nickel price

The UK government has added Vladimir Potanin, Norilsk Nickel’s president and chairman of the management board, to its list of sanctioned individuals. The LME nickel price remains in question. A June 29 update notification from HM Treasury’s Office of Financial Sanctions Implementation (OFSI) noted Potanin’s addition. The stated reason was that he would benefit from or support the Russian government by owning or controlling Rosbank.

UK Sanctions

Sanctions are being placed on Vladimir Potanin by the UK government

“Rosbank is carrying on business in the Russian financial services sector, which is a sector of strategic significance to the Government of Russia,” OFSI said in its update. Potanin, the board chairman for Moscow-based conglomerate Interros,  holds a 35.9% stake in Norilsk Nickel. That holding group acquired Rosbank from French investment bank Société Générale back in April.

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The LME Reacts to Sanction News and Nickel Price

The market quickly voiced concerns over possible supply issues. According to reports, news of the sanctions caused nickel prices on the London Metal Exchange to jump by 6%. The base metal’s official three-month closing price was $23,158 per metric ton on June 28. According to data from the bourse, this represents a decline of 10.8% from June 21, when prices were $25,949.

The sanctions are part of the “Russian Regulations”. This information falls under the Sanctions and Money Laundering Act of 2018. According to the OFSI documents, these stipulate freezing funds and economic resources belonging to entities “involved in destabilizing Ukraine. It undermines or threatens the territorial integrity, sovereignty, or independence of Ukraine. It’s about obtaining a benefit from or supporting the Government of Russia.”

Nickel Price

2022, Adobe Stock

The asset freeze also prevents any UK citizen or business from dealing with any funds owned, held, or controlled by the named individual. “It also prevents funds or economic resources being provided to or for the benefit of the designated person,” a government statement said. Potanin will also not be able to enter the United Kingdom or remain in the country

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A Long List of Bans and Sanctions

Norilsk, one of the world’s largest single nickel producers, accounts for approximately 7% of the global supply. Of course, Nickel’s primary application is the production of austenitic stainless steel. However, the metal’s application also extends to batteries, including those designed for electric vehicles. Platinum and palladium are also sourced heavily from Norilsk’s production. Back in May, the UK government imposed a 35% duty on all imports of the rare metals sourced from Russia or Belarus.

That same month, the UK froze the assets of London-headquartered Evraz. As a major steel manufacturer, Evraz has steelmaking and mining assets in Russia. The Financial Conduct Authority had already suspended the group’s shares on the London Stock Exchange two months earlier. This was largely due to the government’s addition of Roman Abramovich to its list of sanctioned individuals.

Nickel Mining

In March, steel and iron imports from Russia and Belarus were subjected to a 35% import duty. The move was the result of denying the two countries “Most Favored Nation” status for hundreds of their exports.

It Remains Unclear How Much Impact the Move Will Have

The LME has still not banned Russian Nickel. It’s just that the stocks from Russia are lower due to concerns over supply and logistics. So, while things might seem tight in Europe for now, there are ample opportunities to source Nickel from other places and producers.

Indonesia, for instance, has been ramping up its nickel production exponentially. This will effect its nickel price. In fact, estimates put the country’s primary production forecast for 2022 at 1.3 million metric tonnes. That’s a 52% increase on the year. Currently, primary nickel demand within Europe is forecasted at 310,000 metric tonnes for the year. This is a significant increase from 2021, when demand was 300,000. Fortunately, the LME does not require high-quality nickel for all of the nickel it pushes through.

Despite the sanctions, Norilsk Nickel will likely turn its attention towards China as a primary end-user. If demand holds up in that market, the company will not get too broken up about Potanin’s inclusion on the U.K.’s list.

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Nickel prices appeared to hit a bottom in mid-May, but the trend remains down. Moreover, recent price action showed few signs of any bullish structures on a weekly scale.

All in all, the Stainless Monthly Metals Index (MMI) dropped 9.4% from May to June.

LME Faces Nearly $500 Million in Lawsuits

The nickel crisis returned to the headlines earlier this week. Two financial groups sued the LME over its decision to cancel trades following the March 8 nickel squeeze. Trading firm Jane Street Group LLC and hedge-fund manager Elliot Management Corp. filed a respective $15.3 and $456 million dollar lawsuits against the exchange over its handling of the crisis.

The owner of the LME, Hong Kong Exchanges & Clearing Ltd. acknowledged the suits in a statement. It read, “the LME management is of the view that the claim is without merit and the LME will contest it vigorously.” Jane Street, however, characterized the LME’s decision as “illegal” and “arbitrary.” They went on to say that it “severely undermines the integrity of the markets and sets a dangerous precedent that calls future contracts into question.”

The lawsuits follow an ongoing review of the LME’s actions by the LME’s primary regulators, the Financial Conduct Authority and the Bank of England. After this was announced in early April, these reviews are compounded by the LME’s own independent probe.

Nickel Prices: A Tale of Two Exchanges

Nickle Prices

Nickle Price Squeeze

While the lawsuits once again brought attention to the nickel price crisis, the actual fallout remains ongoing. Some feel a departure of nickel traders from the LME was likely following the chaos and the exchange’s subsequent controversial approach to it. However, the ramifications of the crisis remain apparent across the globe.

Both the LME and SHFE continue to grapple with low liquidity. Trading volumes on the LME plummeted when nickel trading resumed in March. Meanwhile, open interest continues to show steady declines. Though the SHFE did not face the same early March suspension, it saw a sharp decline in trading volumes during that week as open interest collapsed. Both volumes and open interest remain constrained to this day.

While the retreat from the nickel market was a global effort, other metals remained largely unaffected.

Nickle Prices

 

Nornickel Projects Slowed Demand Growth

According to the world’s largest high-grade nickel producer, nickel demand will remain in growth but slow from +17% in 2021 to +11% in 2022. Nornickel also expects global inflation and macroeconomic uncertainty to account for much of the slowdown. The producer’s previous forecasts for a rough 40,000 ton surplus (which is expected to widen to 100,000 tons in 2023) of low-grade nickel remains unchanged.

Nickel, alongside other commodities, faced numerous price pressures throughout the past year. COVID-related lockdowns and restrictions continue to disrupt the supply chain. Combined with tight nickel inventories, this fostered considerable bullish sentiment in 2021. The ongoing Russian invasion of Ukraine, which preceded nickel’s historic short squeeze, also remains a point of concern. This is especially relevant as global inflationary pressures threaten the demand outlook.

Nornickel’s forecast hinges on two factors. First, there’s the extent of China’s economic recovery as it gradually emerges from lockdowns. Second, it’s important to consider the impact of future expected interest rate hikes from the Fed. Indeed, these two forces are likely to influence price directions for commodities as a whole throughout the coming months.

See the impact on stainless steel prices. Check out MetalMiner’s stainless steel should cost models by scheduling a demo of the Insights platform.

Actual Nickel Prices and Metals Trends

  • The Allegheny Ludlum 304 stainless surcharge held at $1.82 per pound as of June 1. Meanwhile, the Allegheny Ludlum 316 surcharge held at $2.45 per pound.
  • Chinese primary nickel decreased by 5.4% to $32,866 per metric ton.
  • LME three-month nickel fell by 11.45% to $28,800 per metric ton.
  • Indian primary nickel increased by 11.4% to $29.46 per kilogram.

The term battery metals typically refers to lithium, nickel, and cobalt. The name stems from the fact that the three metals are frequently used in the production of all types of modern batteries. Since 2021, these metals have enjoyed a rather lengthy bull run. This has proved profitable for investors and provided some much-needed predictability for traders.

However, if you ask the experts at Goldman Sachs, the battery metals party is “officially over.” But is this really true? If so, what does it mean for the rest of 2022?

Are Battery Metals Really Done For?

Cobalt saw its last major surge back in March of 2018, when it reached an all-time high of $94,000 a ton. Though they seemed on pace to recapture that same magic, Cobalt prices are now declining from their April heights of $79k. Lithium, meanwhile, has just started retreating after hitting nearly $50k/ton in March. Even so, they stand fairly tall at around $46,000. Nickel prices are hardly determined by technology alone, but they have still spent the last week or so searching for a solid bottom.

But here’s the thing about Goldman Sachs’ recent proclamation: it’s incredibly early, and it doesn’t really consider the facts. If you read any of the articles on the matter, you’ll note that the organization has largely hinged their prediction on supply issues. In their words, the lack of a healthy supply chain will cause “a multi-year softening path for fundamentals,” triggering a sustained surplus and, therefore, a drop in prices. And while they make allotments for demand, it’s entirely possible they aren’t making enough.

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electric car battery

Electric car lithium battery pack. (Nischaporn/ Adobe Stock)

The Real Supply Issue at Work is Oil

Gas prices are predicted to reach $6.00 a gallon across the US by early summer, one of the busiest traveling times of the year. And though the numbers are still out for 2022, EV sales grew by 85% from 2020 to 2021. You might recognize that this was smack dab in the middle of the pandemic.

Now, with oil surging due to the war in Ukraine and other factors, you can expect more and more Americans (and Europeans) to throw in the towel and go electric. If this happens, GS’s prediction for EV demand is going to fall way short of reality. Of course, the more EVs and hybrids you sell, the more batteries you’re going to need.

While far from a forgone conclusion, this is still a perfectly reasonable scenario. If Russia’s war continues and oil supplies don’t get a significant boost, we might only be looking at a “brief pause” in the battery metals gold rush.

One thing’s for sure: other companies are betting against Goldman Sach’s claims. Just this past Friday. Chevy reduced the price of the 2023 model Bolt to just $26,595, making it the cheapest electric vehicle in history.

As EVs become more affordable (and more tempting), you’re going to see some major shifts across multiple commodities. What matters now is ensuring you’re on the right side of those moves.

The metal marketplace moves fast. You can keep yourself properly informed with MetalMiner’s monthly MMI Report. Sign up here to begin receiving it completely FREE of charge. If you want a serious competitive edge in the metals industry, try a demo/tour of our revolutionary insights platform here.

Nickel prices are seeing a lot of attention due to an overall lack of liquidity on the LME contract. But what exactly does this mean? Moreover, what does it mean for buyers looking to mitigate price problems in the face of global supply problems?

The metals market moves fast. Sign up for the weekly MetalMiner newsletter here and never miss another opportunity.

Understanding Price, Procurement, and Price Discovery

Every manufacturing CEO wants their procurement teams to do three things well. First, they want them to understand metal price trends from a short-term perspective. Second, they want them to know where prices will go from a long-term perspective. Finally, they want sound buying strategies based on that forecast.

Why do CEOs want this? Because at the end of the day, they need to better predict their margins if they’re going to keep shareholders happen. After all, there’s no better way to earn the ire of shareholders than poorly projecting profits.

Today, procurement departments with a substantial metal spend as a percentage of the cost of goods sold (COGS), forecast and manage profitability relying heavily on market fundamentals. In short: supply and demand.

Unfortunately, that methodology tends to provide a lot of “false positives. This is when a market based on limited supply indicates high prices, yet they remain low. You also have to contend with “false negatives.” Logically, this is when surplus inventory signals lower prices, but they remain stubbornly high.

The “new” way of forecasting metal prices provides more clarity and, more importantly, allows for more accurate buying decisions. This new methodology uses a mix of Artificial Intelligence (historical prices) and Technical Analysis (the study of price action as traded on exchanges).

A technology-driven approach like this helps buying organizations better understand where prices are most likely to go. In turn, this directs them on which kind of buying decisions to make. However, when an exchange-traded metal price loses its liquidity, the process known as “price discovery” breaks.

What Does Loss of Liquidity Actually Mean?

Simply put: liquidity refers to the number and volume of trades placed by active traders and market makers buying and selling a contract. Before March 8, the LME nickel contract typically had 10-12k contracts traded daily. Since then, LME nickel volumes have declined to around 2-3k contracts a day. This means that the LME has lost over 50% of its nickel liquidity ( a conservative estimate). As one might expect, this lost volume severely impacts price movement.

Let’s look at what happened to LME Nickel contracts after prices soared to over $100,000/mt:

Nickel price chart

As you can see, when liquidity disappears, industrial buying organizations purchasing nickel (or stainless steel containing nickel) have a harder time mitigating price risk.

Now, market makers and corporates are still trading at normal volumes on other contracts like aluminum, copper, and zinc. But in terms of nickel, SHFE contracts have not gained enough volume momentum to become significantly higher than the LME.

MetalMiner Insights tracks nickel and other contracts and lets buyers know when and how much they should buy.

Therefore, the future of the LME nickel contract will depend on how much volume/liquidity becomes openly available. If little to no volume returns, prices will move very slowly. In that case, the risk for the LME increases as low liquidity signals a lack of price discovery on the exchange.

Nickel Prices Will See Ramifications for Some Time

All of that said, buying organizations can still hedge against nickel using the SHFE contract. In fact, MetalMiner’s own trading desk has also traded JJN, a nickel-based ETF.

As previously reported by MetalMiner, the LME made a big mistake supporting Tsingshan, the nickel stainless producer that placed big bets on nickel prices falling. The company was over collateralized/margin called instantly once the LME nickel contract began to skyrocket.

Also, the LME retracted trades made off that price move. That means the ones left holding the bag made no profit, even though they were on the right side of the coin, so to speak. What should have happened was Tsingshan facing a margin call, losing, and paying out the profits the buyers deserved.

While some market observers may feel Tsingshan was “too big to fail,” the move by the LME has created a lot of distrust. Many market makers have fled the exchange altogether, ruining the possibility of a future influx of high volume/liquidity from retail.

Currently, it appears the LME nickel contract will suffer the balance of this year and possibly next year with low liquidity. You may remember the same thing happened with GME (Gamestop) back in 2021. When Robinhood halted trading of GME and AMC, it fostered a ton of distrust in the app.

Ask yourself: who would want to buy into the  Robinhood-Marvin Capital scandal of the metals market?

 You can keep yourself informed about all the latest metal news with MetalMiner’s monthly MMI Report. Sign up here to begin receiving it completely FREE of charge. If you want a serious competitive edge in the metals industry, try a demo/tour of our revolutionary insights platform here.

 

 

 

 

The MetalMiner team has broken down the significant fluctuations in the LME nickel contract this month.

But now that a few weeks have passed since the LME first suspended trading, it’s time to take a look at some other interesting trends at play on the LME and elsewhere.

In this question-and-answer session, MetalMiner’s Stuart Burns will weigh in on volume dips on the LME, the fallout from this month’s decisions to suspend trading of the nickel contract and much more.

As always, the MetalMiner team will continue to break down these issues and more in the MetalMiner weekly newsletter.

LME vs. SHFE

LME graphic

dizain/Adobe Stock

Three LME contracts — nickel, aluminum and copper — have all lost liquidity/volume of late. Meanwhile, the SHFE has seen increases for nickel and aluminum. COMEX seems to be the winner on copper. Has the nickel debacle hurt the LME’s credibility such that the market has moved to alternative exchanges and does this pose an existential threat to the LME?

The threat to the LME’s dominance in nickel was a point I raised last week in a post, and I agree is a valid one.

The SHFE continued to trade while the LME was closed (a point not lost on the market needing to hedge exposure). While it didn’t suffer the volatility of the LME — the shorts were nearly all on the LME, not the SHFE — the significance of having an exchange still trading while the LME was “away” can only have encouraged investors and trade to “dual source” and consider both exchanges in the future.

How this will look in 12-24 months remains to be seen. However, the situation is clearly positive for the SHFE and negative for the LME. Of that there is no doubt.

As we continue to monitor volumes and prices on the respective exchanges, the MetalMiner Insights platform features metal price data for both LME and SHFE nickel.  

The dollar’s place

Further to that point, if volume and market liquidity move to the SHFE, does that pose a risk to the value of the dollar as the world’s reserve currency. Could this hasten the toppling over of the dollar as the world’s reserve currency? 

There would only be a threat to the dollar if there were a viable alternative. Currently, there isn’t one.

The euro and yen are nowhere near as widely used. Furthermore, the RMB is a fraction of dollar trades.

Does it bring the date forward from 2075 to 2050? Maybe it helps contribute to an earlier loss of reserve status for the dollar. However, oil and most agriculturals remain in dollars and will do so for the vast majority of trades.

Saudi Arabia’s possible acceptance of RMB for its oil sales to China will result in a bilateral trade flow as the only place they can use them is buying stuff from China. That has its limitations when your whole economy relies on Western technology and equipment.

In addition to analysis and forecasting for 10 metal groups, the MetalMiner Monthly Metal Outlook (MMO) also features analysis of other factors relevant to metals markets, including currencies, oil prices, policy developments and much more.

What’s next for the LME?

Nickel liquidity/volume has nosedived at the LME. Will this be permanent? Temporary? What must the LME do to right its ship? Is there a real risk of some of its most lucrative contracts moving to other exchanges?

The trade still needs to hedge and they will come back to the LME.

Investors or speculators may be burned. Ultimately, they will come back.

Following on from the first question above, though, they may be tempted to spread bets across the SHFE. The two markets are driven by separate dynamics, though, so they are not simply geographically displaced equivalents.

If your investment strategy is driven by a perception of European supply and demand, it may not play out the same on the SHFE. The SHFE is driven by Asian supply and demand — specifically, Chinese supply and demand.

You must wonder what would have happened if the LME had left the nickel market alone — after nickel prices embarked on a meteoric rise March 7 — and allowed the short covering price spike to work out.

Yes, the shorts would have been badly burned. That would have included not just Tsingshan Holding Group tycoon “Big Shot” Xiang Guangda’s reckless bets against the market, but a host of other parties similarly ill-positioned.

But isn’t that what happens if you are the wrong side of a trade? That’s the risk you take.

Amid volatility in nickel prices (and other metals), keep track of metal prices in the MetalMiner Insights platform. 

LME nickel vs. SHFE nickel

nickel prices

leszekglasner/Adobe Stock

Anyway, for better or worse, the LME pulled the plug at 8:15 a.m. London time the following day, canceling some $3.9 billion of trades. Nickel trading — on the LME, at least — ceased for the next 11 days.

After a shaky start last week, LME nickel prices have gradually come into alignment with the SHFE price – which closed only for a day – as the arbitragers have sold LME and bought SHFE.

The market has remained volatile, though.

Read more

Well, if you thought the London Metal Exchange’s unprecedented suspension of trading last week took the steam out of the nickel market and nickel prices, and that the world would revert to orderly conduct Wednesday when the LME resumed trading, you would have been wrong.

Nickel price chaos

nickel price

leszekglasner/Adobe Stock

The LME had set trading limits of 5% price movement above and below the last close as a signal to the market of their expectations. That is somewhat akin to the Fed setting expectations of future interest rates in the hope the market would align with that expectation.

But the exchange halted trading almost immediately after it opened Wednesday. Nickel prices crashed below the 5% limit and the LME suspended trading again. The market took the news that major short position holder Tsingshan Holding Group would no longer need to buy metal immediately to cover its positions, after reaching an agreement earlier this week with its banks to avoid margin calls and wind down its positions.

“As the market opened (the electronic system) discovered an opening price of $45,590,” the LME said in a trading update. “Unfortunately, due to a systems error, LMEselect then allowed a small number of trades to be executed below this lower daily price limit.”

The exchange said all trades executed on the LMEselect system at the lower daily limit would remain. Those below, however, would be canceled.

LME nickel price chart

Source: MetalMiner Insights

Long position holders cry foul

Last week’s suspension was accompanied, rightly, by howls of protest from those long position holders who had stood to make substantial profits, only to have them whisked off their desk by the LME’s suspension.

Read more

The Stainless Monthly Metals Index (MMI) rose by 7.6% from February to March, as the skyrocketing nickel price prompted LME intervention Tuesday.

LME suspends trading due to short squeeze

Russia accounts for roughly 7% of global nickel supply. So, the possibility for supply disruptions, on the back of mounting sanctions from the West, adds pressure to the already tight market.

Prior to the invasion, nickel prices traded within a bullish pennant, a trading pattern that typically indicates the continuation of strong prices. The Russian invasion of Ukraine provided a catalyst, as prices spiked with tremendous bullish strength and confirmed the technical structure breakout.

nickel price

leszekglasner/Adobe Stock

By Monday, however, nickel prices at one point topped $100,000 per ton. As a result, the LME stepped in Tuesday, suspending nickel trading and canceling trades. The suspension will likely extend several days.

A short squeeze triggered the recent price spike. Short sellers, particularly China’s Tsingshan Holding Group, executed larger purchases in order to cover their short positions. The Tsingshan Holding group started to build a short position last year, according to Reuters, upon the expectation prices would fall.

As prices continued upward following Russia’s invasion, brokers began to order margin calls on short sellers. As short sellers began to lose more money than they could afford, new buyers swooped in. In addition, short sellers engaged in panic selling. along with panic selling from short sellers.

These movements triggered a chain reaction of buy orders. As a result, the nickel price skyrocketed to stunning levels.

The best way to track monthly nickel prices is to sign up for MetalMiner’s monthly MMI reports, which come direct to your inbox.

Dwindling LME warehouse stocks preceded the crisis

A decline in warehouse inventories does not inherently translate to rising prices.

Read more

The London Metal Exchange (LME) halted nickel trading effective 8:15 a.m. London time today.

nickel price

leszekglasner/Adobe Stock

The contract will remain suspended for the remainder of today. According to the LME, the price movement in Asia overnight combined with the situation between Russia and Ukraine led to the decision to halt trading.

Furthermore, the LME said it would examine trades made prior to the close, which could result in a “reversal or adjustment.”

The exchange said the suspension could last for multiple days. The LME will work with relevant parties to manage upcoming deliveries.

Keep up to date on nickel price movements in upcoming installments of the MetalMiner weekly newsletter. 

A nickel short squeeze

The nickel market saw a short squeeze, not driven by market fundamentals. 

LME nickel trading chart for March 8

The LME suspended nickel trading March 8 as a result of a short squeeze and skyrocketing prices. Source: TradingView

A short squeeze refers to when bears/short sellers begin to cover their positions as they lose more money than they can afford. They “buy to close” their positions. That triggers a chain reaction of buy orders, causing prices to skyrocket.

Nickel prices have spiked parabolically — defined as tremendous strength in a few seconds or minutes — due to the recent short squeeze caused by the Russian invasion of Ukraine.

As prices climbed, the exchange began margin calling the short sellers. Prices began to rise as part of a chain reaction of sell orders being closed.

Nickel prices quickly touched over $100,000/mt as nickel broke out of its technical structure. New buyers and short sellers engaged in panic selling, creating a stunning move. 

This month’s Stainless MMI report will include additional analysis of nickel and stainless markets

Short and long

What we are seeing is interplay between two large position holders.

The first holds a long position, accounting for 50-70% of the market. The other is short and has been trying to close positions as the market rose due to rising concerns over Russian supplies yesterday.

As noted, all the short sellers got caught. Their margin calls will run into thousands of pounds per ton. Hence, the LME closed the market to allow a cooling-off period.

We could see sell-offs in other metals and/or markets as short sellers raise capital to meet the margin calls. The nickel price rise will probably prove short-lived and will fall back when trading resumes. However, it might not fall back to the prior closing price.

Stainless surcharges will increase to the extent the March average is raised by the current elevated nickel price. 

If nickel consumers needed any encouragement to diversify to alternative alloying elements, they have it (stainless, batteries, plating, alloying).

Nickel prices may come down from the over $100,000/mt peak. However, consumers will be seriously rattled by what’s happened over the threat to Russian supplies.

The Automotive Monthly Metals Index (MMI) fell by 0.7% for this month’s value, as palladium prices have surged while steel prices have retreated.

Last year, MetalMiner added a suite of precious metals prices to the MetalMiner Insights platform. 

Russia-Ukraine war, the auto sector and palladium prices

The Russian invasion of Ukraine has yielded commodity price volatility spanning across sectors.

palladium bars

Piotr Pawinski/Adobe Stock

Russia is a major producer of platinum and palladium. Palladium primarily goes toward catalytic converters in car exhausts.

As Western countries hit Russia with sanctions, some companies will have to look for alternative sources. (As always, buying organizations should make sure they are up to date on the best sourcing strategies.)

Palladium prices have surged in recent weeks, rising by 13% month over month as of Friday.

“Russia and Ukraine lead global production of metals such as aluminum, nickel, copper, and iron ore,” according to a special report by Dun & Bradstreet titled “Russia-Ukraine Crisis: Implications for the global economy and businesses. “Nonavailability of Russian as well as Ukrainian supplies could cause high prices along with volatility. For rare metals like neon, palladium, and platinum, Russia has been the primary supplier to Europe. Ukraine is also a vital source of rare metals (iron ore, manganese, titanium, gallium, kaolin, zirconium, and germanium) to Europe and the rest of the world.”

Platinum, nickel prices rise

On the other hand, platinum typically goes into diesel catalytic converters. Russia is also a major producer of platinum.

As the Dun & Bradstreet notes, South Africa is a potential alternative source of platinum for automotive manufacturers (or other platinum end users).

Meanwhile, nickel prices have also surged.

Read more

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