Wyloo, belonging to Australian mining magnate Andrew Forrest, indicated that the London Metal Exchange (LME) should distinguish its contracts based on their environmental impact, offering "clean" and "dirty" categories to provide more options for consumers. Wyloo has also warned that without the introduction of a "green" nickel contract by the LME, the sector might need to seek alternative trading platforms.

The LME said that nickel with a low carbon footprint, defined as emitting 20 tons or less of carbon dioxide per ton of nickel produced, can already be traded on its partner platform, MetalsHub.

There has been increasing demand for a nickel pricing system that incorporates strict environmental and governance standards, especially from high-cost producing countries like Australia. Wyloo has announced plans to close two Australian nickel mines it acquired last year for US$504 million in May.