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Is China's government the real short in nickel?
If not, why scheme to rescue the nominal short? Being the biggest consumer of commodities, China can't want their prices to rise.
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Beijing Weighs Nickel Rescue Deal for Billionaire Owner of Tsingshan
Neil Hume, Helen Thomas, and Philip Stafford
Financial Times, London
Friday, March 11, 2022
Beijing is exploring a plan to rescue the billionaire owner of Tsingshan Holding Group from billions of dollars of potential losses after a backfiring bet brought global nickel trading to a halt.
China's leading stainless steel producer is at the centre of a surge in nickel prices, after its wager that the price would fall collided with a rally in the metal sparked by the war in Ukraine, forcing it to buy huge volumes of contracts linked to the metal.
... Dispatch continues below ...
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On Tuesday the London Metal Exchange suspended dealings in nickel after prices doubled to a record above $100,000 a tonne, bringing to a near-standstill global trading in the metal, used to make stainless steel.
Now Beijing, Tsingshan, its brokers, and the LME are scrambling to find a solution. One option under consideration is for Tsingshan to swap some of the lower grade nickel it produces -- which does not meet the LME's quality standards -- for refined metal held in China's State Reserves Bureau, according to people familiar with the matter. ...
... For the remainder of the report:
https://www.ft.com/content/067ee28e-0375-48d3-a7c9-2d4330a9cc34
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