Russia’s top nickel producer ditching dollar payments with China

Norilsk Nickel is selling its metal on the spot market in yuan using a mix of London and Shanghai prices in deals, the outlet reports Russian mining giant Norilsk Nickel is selling some of its metal to China in yuan at prices set in Shanghai in a sign of a reshape in global commodity trade, Bloomberg reported this week. According to people with knowledge of the matter, certain volumes of nickel were sold on the spot market at a mixed price of London Metal Exchange (LME) and Shanghai Futures Exchange (SHFE), with cargoes priced in Shanghai paid for in yuan. The development comes as the company is looking to increas

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