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Cover Story: How Nickel Turmoil Exposed the LME and China’s Tsingshan

By Lu Yutong, Luo Guoping, Yue Yue, Wang Shiyu and Denise Jia
2022年03月28日 17:38
Chinese Fortune 500 metals giant lost billions on sale contracts as the 145-year-old London Metal Exchange failed to manage unprecedented volatility
Nickel soared 250% to a record $101,365 a ton on the LME earlier March.

A month ago, nickel was just another sleepy commodity trading at low volumes on the London Metal Exchange (LME) for less than $25,000 a ton.

Then Russia, home to the world’s largest producer of the metal, invaded Ukraine, driving up the price of a material that’s mostly used in stainless steel but also has become increasingly important for electric vehicle batteries. The surging price caught China’s Fortune Global 500 steel and nickel giant Tsingshan Holding Group in a massive squeeze, forcing nickel up even more as Tsingshan bought furiously to cover short positions.

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