Sherritt International Corp T.S

Xiang Guangda

[rkhosla]

We are looking at a potential multiday LME closure.

The LME said it was considering “a possible multi-day closure, given the geopolitical situation which underlies recent price moves.”

https://www.bnnbloomberg.ca/lme-halts-nickel-trading-after-unprecedented-250-spike-1.1734132

Chinese entrepreneur Xiang Guangda -- known as “Big Shot” -- has for months held a large short position on the LME through his company Tsingshan Holding Group Co., which is the world’s largest nickel and stainless steel producer, according to people familiar with the matter. In recent days, Tsingshan has been under growing pressure from its brokers to meet margin calls on that position -- a market dynamic which has helped to drive prices ever higher, the people said

[Albatross]

What does that mean about pricing in regards to what Sherritt can sell its nickel for?

[rkhosla]

Actually Sherritt is not an LME approved brand. We don't sell to the LME per se.  Yes we use it as a referemce price when negotiating with customers but there are other factors too.  besides this, they are letting the Monday close price stand which is $21.97. So that frankly is a wonderful reference price to use in the interim.  

[Ventoux]

If Sherritt is not an LME approved brand why is it listed here? https://www.lme.com/en/physical-services/brands/approved-brands

[rkhosla]

huh - I've not seen it on the list before.  Anyone else know if this is new?  thanks for this

[thenorthvanman]

Of course Sherritt is LME listed.  Any cursory google search will show that. Standard Grade Sherritt-branded nickel briquettes are registered and approved by the London Metal Exchange. These sintered nickel briquettes, produced at a minimum of 99.8% purity, are well suited for stainless steel, high nickel and other exotic alloys and battery chemical applications. Briquettes are ideal

[rkhosla]

well there is the authorstative difinitive answer ; ) plus i learned i don't know how to use google...honestly when inlast looked at these lists for Ni and Co Indid not see sherritt there...My bad - appologies .

[PickNIC]

This post has been removed in accordance with Community Policy

[Ventoux]

This link contains three bulletins the LME has issued today refgarding the run-up in Nickel prices. Undoubtedly they will have more to say on the matter.  https://www.lme.com/en/metals/non-ferrous/lme-nickel#Trading+day+summary GLTA