The price moves exacerbated the pressure on holders of big short positions, already facing calls to deposit extra funds with brokers, a practice known in financial markets as margin calls. Given nickel matte prices of roughly $15,421/t May 18, we calculate a profit margin of $5,571/t for Tsingshan's nickel in matte. ), by sales channel (Direct Channel, Distribution Channel), by player (Shandong Xinhai Technology, Tsingshan Holding Group, Eramet, Linyi Yichen Alloy, Jiangsu Delong Nickel Industry . In late February and early March, Tsingshan, which had sales of 352 billion yuan (US$56 billion) last year, paid its margin calls on time. Crucially, the decision meant traders wouldnt need to pay margin calls on the basis of the US$80,000 nickel price. Nickel trading did resume on March 16, but the exchanges electronic trading system malfunctioned on several occasions after resumption, while preset daily limits on price movements (5 percent on the 16th, then 8 percent the following day, 12 percent on March 18 and 15 percent from March 21) prevented futures prices from falling sufficiently to levels that would entice buyers to enter the market once more. Distribution and use of this material are governed by Following Tsingshan's statement announced March 15, the LME said that all nickel contracts will resume trading at 0800 London time on March 16. It had sold nickel forward on the markets, betting on the price going down, not up. Despite that, reserves that can be economically mined are limited. The banks declined comment or did not respond to a request for comment. Xiang wanted to increase Tsingshans production dramatically by producing so-callednickel matte. Tsingshan, among other Chinese companies, is ramping up a wave of new battery-grade nickel capacity in Indonesia. On February 22, 2023, Yangjiang News, at the "New Track, Great Future--Qingshan S32001 Duplex Steel Channel Market Launch Conference" hosted by Qingyi Steel Then on March 7, nickels price began its parabolic ascent, surging from US$30,000 a ton to more than US$50,000. See here for a complete list of exchanges and delays. But its obligations dwarfed its available cash and bank credit. The spike was driven in large part by a short squeeze centered on Chinese tycoon Xiang Guangda, who hadamassed a big wagerthat nickel prices would fall through his company Tsingshan Holding Group Co. Q. In an earlier interview with Chinese news outlet Yicai, Xiang blamed "foreigners making some moves" for nickel's price spike. articles a month for anyone to read, even non-subscribers! A stressful week in markets got even worse for some metals traders when the main exchange's software misfired by generating erroneous margin calls, adding to the chaos at a time when brokers . The LMEs special committee held another call at about 6 a.m. Now they recognized that they had tosuspend trading. A consortium of hedge bank creditors that has a standstill agreement with Tsingshan agreed not to close out the positions against the company or to make further margin calls on the existing positions. Are you considering whether or not to trade nickel or want to learn more about the market? 2023 Capital Com Online Investments Ltd. Reuters could not determine how large Tsingshan's short position currently is after it cut its exposure. In the meantime, the nickel market is on ice, with traders unable to exit their positions, and many billions of dollars tied up in margin calls. Based on the close on Friday night at $29,130, the LME were raising initial margins to a prudent 7.72% of the contract value. Its not clear to what extent Xiang saw his position as merely a hedge or as a speculative bet. This market frenzy all came to a head on March 8, when the LMEhaving allowed nickel prices to surge by around 250 percent in just a couple of days and reach an all-time high of $101,365/metric tonne (mt) in intra-day trading, which was more than double the $48,078/mt at which it closed the previous daysuspended all trading of nickel. Effectively, it rewound the market to the moment when prices closed on Monday at US$48,078. Last chance for up to $40 off TurboTax, All Jeans + Pants 25% off! The company paid at least some of its margin calls early on Monday, according to a person familiar with the matter. 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Prices doubled to a record above $100,000 per tonne in a matter of hours on Tuesday, prompting the London Metal Exchange (LME) to halt trading. The price spike left Tsingshan exposed to $8 billion USD of trading losses whilst struggling to meet their margin calls. Tsingshan has been finding it difficult to pay margin calls to its creditors, the report said. The Chinese government may also play a role. As with similar short squeezes of the past, such as those involving GameStop and Volkswagen, a short squeeze occurs when a market participant borrows a certain volume of a security and sells it, hoping that its price will fall. The exchange then retroactively wiped out $3.9 billion worth of transactions made before the suspension to demonstrate that nickel prices had stopped reflecting the underlying physical market. The metals industry, financial regulators and Chinese officials rushed to resolve a crisis in Londons nickel market, which remained on ice after an ill-fated trade sparked mammoth price gains and billions of dollars of losses. Why bet against nickel when you have a nickel business? They held a hurried call on Monday evening, but decided to allow the nickel market to continue trading. Among them were some of the biggest names on Wall Street. The exchange had serious concerns about the ability of market participants to meet their resulting margin calls, raising the significant risk of multiple defaults. Despite that, Chamberlaininsisted to Bloomberg TVon March 9 that the solvency of the LME itself was never in doubt. Some have also warned that much of the chaos in the nickel market may not be over yet. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. See here for a complete list of exchanges and delays. Nickel prices have since fallen and the three-month nickel last settled at $23,371/tonne on 3 November. Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology. This copy is for your personal, non-commercial use only. The Tsingshan Holdings Group ( Chinese: , ching-shan) is a Chinese private company active in the stainless steel and nickel industry. Margin call ini membuat harga nikel meledak dan menembus US$ 100 ribu per ton dari hanya US$ 25 ribu per ton. 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Tsingshan is also NIC's majority shareholder with a 21.15% stake through Shanghai Decent Investment. The industry leader for online information for tax, accounting and finance professionals. LONDON, March 8 (Reuters) - China's Tsingshan Holding Group bought large amounts of nickel to reduce its short bets on the metal and its exposure to costly margin calls, turbocharging a record rally fuelled by the conflict in Ukraine, three sources familiar with the matter said. As the price rose through the London day after offices in Asia had closed, Tsingshan started struggling to pay, the people say. Everything changed when Russia invaded Ukraine. The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs. The LME at the end of the day is a physical metal market, he says. The extra charge kicks in at close of business on Tuesday. read more. As such, if Tsingshan can weather the losses on its LME positions, the higher prices could yet benefit its core business of producing nickel and stainless steel. Anyone using the LME needs to understand that. Another key factor in the recent price volatility was the massive nickel short squeeze built up by Chinas Tsingshan Holding Group, the worlds largest stainless steel producer. All quotes delayed a minimum of 15 minutes. Tsingshan's nickel matte plans could be 1st step into lithium battery value chain. our Subscriber Agreement and by copyright law. Tsingshan yang dimiliki oleh swasta secara harfiah memiliki arti "gunung hijau", berbasis di kota Wenzhou di China dan memiliki . It did not provide any other details, such as how long the standstill period would last. Short-covering trades made last week by the Chinese billionaire contributed to a swift, huge surge. Xiang shrugged off suggestions to reduce short positions, Tsingshans nickel short position stood at about 150,000 tons. Tsingshan's 2022 nickel equivalent output is . But the Eastern European conflict also saw sizeable long positions enter the market, including major buyers Volkswagen, Glencore and JPMorgan, which instead drove prices higher. A short squeeze is a market condition caused by massive short positions. [2] It moved into the Indonesian nickel industry in 2009. Privacy Policy | Several large brokers got margin calls of close to US$1 billion each over the course of the day. Only you can decide whether nickel is a good buy or not. We do not make any representations or warranty on the accuracy or completeness of the information that is provided on this page. Nickel prices trading on the London Metal Exchange (LME) has fallen significantly over the past few months as restrictions cooled the turbulent market, pulling the metal down from its record high of above $100,000 a tonne on 8 March. Nickel prices on the LME jumped to record highs above $100,000 a tonne on March 8 as Tsingshan bought large amounts to reduce its short positions in the metal, which is used to make stainless steel and electric vehicle batteries. There are also traders making plans to abandon the LME nickel contract, a move that would reduce market liquidity, making it harder for everyone from miners to car companies to manage their exposure to prices and access financing. Bloomberg: Balance of Power focuses on the politics and policiesbeing shaped by the agenda of President Biden's administration. At the center of the action is Chinese nickel titan Tsingshan Holding Group, the worlds biggest producer of a metal used in stainless steel and .css-1h1us5y-StyledLink{color:var(--interactive-text-color);-webkit-text-decoration:underline;text-decoration:underline;}.css-1h1us5y-StyledLink:hover{-webkit-text-decoration:none;text-decoration:none;}electric-vehicle batteries. Pleased to report an extremely strong year for the Nickel Industries and the. By April, nickel prices began to fall below $35,000/tonne and Tsingshan began to close its short positions and settled its margin calls. Your decision to trade should depend on your attitude to risk, expertise in the market, the spread of your portfolio and how comfortable you feel about losing money. And when those wagers move violently in the opposite direction, they can be hit with huge margin calls, or requests to put down more cash to back their trades. https://www.wsj.com/articles/nickel-market-crisis-sends-london-metal-exchange-scrambling-to-prevent-damage-11646858558. Xiang didnt believe the rally would last. Reuters, the news and media division of Thomson Reuters, is the worlds largest multimedia news provider, reaching billions of people worldwide every day. Assessing the Incremental Costs of Regulation and Supervision Faced by Next-Gen Operating Models for Bankers and Advisors, Macroprudential Policy and Real Estate Funds. Nickel prices usually move a few hundred dollars per ton in a day. Tsingshan has been struggling to pay margin calls to its brokers, according to people familiar with the situation. Solugen Bio has built a chemical plant that produces all manner of chemical-based products using bio-based feedstock instead of fossil fuels. Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile. The exchange then retroactively wiped out $3.9 billion worth of transactions made before the suspension to demonstrate that nickel prices had stopped reflecting the underlying physical market. He started increasing his short position on the London Metal Exchange. At 8:15 a.m., the screens stopped flashing, hours before the in-person pit trading session was even set to begin. The new historic high is nearly twice the previous record of $51,600 in 2007. Others in the market may also push up prices in anticipation of that short covering. The short squeeze gathered momentum as Chinas Tsingshan Holding Group Co. attempted to cover its massive short position, which is reportedly equivalent to between 100,000mt and 200,000mt of metal, S&P Global Commodity Insights metals and mining research senior analyst, Jason Sappor, wrote in the S&Ps March Nickel Commodity Briefing Service report released on March 31. Not surprisingly, investors have not been particularly satisfied with the LMEs actionsor lack thereofin allowing this situation to transpire. 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Mr Xiang told Chinese news outlet Yicai that Tsingshan did not have any problems with its nickel trading. a practice known in financial markets as margin calls. Save my name, email, and website in this browser for the next time I comment. One of the world's biggest nickel and stainless steel producers, Tsingshan started building a short position -- a wager that prices will fall -- in the nickel market last year. The tycoon whose big short bet on nickel helped trigger one of the most dramatic price spikes in history has told his banks and brokers that he doesnt intend to reduce his position, according to people familiar with the matter. The fear was that Tsingshan could not make its margin calls, interim payments to parties on the other side of the trade. About 50,000 tonnes of Xiang's total nickel short position of over 150,000 tonnes is held through an over-the-counter position with JP Morgan, which means Tsingshan owed the bank about US$1 . Tsingshan's difficulties in paying its margin calls, and the company's ongoing bailout negotiations, have put its banks and brokers in a bind, as they have had to make hefty margin calls of their own at the LME to cover their short positions on the exchange. Three-month nickel on the LME more than doubled to over $100,000 a ton yesterday before the LME stepped in to halt trading of the metal. Continue reading your article witha WSJ subscription, Already a member? You should never trade more than you can afford to lose. The price continued to climb higher as one of the world's largest nickel producers, Russia decided to invade Ukraine. Tsingshan sold 200,000 ton March 2023 contracts at price of $20 per kilo. Tsingshan Holdings was founded in 1988 by Xiang Guangda in Wenzhou. That would come on top of any losses incurred by the tycoon since he began building the short position late last year through closely held Tsingshan. Tsingshan accounted for about half that amount. And thank you everyone for your attendance on today's call for the Nickel Industries Full Year 2022 Results. Perdagangan nikel di LME dihentikan sementara sejak Selasa lalu. Known as "Big Shot" in China for his imposing presence in the metal industry, Xiang Guangda, the founder of the world's biggest nickel and stainless-steel firm, Tsingshan, had amassed a short position of more than 150,000 tonnes of nickel, which was about five times the volume of the metal held by the LME and equivalent to approximately Tsingshan's difficulties in paying its margin calls, and the company's ongoing bailout negotiations, have put its banks and brokers in a bind, as they have had to make hefty margin calls of their own at the LME to cover their short positions on the exchange. The arrangement will also help the pave the way for the London Metal Exchange to restart nickel trading, they said. Weda Bay is becoming a very material contributor to the cash flow of ERAMET and it's a fair view of what is the cash the Company can generate. Already at an all-time high by 5:42 a.m., it lurched higher in stomach-churning leaps, soaring US$30,000 in a matter of minutes. For participants in commodities exchanges, a price rally is not necessarily good news. Just after 6 a.m., the price of nickel passed US$100,000 a ton. The Morowali park mainly produces nickel pig iron for stainless steel. Its nickel matte production in Indonesia is nearly 8,000 tonnes per month, according to the Shanghai Securities News. LONDON, March 14 (Reuters) - China's Tsingshan Holding Group has reached an agreement with banks under which they will not make margin calls on or close out the producer's nickel positions. Cliff Asness, founder of AQR Capital Management,accused the LME, which was for more than a century owned by its members but in 2012 was sold to Hong Kong Exchanges & Clearing, of stealing money from market participants trading in good faith and giving it to Chinese nickel producers and their banks. LMEs Chamberlain defended canceling the trades. Still, the LME has weathered numerousscandalsbefore in its 145-year history, from a 1985crisis in the tin marketthat caused many brokers to go out of business to the incident when a trader at Sumitomo hid more than US$2 billion in losses. Bloomberg: Balance of Power focuses on the politics and policiesbeing shaped by the agenda of President Biden's administration. LME brokers and their clients were hit with margin call after margin call. On the London Metal Exchange, the premier trading and price-formation venue for industrial metals, nickel traded between $10,000 and $20,000 per metric ton and moved about $100 each day. Nickel short interest was created by Tsingshan. You should do your own research, looking at the latest news, technical analysis, and analyst commentary before trading. Indeed, reports suggest that a number of investors are now preparing lawsuits, while the LMEs regulator, the Financial Conduct Authority (FCA), is expected to investigate the incident. Credit: INF News.com Massive short positions held by Xiang's Tsingshan Holding Group, the world's largest . Prices for the metal, used in stainless steel and electric vehicle batteries, were last in that range in December. our Subscriber Agreement and by copyright law. In late February and early March, Tsingshan, which had sales of 352 billion yuan ($56 billion) last year, paid its margin calls on time. losed Joint Stock Company FinTech Solutions. An employee. Follow the topics, people and companies that matter to you. Comparable-store sales rose 19.3% in fiscal 2020 and grew another 14.4% year over year in the first nine months of 2021. 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