Trafigura, commodity trader, says shipments of nickel it bought did not contain the metal. Find out more
It added that a small proportion of containers purchased from these companies had been inspected since December and that they did not contain nickel. It added that the majority of the shipments were in transit and “awaiting further inspection.”
TMT Metals describes itself as a non-ferrous metals, minor metals and ferroalloys trading merchant. UD Trading Group’s website says it is part of UD group, which operates in metal trading, wind power generation and mining and has revenues in excess of US$4.5 billion and a presence in nine countries. The nickel market spiralled out of control last year following Russia’s invasion of Ukraine, prompting the London Metal Exchange to suspend and cancel trades.
Trafigura said, however, that its first-half profit for 2023 was still expected to exceed that of the same period a year earlier, suggesting the company is on course for another strong year.
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