for the move, but has delisted numerous metal tokens this year after requiring them to comply with responsible sourcing rules.

The Harjavalta plant is a major producer of refined nickel. According to Norilsk’s annual report, the total capacity is 65,000 tons per year. Last year, the mining company produced only 208,000 tons.

©2024 Bloomberg L.P.

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