Established with a donation of $5.81 million from Vale, the joint laboratory will be open to all the researchers from the mining and steel industry from today, it said.

Macquarie said that the cost of producing low-grade nickel pig iron (NPI) in China will be the key to determining nickel prices. Nickel prices on the London Metal Exchange (LME) are down 45% in 2023 and are under further pressure.

Largo Inc. (NASDAQ:LGO) Q4 2023 Earnings Call Transcript

Rio Tinto to further tap opportunities in nation's green transition

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The ultra-low emissions transformation in the steel industry, for example, was accelerated.

Ningxia has made significant strides in high-quality development in recent years, nurturing new quality productive forces while fostering development impetus, said Liang Yanshun, Party secretary of the region.

"The development that Vale has achieved is inseparable from China, and our future development will also need China," Biscassi noted.