I found this quite interesting as I thought Rudd was pro China. Anyone know who he’s lobbying for now?


Former Australian PM Kevin Rudd urges London Metal Exchange to prioritise ‘clean’ nickel

By Colin Hay - June 18, 2024

Former Australian prime minister and current US Ambassador Kevin Rudd has called on the “Chinese-backed” London Metal Exchange (LME) to come clean on its handling of nickel.

Angered by the impact of Indonesia’s dramatic increase in nickel production and the related decimation of the nickel price, Mr Rudd is reported to have recently approached the LME—which was acquired by Hong Kong Exchanges and Clearing in 2012—about recognising “clean” nickel.

The former PM also reportedly criticised the LME’s stance at a conference in Washington DC, chiding the exchange for not moving to differentiate between “dirty” nickel from countries like Indonesia and that produced by Australia and other countries operating under strict ESG guidelines.

Lack of interest

It is reported Mr Rudd told conference attendees that the LME’s lack of interest in supporting clean, green nickel was “bad for the industry, bad for the future of the global economy and bad for geopolitics.”

Rudd’s stance matches that of Australia’s resources minister Madeleine King, who has told a number of international leaders that “clean” nickel should receive a premium price.

Ms King placed nickel on Australia’s critical minerals list earlier this year, stating the mineral is essential to the energy transition.

“Australian nickel resources are produced to high ESG standards, meaning Australia offers more sustainable and ethical critical minerals than many of our competitors,” she said in announcing the move.

Has nickel bottomed?

Meanwhile, Macquarie analyst Jim Lennon has reportedly told a conference in Jakarta that global nickel prices may have bottomed out after a lengthy period of decline driven by the dramatic increase in nickel production by Chinese-financed Indonesia.

The Macquarie analyst forecast a market recovery driven by strong demand from the steel sector and growing production issues.

He said a nickel deficit is looming after Indonesia slowed production permits, with reports suggesting that some companies had turned to the Philippines for nickel ore.

Nickel supplies have also been impacted by riots in New Caledonia.

“Our belief is that we’ve seen the bottom, we’ve seen the supply adjustments, we see the uncertainty in future supply and that is giving us quite a lot of support where the prices are today,” Mr Lennon told conference delegates.