Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers. Our Standards: The Thomson Reuters Trust Principles. As the market was picking up on the short squeeze of Tsingshan, the LME had decided to intervene. 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. On February 22, 2023, Yangjiang News, at the "New Track, Great Future--Qingshan S32001 Duplex Steel Channel Market Launch Conference" hosted by Qingyi Steel Undeterred, the Chinese tycoon has told banks he wants tomaintain his position, and has asked them to keep funding him despite the losses. Brokers, in turn, must hold margin at the clearing house, LME Clear. 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. 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. read more. They had offset their deals with Tsingshan by placing their own short positions on the LME. Its participants are a mix of the industrial metals companies, which tap the market to offset their price risks, and hedge funds, which use it to speculate. Contact us | For most of the past decade, theyd traded between US$10,000 and US$20,000. 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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 . Follow the topics, people and companies that matter to you. Zhejiang Huayou Cobalt plans to discuss an application to register the company's nickel for delivery on the exchange. Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. President Tayyip Erdogan indicated on Wednesday that elections will be held on May 14, sticking to his previous plan for the vote with a date just over three months after a devastating earthquake killed more than 45,000 people in Turkey. Mr Xiang told Chinese news outlet Yicai that Tsingshan did not have any problems with its nickel trading. Opinion. For non-personal use or to order multiple copies, please contact In late February and early March, Tsingshan, which had sales of 352 billion yuan ($56 billion) last year, paid its margin calls on time. 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. 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 $100,000 a tonne on 8 March. That would come on top of any losses incurred by the tycoon since he began building the short position late last year through closely held Tsingshan. Bloomberg: Balance of Power focuses on the politics and policies being shaped by the agenda of President Biden's administration. The price move on March 8 created a systemic risk to the market, the LME said two days later. But to hedge against a a drop in prices, they use. Why bet against nickel when you have a nickel business? Its nickel matte production in Indonesia is nearly 8,000 tonnes per month, according to the Shanghai Securities News. How to Geta Free Flight to Hong Kong in 500,000 Airline Ticket Giveaway, Apple Suppliers Are Racing to Exit China, AirPods Maker Says, Stocks, Bonds Drop as Traders Weigh Data, Fedspeak: Markets Wrap, Microsoft Expands Game Pass as Regulators Fret Over Activision Deal, Cash Is Paying More Than Traditional Stock-Bond Portfolio. Erin Jonasson. Tsingshan Holdings has secured loan packages from various lenders, according to a Bloomberg report citing unnamed sources, following a record short squeeze that saw nickel prices more than double in hours earlier this week. Advertise | Careers | Editorial Guidelines | Margin call ini membuat harga nikel meledak dan menembus US$ 100 ribu per ton dari hanya US$ 25 ribu per ton. 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. Tsingshan has been struggling to pay margin calls to its brokers, according to people familiar with the situation. For the LME to cancel nickel trades between willing buyers and sellers is unforgiveable. A short position is created when a trader sells a security he does not own, with the intention of repurchasing it later at a lower price. Copyright | 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. 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. Tsingshan accounted for about half that amount. The LME suspended nickel trading in the early trading session on March 8 after prices more than doubled, breaching $100,000/mt mark and briefly reaching a record high of $101,365/mt. Financial markets are on edge after the London Metal Exchange last week granted a reprieve to the giant Chinese nickel producer, which . Despite that, reserves that can be economically mined are limited. The major market events for the week ahead right in your inbox. Xiang Guangda has been in discussions with banks led by JPMorgan Chase & Co. about a loan facility to backstop his short position, which has roiled the nickel market after he struggled to pay massive margin calls to banks and brokers last week. Xiang shrugged off suggestions to reduce short positions, Tsingshans nickel short position stood at about 150,000 tons. https://www.wsj.com/articles/nickel-market-crisis-sends-london-metal-exchange-scrambling-to-prevent-damage-11646858558. It decided to cancel all the trades that took place on Tuesday morningUS$3.9 billion of them, according to a Bloomberg calculation. Founded back in 1877 and now owned by Hong Kong Exchanges & Clearing (HKEX), the LME performs a critical role in determining benchmark prices for the global metals industry and provides a liquid market venue for financial institutions to make money. 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. Forbes places Xiang's real-time net worth at $1.2 billion. But recent events have certainly injected a dose of volatility into the market. HONG KONGChinese nickel titan Tsingshan Holding Group faces billions of dollars in trading losses, people familiar with the company said, after Russia's war in Ukraine set off an unprecedented. 2023 Capital Com Online Investments Ltd. 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. The Initial Margin was $20,000 per contract. The question is, will it continue to fail? Ghali posited to CNN. We expect the LME nickel price to remain volatile in the near term, as the global nickel market finds equilibrium following recent events, S&Ps Sappor added, warning that an elevated risk of another short squeeze hitting the LME nickel market in the near term continued, given the presence of both a dominant warrant-holding position on available LME stocks and Tsingshans short position. HONG KONGChinese nickel titan Tsingshan Holding Group faces billions of dollars in trading losses, people familiar with the company said, after .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;}Russias war in Ukraine set off an unprecedented rise in the price of a key metal used in stainless steel and electric-vehicle batteries. 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 Wall Street Journal. Perhaps whats most surprising is that this nickel squeeze happened within a market that had, for the last few years, been comparatively sedate, with rangebound trading rarely breaking above the $20,000/metric tonne (mt) mark on the upside before 2022. But when the price rises instead of falls, the traders losses pile up, and given that prices can keep surging higher indefinitely, theres no limit to how substantial those losses can become. Beijing is supportive of him, Xiang told contacts recently. People forgot that this isnt a video game retailer; its an important physical commodity.. He draws a comparison with Silver Thursday, the day in 1980 when an attempt bythe Hunt brothersto corner the silver market came unstuck. 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. Solugen Bio has built a chemical plant that produces all manner of chemical-based products using bio-based feedstock instead of fossil fuels. The XM Research Desk, manned by market expert professionals, provides live daily updates on all the major events of the global markets in the form of market reviews, forex news, technical analysis, investment topics, daily outlook and daily vidoes. Soon Chamberlain and other executives at the exchange began receiving frantic phone calls from LME brokers. China's Tsingshan Holding Group has reached agreements with two companies to swap its . call +44 20 3097 8888 support@capital.com. The difference is that nickel is a commodity that touches the entire global economy. ), by application (Stainless Steel Industry, Electronics Industry, etc. The LMEs special committee held another call at about 6 a.m. Now they recognized that they had tosuspend trading. 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. Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks. Prices for the metal, used in stainless steel and electric vehicle batteries, were last in that range in December. See here for a complete list of exchanges and delays. See here for a complete list of exchanges and delays. Help using this website - Accessibility statement. Traders must deposit cash,. Not surprisingly, investors have not been particularly satisfied with the LMEs actionsor lack thereofin allowing this situation to transpire. Exchanges sometimes cancel trades when technology glitches or fat fingers cause one-off mistakes. articles a month for anyone to read, even non-subscribers! This report studies the Ferronickel market, covering market size for segment by type (Ferronickel (Nickel15%), Ferronickel (Nickel15-25%), etc. But its extremely unusual for an exchange to cancel whole sessions of trading after the fact. Nickel, used in stainless steel and electric-vehicle batteries, surged as much as 250% in two days to trade briefly above $100,000 a ton early Tuesday. Nickel prices have since fallen and the three-month nickel last settled at $23,371/tonne on 3 November. Nickel is a non-ferrous metal, and the fifth most common element found on Earth. It had sold nickel forward on the markets, betting on the price going down, not up. 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 Holdings was founded in 1988 by Xiang Guangda in Wenzhou. Tsingshan's 2022 nickel equivalent output is . read more. Is the US Finally Warming to the Possibility of Creating a CBDC? The prices that were being seen during that Asian session were becoming disconnected from, I believe, physical reality.. Distribution and use of this material are governed by The Tsingshan Holdings Group ( Chinese: , ching-shan) is a Chinese private company active in the stainless steel and nickel industry. 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 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. Pada titik ini, posisi short Tsingshan dibekukan. News Corp is a global, diversified media and information services company focused on creating and distributing authoritative and engaging content and other products and services. As the price rose through the London day after offices in Asia had closed, Tsingshan started struggling to pay, the people say. The majority of retail investor accounts lose money when trading CFDs. And once again, this short squeeze racked up billions in losses for those involved. History of Financial Crises, AUTHORITATIVE ANALYSIS ON INTERNATIONAL BANKING, This site is protected by reCAPTCHA and the Google, Sign up to the International Banker newsletter, Perhaps whats most surprising is that this nickel squeeze happened within a market that had, for the last few years, been comparatively sedate, with rangebound trading rarely breaking, 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. Capital Com Online Investments Ltd is a Company registered in the Commonwealth of The Bahamas and authorised by the Securities Commission of The Bahamas with license number SIA-F245. Its not clear to what extent Xiang saw his position as merely a hedge or as a speculative bet. 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 paper loss stood at $8 billion on Monday, before violent moves in nickel prices led the London Metal Exchange to suspend trading in the metal on Tuesday, one of the people said. It said the banks agreed not to make margin calls or close out their positions against Tsingshan while the company is resolving its nickel margin and settlement requirements. This will allow the trader to buy the security back at a lower price, return it to the lender and hopefully pocket a handsome profit. You should never trade more than you can afford to lose. 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Join the 500.000+ traders worldwide that chose to trade with Capital.com, Also you can contact us: articles a month for anyone to read, even non-subscribers! Many producers, traders, and users of nickel with short positions on the LME were facing margin calls many times larger than they were prepared for. If you rely on the information on this page then you do so entirely on your own risk. Are you considering whether or not to trade nickel or want to learn more about the market? NIC's operations and cash flow remained stable in 2022 despite Tsingshan's significant loss on its nickel short position in March 2022. The price spike left Tsingshan exposed to $8 billion USD of trading losses whilst struggling to meet their margin calls. The LME announced on Friday it was raising margin requirements for nickel contracts by 12.5% to $2,250 a tonne. Others took to social media. The giant commodity trader Glencore Plc also had a position on the LME that would benefit from rising prices. Still, contracts on the LME are backed by physical metal in a network of warehouses around the world, providing a direct link with the real-world metals industry. If nickel prices stay lofty it could complicate the energy transition with electric vehicle batteries costing more to produce. JPMorgan Chase & Co (JPM.N) and other banks were negotiating over the weekend with Tsingshan Group on an agreement that would give the nickel producer time to work out how to pay margins on its short nickel positions, according to a source familiar with the matter. The Companys registered office is at Bahamas Financial Centre, 3rd Floor, Shirley and Charlotte Street, P.O. The fear was that Tsingshan could not make its margin calls, interim payments to parties on the other side of the trade. Some hedge funds were buying nickel contracts in a bet on the electric vehicle boom. (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 . Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile. (Podcast). Most market participants expect nickel prices to come back down once the crisis around Xiangs position has been resolved. Jack Farchy, Alfred Cang and Mark Burton, Bloomberg News. 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. And thank you everyone for your attendance on today's call for the Nickel Industries Full Year 2022 Results. Only you can decide whether nickel is a good buy or not. 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. Then in . 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. Investor enthusiasm for nickel is high amid expectations of strong demand growth for the metal in electric vehicles. Traders often hold this strategy when they believe the price of a security will fall in the future, which will allow them to buy low and sell high. He was awakened by a phone call at 5:30 a.m. LONDON (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 . Now they had to pay big margin calls on the exchange while receiving no margin from their client. The company paid at least some of its margin calls early on Monday, according to a person familiar with the matter. read more. our Subscriber Agreement and by copyright law. Box N-4865, Nassau, Bahamas. Even at Mondays closing price of $US48,063, however, Tsingshans mark-to-market losses would number in the billions of dollars. Nikel Terbang, Pemilik Smelter RI Asal China Rugi Rp 115 T. Meski demikian tidak diperinci dan diketahui dengan jelas hal apa yang akan dilakukan pada aset utama yang dimiliki perusahaan China di Indonesia tersebut. Xiang told Chinese news outlet Yicai that Tsingshan did not have any problems with its nickel production! People forgot that this isnt a video game retailer ; its an important physical commodity in. On your own risk Xiangs position has been resolved from LME brokers through London! London metal exchange last week granted a reprieve to the Shanghai Securities news price move on March 8 created systemic! 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