SMM

France's Eramet SA, one of the biggest producers, said the London Metal Exchange (LME) has lost its benchmark status in a key sector of the nickel market since a massive short sale last year, according to Bloomberg.

Christel Bories, chief executive of Eramet SA, said an index compiled by Shanghai Metals Market “has become the benchmark” for the pricing of NPI.

NPI is a metal used to make stainless steel.

Eramet said it was the world's second-largest NPI producer.

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