Vale to supply Northvolt with low-carbon nickel products
The deal came after more than two years of talks, Vale said in a securities filing.
The deal came after more than two years of talks, Vale said in a securities filing.
LME three-month nickel tumbled as much as 14% to $27,020 a tonne just after Tuesday's market open.
Volkswagen will form joint ventures with Huayou Cobalt and Tsingshan Group to secure up to 120kt nickel and 15kt cobalt per year.
Investors are furious with the LME for allowing prices to soar 250% in less than two days.
The bank has been offering to trade contracts in commodity index products, such as the S&P GSCI, whose constituents include nickel.
Banks last year lobbied against efforts to increase transparency in metals markets, LME chief executive Matthew Chamberlain said in an interview.
Electronic trading stalled again Friday after a short flurry of deals when the market opened.
Nickel fell by the maximum allowed for a second day as the market seeks to reset from last week’s historic short squeeze.
Antam's 2021 nickel ore output increased 131.3% to 11.01 million tonnes, versus 4.76 million tonnes in 2020.
Nickel price drops to limit down at $45,590 a tonne during what was only a few seconds of trading on Wednesday.