Russian metals producer Nornickel on Monday said it expected a further decline in nickel output this year, hit by adverse geopolitical risks and postponed furnace repairs, following on from a drop in production in 2023.

For the calendar year ending December 31, 2023 Ramu produced 33,604 tonnes of nickel and 3,072 tonnes of cobalt contained in mixed hydroxide precipitate (“MHP”), exceeding Ramu’s design capacity for a 7th consecutive year.

In a mostly lackluster year for metals trading, nickel emerged as the worst performer and might not see a reprieve anytime soon.

Australia expanded its list of critical minerals deemed crucial to its energy transition and national security needs as the country boosts the strategically and economically important sector.

Nickel Industries and Glencore have entered into a maiden nickel matte sales contract to commence in January 2024.

Indonesia's production capacity of nickel metal is expected to hit 2.2 million metric tons in 2023, said Septian Hario Seto, a deputy minister in Indonesia's Coordinating Ministry for Maritime Affairs and Investment, said on Wednesday.

Global commodity trader Trafigura on Friday said it has signed a $140 million investment agreement with Korea Zinc to build an all-in-one nickel refinery in Ulsan, South Korea, and finance its initial working capital.

Negotiators for EU governments and lawmakers reached a deal on Monday on targets for domestic supply of critical minerals such as lithium and nickel to reduce its reliance on third countries, principally China.