According to CCTV.com, the prices of metals such as nickel and aluminum on the international market continue to reach new highs. Russia is a major exporter of nickel and aluminum, and recent events have led to a sharp increase in prices for various metals.
The price of nickel on the London Metal Exchange (LME) exceeds $ 25,000 per ton. This is a new record in almost a decade. After rising by 25% in 2021, nickel prices have increased by about 18% this year. Nickel stocks in LME warehouses have fallen to 82,300 tons from more than 260,000 tons in April last year. The price of aluminum on the London Metal Exchange also reached its highest level since 2008. After rising 42% in 2021, aluminum prices have risen by about 17% this year. Aluminum stocks in LME warehouses fell to 835,100 tons from almost 2 million tons in March last year.
According to Shanghai Shenyin & Wanguo Securities Research Institute, Russia is the world's largest exporter of aluminum, nickel, palladium and platinum. Exports of aluminum, nickel, palladium and platinum from Russia account for 12%, 7%, 26% and 4% of world exports, respectively. In addition, exports of aluminum, nickel, palladium and platinum to Europe account for 16%, 42%, 45% and 36% of world exports to Europe, respectively. The production of magnesium ingots in Russia accounts for about 8% of global production.
Ukraine supplies more than 90% of neon for semiconductors to the USA. This noble gas is necessary for lasers used in the production of chips. Currently, 35% of palladium in the USA comes from Russia, which is mainly used in the production of sensors and memory. Russia is one of the suppliers of nickel, a key material for electric vehicle batteries.
The situation in these countries may have an impact on the world supply of non-ferrous metals, which, according to experts, will lead to an increase in prices for the corresponding products.