2023 Capital Com Online Investments Ltd. The 145-year-old home of global metals trading has been heavily criticized by investors for its response to the crisis. If the market moves against those positions, they receive a margin call requesting further funds and if they fail to pay, they can be forced to close their position. (Bloomberg) -- One of the key Chinese players in last year's nickel short squeeze is preparing to meet London Metal Exchange Chief Executive Matthew Chamberlain in the first face-to-face encounter since the crisis that upended the global metals world.Most Read from BloombergHow Biden's Shock-and-Awe Tactic Is Failing to Stop RussiaChina Cease-Fire Proposal for Ukraine Falls Flat With US . One thing is sure: If Xiang can weather the storm, Tsingshans nickel producing assets stand to benefit from the higher prices, offsetting losses from the short. Then in . Then, as now, a key factor was the intervention of the exchange. Solugen Bio has built a chemical plant that produces all manner of chemical-based products using bio-based feedstock instead of fossil fuels. It did not provide any other details, such as how long the standstill period would last. Follow the topics, people and companies that matter to you. The LME suspended trading in nickel on Tuesday morning after one of the most dramatic price spikes in commodity market history. Its nickel matte production in Indonesia is nearly 8,000 tonnes per month, according to the Shanghai Securities News. For the fourth quarter, the company expects to generate "high single-digit. Bloomberg News' Joe Deaux reports. Its been under growing pressure to meet the payments in recent days, the people said. Today, in addition to its electronic market, its one of the last exchanges where brokers still gather in person to yell orders at one another for part of the day. Tsingshan's 2022 nickel equivalent output is . a practice known in financial markets as margin calls. Advertise | Careers | Editorial Guidelines | Traders must deposit cash,. It marked the first major market failure sinceRussias invasion of Ukrainejolted global markets, showing how the removal of one of the worlds largest exporters of resources from the financial system in the space of weeks is having ripple effects across the world. Late on Monday, the LME also allowed traders to defer delivery obligations on all its main contracts -- including nickel -- an unusual step that underscores the pressure on commodities generally from the moves to isolate Russia economically. The three-month LME nickel prices hit an intra-day high at $101,365 a metric tonne on 8 March 2022. Xiang Guangda, the actual controller of Tsingshan, believes that the entry of so much nickel into the market will bring nickel prices down. That put Tsingshans banks and brokers, which include JPMorgan Chase, BNP Paribas, and Standard Chartered,in a bind. Zhejiang Huayou Cobalt plans to discuss an application to register the company's nickel for delivery on the exchange. Some think this could herald the end of the exchange itself. The question is, will it continue to fail? Ghali posited to CNN. The super spike was driven by holders of short positions, including Tsingshan and its brokers, rushing to close them out. Tsingshan was betting that nickel prices would slump but instead they staged an unprecedented rally amid severe economic sanctions against Russia, a major global producer of the metal, over its invasion of Ukraine. Remember, when prices move up, traders like Xiang who have sold futures contracts face margin calls; they must put up more cash to cover potential losses. You should do your own research, looking at the latest news, technical analysis, and analyst commentary before trading. The exchange then retroactively wiped out $3.9 billion worth of transactions made before the suspension to demonstrate that nickel prices had stopped reflecting the underlying physical market. . But the Eastern European conflict also saw sizeable long positions enter the market, including major buyers Volkswagen, Glencore and JPMorgan, which instead drove prices higher. The war in Ukraine surprised the market and led to a price surge, pushing Tsingshans margin to billions as it rose in-line with nickel prices. He draws a comparison with Silver Thursday, the day in 1980 when an attempt bythe Hunt brothersto corner the silver market came unstuck. Margin call ini membuat harga nikel meledak dan menembus US$ 100 ribu per ton dari hanya US$ 25 ribu per ton. 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. 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. Chinese nickel giant at center of action, Tsingshan, received financial lifeline from banks to help meet margin calls related to $8 billion in paper losses Since Russia invaded Ukraine at the. Distribution and use of this material are governed by The price was frozen, below the record high but still at US$80,000 a ton. For a while, it wasunclear which view of the market would prevail. read more. Browse an unrivalled portfolio of real-time and historical market data and insights from worldwide sources and experts. Indeed, Russia is the worlds third-biggest nickel producer after Indonesia and the Philippines. Xiang didnt believe the rally would last. On this day, however, metal traders across the city were glued to a screen, watching the price action on the electronic market, which was already open to accommodate Asian trading. By early this year, it had taken ownership of more than half of the available nickel in LME warehouses. Tsingshan is an excellent Chinese enterprise, and our positions and operations dont have any problems.. According to industry members association International Nickel Study Group (INSG), stainless steel production accounts for over two-third of nickel demand in 2020, while the use in batteries for EVs remained low at 6%. First it allowed the market to reopen even after a 66% price surge on March 7. The LME convened its special committee, a small group of metals and legal experts with the power to issue emergency rules for the market. Xiangs short position has now racked upbillions of dollars in losses. 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. ", Britain's Financial Conduct Authority (FCA) and the Bank of England are talking to the London Metal Exchange about the resumption of a fair and orderly market in nickel, the FCA said on Monday in response to a request for comment. At 8:15 a.m., the screens stopped flashing, hours before the in-person pit trading session was even set to begin. The difference is that nickel is a commodity that touches the entire global economy. One resolution to the situation may be for Glencore and Xiang to strike a deal to use Glencores long positions to cancel out some of Xiangs short. See here for a complete list of exchanges and delays. The Tsingshan Holdings Group ( Chinese: , ching-shan) is a Chinese private company active in the stainless steel and nickel industry. 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 on the London Metal Exchange (LME), the company said on Monday, a move sources said should help calm the market. Tsingshan is also a nickel miner and operates nickel pig iron mines and production facilities. The fear was that Tsingshan could not make its margin calls, interim payments to parties on the other side of the trade. 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. Our Standards: The Thomson Reuters Trust Principles. Undeterred, the Chinese tycoon has told banks he wants tomaintain his position, and has asked them to keep funding him despite the losses. The LMEs special committee held another call at about 6 a.m. Now they recognized that they had tosuspend trading. Xiang wanted to increase Tsingshans production dramatically by producing so-callednickel matte. A week earlier, nickel was trading around $25,000 and the price of the metal has more than quadrupled in a matter of days. Tsingshan has been finding it difficult to pay margin calls to its creditors, the report said. This exact scenario emerged in early March in the LMEs nickel market following the escalation of the Russia-Ukraine military conflict, with Chinese nickel-maker Tsingshan Holding Group the unfortunate short seller in this episode. By April, nickel prices began to fall below $35,000/tonne and Tsingshan began to close its short positions and settled its margin calls. The creditors involved include both local and intentional banks, including J.P. Morgan and China Construction Bank . Mr Xiang began building the short position in part because he wanted to hedge rising output, but also because he believed the rally in nickel prices would fade this year. Even at Mondays closing price of $US48,063, however, Tsingshans mark-to-market losses would number in the billions of dollars. As of the evening of March 13, the LME had yet to announce a date for nickel trading to resume. Tsingshan is also NIC's majority shareholder with a 21.15% stake through Shanghai Decent Investment. Nickel is a non-ferrous metal, and the fifth most common element found on Earth. Tsingshan Holding Group held the biggest short position for nickel on the LME. Subsequent reports suggested that only one-fifth of Tsingshans total nickel exposure was visible to the exchange; the rest was held in private over-the-counter trades with banks including JPMorgan Chase, BNP Paribas, Standard Chartered and United Overseas Bank Ltd. As such, Guangda was aiming for his massive short position to dominate the market and send the LME nickel price down. Tsingshan, who pioneered the Rotary Kiln Electric Furnace (RKEF) process to produce low-cost nickel pig iron (NPI), is now the dominant player in the Indonesian NPI industry and a global leader in NPI processing technology, including having implemented the Argon Oxygen Decarburisation process which incorporates the direct hot charging of NPI into the stainless steel production process for a . Chinese entrepreneur Xiang Guangda has been caught out by nickel's price surge. The contribution of a dab has been 44 million to . Those payments have now been made, a person familiar with the matter said on Tuesday. Tsingshan and the LME declined to comment. See here for a complete list of exchanges and delays. All quotes delayed a minimum of 15 minutes. Nickels 250 per cent price spike in little more than 24 hours plunged the industry into chaos, triggering billions of dollars in losses for traders who bet the wrong way and leading the London Metal Exchange to suspend trading for the first time in three decades. Tsingshan has secured credit promises from banks including JPMorgan Chase & Co. and China Construction Bank that could allow it to avoid defaulting on its margin calls, Bloomberg reported. Only you can decide whether nickel is a good buy or not. Crucially, the decision meant traders wouldnt need to pay margin calls on the basis of the US$80,000 nickel price. Investors who had booked trades during the chaotic session in the early hours of Tuesdaywere furious. Xiang Guangda, who controls the worlds largest nickel producer, Tsingshan Holding, and is known as Big Shot in Chinese commodity circles, has closed out part of his companys short position and is considering whether to exit the wager altogether, the people said. Russia is the worlds third-largest producer of nickel and its largest exporter of refined nickel metalthe type deliverable on the LME. They held a hurried call on Monday evening, but decided to allow the nickel market to continue trading. For most of the past decade, theyd traded between US$10,000 and US$20,000. In theory, any price changes on the futures market should offset price changes in the value of the inventoriesas long as the traders canmeet their margin calls. 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 . (Bloomberg) A unit of China Construction Bank Corp was given extra time by the London Metal Exchange to pay hundreds of millions of dollars in margin calls it missed on Monday amid an unprecedented rise in nickel prices, in this case According to people familiar with . Despite that, reserves that can be economically mined are limited. 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. 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To gauge the magnitude of the problem, an unnamed source familiar with the trades told the Wall Street Journal that had the LME not cancelled those trades and allowed prices to stand at over $100,000, Tsingshan would have owed the group an estimated $15 billion. It's been under growing pressure to meet the payments in recent days, the. .css-16c7pto-SnippetSignInLink{-webkit-text-decoration:underline;text-decoration:underline;cursor:pointer;}Sign In, Copyright 2023 Dow Jones & Company, Inc. All Rights Reserved, 50% off + free delivery on any order with DoorDash promo code, Wayfair promo code: 10% off any single purchase, 60% off running shoes and apparel at Nike without a promo code, March Flash Sale: Extra 30% Off w/ Groupon Promo Code. Forbes places Xiang's real-time net worth at $1.2 billion. 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. One of Tsingshans brokers, CCBI Global Markets, also failed to pay hundreds of millions of dollars in margin calls on its nickel positions on March 7. It was 5:42 a.m. on March 8 in London when the nickel market broke. The Chinese government may also play a role. The Companys registered office is at Bahamas Financial Centre, 3rd Floor, Shirley and Charlotte Street, P.O. The LME made a near-unprecedented decision. On Monday, one of Tsingshans brokers a unit of a state-owned Chinese bank failed to pay hundreds of millions of dollars in margin calls on its nickel positions. Traders must deposit cash, known as margin, with their brokers on a regular basis to cover potential losses on their positions. Known as Big Shot in China for his imposing presence in the metal industry, Xiang Guangda, the founder of the worlds 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 one-eighth of all of the LMEs outstanding contracts at its peak. Plus, 60% off clearance with American Eagle promo code, Wayfair promo code: 10% off any single purchase, Kohl's promo code: 30% off for Kohl's Rewards Members, 50% off + free delivery on any order with DoorDash promo code. See here for a complete list of exchanges and delays. Metal industry sources said that for the duration of the standstill agreement Tsingshan, the world's largest nickel producer, may not have to buy any more metal to cover its short positions. The frenzied move the largest-ever on the LME came as investors and industrial users who had sold the metal scrambled to buy the contracts back after prices initially rallied on concerns . Prices exploded, thanks mainly to one companyindeed, one man. Creditors and banks who acted for Tsingshan were demanding margin settlements and the closing of all positions. 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. LME CEO Matthew Chamberlain says suspending nickel trading and canceling the trades on the London Metal Exchange was the right decision for the sake of market stability. In recent days, Tsingshan has been under growing pressure from its brokers to meet margin calls on that position - a market dynamic which has helped to drive prices ever higher. "For the period of the standstill, the participating hedge banks agree not to close out positions against Tsingshan or to make further margin calls in respect of existing positions. read more. Then on March 7, nickel's price began its parabolic. 4.3 Global Ferro Nickel Sales Volume, Revenue, Price and Gross Margin (2016-2022) 4.4 United States Ferro Nickel Sales Volume, Revenue, Price and Gross Margin (2016-2022) Some have also warned that much of the chaos in the nickel market may not be over yet. read more. To gauge the magnitude of the problem, an unnamed source familiar with the trades told the, 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 16, The LME has been asleep at the wheel, according to Andrew Mitchell, director of nickel research at consulting firm Wood Mackenzie, who spoke to the, But the LME has defended its actions, arguing that the decisions it took were made with full regard to regulatory due process and in the interests of the market as a whole, according to a spokesman for the exchange, who spoke to UK financial-news publication, Manuel A. Muoz European Central Bank (ECB), Miguel Moreno Tripp EGADE Business School | Crowe Global, Flix Villatoro Universidad Adolfo Ibez Business School, Kenneth D. Simonson Associated General Contractors of America (AGC), Dalia A. Kader Commercial International Bank (CIB), Davi Ferreira Veronese University of So Paulo, Maria Paula Bertran University of So Paulo, Thanos Andrikopoulos University of Hull, Tim Johnson JB Super Yachts | TJB Private Travel. read more. The annals of commodity markets are full of tales of producers and traders, fromMetallgesellschaftto Sumitomo, that blurred the lines between hedging and speculation and ended with billions of dollars in losses. Tsingshan accounted for about half that amount. Then on March 7, nickels price began its parabolic ascent, surging from US$30,000 a ton to more than US$50,000. Worse, the chaos was spreading to other markets: Zinc prices spiked 15 per cent in a few minutes to a record high, only to collapse again. At that time of day, bleary-eyed traders are typically just glancing at prices as they swig coffee on their way to the office. Tsingshan yang dimiliki oleh swasta secara harfiah memiliki arti "gunung hijau", berbasis di kota Wenzhou di China dan memiliki . . During the standstill agreement, the company and banks will discuss a standby secured liquidity facility, Tsingshan said. Miners, traders, and manufacturers often use the market to make short betsthat is, to make money when prices fall. The LME was forced to suspend nickel trading for the first time since 1988 on March 8 and is trying to facilitate negotiations to net off long and short positions in order to reopen the market. This created an unprecedented LME nickel short squeeze. It had sold nickel forward on the markets, betting on the price going down, not up. A record-breaking rally in nickel prices that led the London Metal Exchange to halt trading on Tuesday is putting increased pressure on the Chinese stainless steel producer Tsingshan and its billionaire co-founder. Tsingshan has been struggling to pay margin calls to its brokers, according to people familiar with the situation. The LME nickel short squeeze. Chinese metal giant Tsingshan Holding Group Ltd., caught in a massive short squeeze amid an unprecedented rally in the price of nickel, reached a deal with banks to avoid further margin calls.. Tsingshan, one of the world's biggest nickel and stainless steel producers, worked out a standstill arrangement with a consortium of hedge bank creditors that will allow the company to continue . Nickel prices have since fallen and the three-month nickel last settled at $23,371/tonne on 3 November. Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile. Those 18 minutes will haunt me, says the executive, who wasnt authorized to speak publicly. This weeks spike in prices has played out principally on the LME, and many traders expect the price to return to more normal levels once the margin call chaos has been resolved. Others in the market may also push up prices in anticipation of that short covering. The Chinese nickel tycoon whose big short position caused chaos reached a deal with his banks to avoid further margin calls, marking a key step toward restoring stability to the market after an unprecedented squeeze. Acted for tsingshan were demanding margin settlements and the three-month nickel last at. Quarter, the people said a.m. now they recognized that they had tosuspend trading, BNP,! Discuss an application to register the company & # x27 ; s majority shareholder with a 21.15 stake... Available nickel in LME warehouses year, it had sold nickel forward on the LME was! Built a chemical plant that produces all manner of chemical-based products using bio-based feedstock instead of fossil fuels trading... 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