China’s net imports of refined nickel fell to a near-decade low in 2023, capturing the tectonic shifts playing out in the global production chain.

Japanese trading house Sumitomo Corp on Monday slashed its output estimate of nickel at its Ambatovy project in Madagascar due to system glitches.

A major nickel operation backed by Trafigura Group will need support from a new investor after the trading giant declined to contribute more funds as part of a French government rescue package for the struggling New Caledonian mining industry.

Australian battery metal producer IGO Ltd said on Wednesday it would put its Cosmos nickel project in Western Australia into care and maintenance due to low prices, as it also trimmed its annual lithium production forecast.

Shares in Lifezone Metals, 17% owned by BHP, rose in the early hours of Monday’s trading session on news about a high-grade nickel discovery at its Kabanga project in northwest Tanzania.

Nickel Industries reported record quarterly output from its rotary kiln electric furnace (RKEF) projects.

Russian metals producer Nornickel on Monday said it expected a further decline in nickel output this year, hit by adverse geopolitical risks and postponed furnace repairs, following on from a drop in production in 2023.

Federal Minister for Resources Madeleine King and Western Australian Minister for Mines David Michael met with nickel and lithium producers last week to discuss challenges facing the industry.