One of Russia's largest mining companies, Norilsk nickel industry, is selling some metals at RMB at the price of the Shanghai Futures Exchange (SHFE).This shows that Russia's invasion of Ukraine is promoting the re -layout of the global commodity flow and transferring greater power to China.
Bloomberg quoted people familiar with the matter and revealed that Norrsk Nickel has sold some spot metals to China through the comprehensive use of the London Metal Exchange (LME) and SHFE prices this year.People familiar with the matter said that the goods traded according to SHFE's pricing transactions are paid for RMB.
This change is when some European buyers avoid buying Russian commodities.Norilsk nickel industry accounts for about 7%of the global nickel supply.
The above -mentioned people said that the Chinese customers of Norilsk Nickel's nickel industry are also promoting a long -term contract with the price of SHFE.They said that negotiations about long -term contracts are still in progress, but they may also involve comprehensive use of LME and SHFE pricing.
As the world's largest commodity consumer, China has long been promoting greater control over pricing.However, the majority of global commodity trade is still based on the global benchmark price for US dollars.
One of the people familiar with the matter said that the use of SHFE pricing was proposed by China some time ago, because the price benchmark was more stable than LME.
Since March last year, LME's nickel contract has been affected by severe price fluctuations and decline in transaction volume.At that time, a large -scale empty transaction caused LME to suspend the one -week nickel transaction.
