Driven in part by troubles with Vale’s Sudbury operations, nickel surged to a seven-year high on Wednesday. Nickel – the key mineral found in Sudbury – topped US$9.53 a pound, the highest it’s been since 2014.
Bloomberg News said concerns that there’ll be less supply of the key industrial metal to meet resilient demand from economies reopening as the pandemic retreats sparked higher prices.
Vale SA, one of the top nickel producers, cut its production guidance for this year due to problems in Sudbury, while the world’s largest refined nickel producer, MMC Norilsk Nickel PJSC, reported lower output in the third quarter.
The Philippines, the second-largest producer of the metal used in kitchenware and electric car batteries, said output this year may be 10 per cent less than the annual average, hampered by more frequent rains and fewer vessels coming in, Bloomberg said. Vale on Tuesday said problems in Sudbury cut down its ability to produce nickel in 2021.
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