tsingshan nickel margin call

WATCH: Trading on LME is now set to resume Wednesday. .css-16c7pto-SnippetSignInLink{-webkit-text-decoration:underline;text-decoration:underline;cursor:pointer;}Sign In, Copyright 2023 Dow Jones & Company, Inc. All Rights Reserved, Final Early Bird Pricing! Not everyone shared his pessimism about prices. 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. 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 . When it was flying towards US$100,000, you could feel the damage, and you knew companies were fighting for their existence, says John Browning, founding partner of brokerage Bands Financial Ltd. and a former LME board member. Pleased to report an extremely strong year for the Nickel Industries and the. 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. Some think this could herald the end of the exchange itself. our Subscriber Agreement and by copyright law. It got to a point where there were things going on which were not normal market forces. Daniel Ghali, director of commodities strategy at TD Securities, meanwhile, believes the worlds pricing mechanism for nickel is failing. 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. 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. Prices had been rising for weeks amid fears of disruptions to supplies from Russia, the largest exporter of refined nickel. The three-month LME nickel prices hit an intra-day high at $101,365 a metric tonne on 8 March 2022. The industry leader for online information for tax, accounting and finance professionals. All quotes delayed a minimum of 15 minutes. Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. 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. The sharp increase in nickel prices was driven by supply concern exacerbated by Russias invsion of Ukraine Russia is the third largest primary nickel producer after Indonesia and China. See here for a complete list of exchanges and delays. Pada titik ini, posisi short Tsingshan dibekukan. And never trade money that you cannot afford to lose. Short-covering trades made last week by the Chinese billionaire contributed to a swift, huge surge. Tsingshan's 2022 nickel equivalent output is estimated at 850,000 tonnes. Everything changed when Russia invaded Ukraine. Perdagangan nikel di LME dihentikan sementara sejak Selasa lalu. At 1 a.m. on Tuesday, the market opened. 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. Assessing the Incremental Costs of Regulation and Supervision Faced by EU Banks Compared to Their US Peers, Interview with Mr. lvaro Saboro, Chief Executive Officer, Grupo Financiero BCT. If nickel prices stay lofty it could complicate the energy transition with electric vehicle batteries costing more to produce. call +44 20 3097 8888 support@capital.com. Sanctions being implemented by Western powers against Russia over the invasion of its neighbour raised immediate concerns over the global supply of nickel, a metal that is primarily used around the world to make stainless steel and batteries and of which Russia accounts for around 10 percent of global supply. Tsingshan's nickel matte plans could be 1st step into lithium battery value chain. You should never trade more than you can afford to lose. The question is, will it continue to fail? Ghali posited to CNN. read more. Indeed, Russia is the worlds third-biggest nickel producer after Indonesia and the Philippines. 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. It is up nearly 400% so far this year. 2023 Capital Com Online Investments Ltd. Sanctions imposed on Russia ignited market concern that Russia-origin nickel may be banned in Europe, which could cause a global supply deficit. Solugen Bio has built a chemical plant that produces all manner of chemical-based products using bio-based feedstock instead of fossil fuels. The company, sitting on $8 billion in trading losses, said Wednesday it had secured enough metal to settle all its loss-making positions, according to a state-run media outlet. Some hedge funds were buying nickel contracts in a bet on the electric vehicle boom. The seeds of the epic short squeeze were sown last year, when nickel, like all commodities, was rallying from its COVID-era low. Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology. Then on March 7, nickel's price began its parabolic. That means it would have suffered much more than $US2 billion ($2.7 billion) of daily losses at the most extreme point of nickels surge. The limits also meant that those buyers seeking to unwind their positions had to join a long queue of sellers waiting to complete their transactions. 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 Holding Group held the biggest short position for nickel on the LME. Russia is the worlds third-largest producer of nickel and its largest exporter of refined nickel metalthe type deliverable on the LME. But to hedge against a a drop in prices, they use. Now they had to pay big margin calls on the exchange while receiving no margin from their client. 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. The creditors involved include both local and intentional banks, including J.P. Morgan and China Construction Bank . The most notable holder of short positions is Tsingshan Holdings - one of the world's largest nickel and stainless steel producers - which is believed to own positions on about 100,000 tons of nickel with paper losses totaling up to $8 billion before the London Metal Exchange halted trading. The banks declined comment or did not respond to a request for comment. All quotes delayed a minimum of 15 minutes. The company paid at least some of its margin calls early on Monday, according to a person familiar with the matter. He was awakened by a phone call at 5:30 a.m. Several large brokers got margin calls of close to US$1 billion each over the course of the day. We do not make any representations or warranty on the accuracy or completeness of the information that is provided on this page. 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. 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By now, Tsingshan wasnt the only nickel company that was strugglingjust the biggest. 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. Erin Jonasson. Read on for our analysis on the recent LME nickel short squeeze and the market outlook. 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. China's Tsingshan Holding Group has reached agreements with two companies to swap its . The LMEs special committee held another call at about 6 a.m. Now they recognized that they had tosuspend trading. Nickel rocketed to a record high above $US100,000 a tonne on Tuesday, driven in part by Tsingshan and its brokers activity, before trading was suspended. Jack Farchy, Alfred Cang and Mark Burton, Bloomberg News. Still, this weeks short squeeze is nonetheless likely to push costs higher for battery companies and stainless steel makers, eventually feeding through into the price of everyday goods. 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. 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 said it has secured facilities with its consortium banks and will exit its position in an orderly manner. Exchanges sometimes cancel trades when technology glitches or fat fingers cause one-off mistakes. Not surprisingly, investors have not been particularly satisfied with the LMEs actionsor lack thereofin allowing this situation to transpire. 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. read more. Short-covering trades made last week by the Chinese billionaire contributed to a swift, huge surge. 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. This copy is for your personal, non-commercial use only. 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, a privately-held company, and other 'shorts' faced larger margin calls on their short bets after the LME raised the amount of money companies had to deposit with it to cover their exposure to falling nickel prices, the three sources said. Nevertheless, the short squeeze did trigger a whopping $8 billion margin call on Guangda. 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. According to reports, Tsingshan Group plans to produce 850,000 tons of nickel in 2022, an increase of 40% compared with the production of nearly 600,000 tons in 2021. To limit price volatility the LME imposed daily upper and lower price limits of 15% for all its physically delivered metals. 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. But nothing could prepare the market for what was about to follow, with the Russia-Ukraine conflict sending prices skywards on global supply concerns. The exchange then retroactively wiped out $3.9 billion worth of transactions made before the suspension to demonstrate that nickel prices had stopped reflecting the underlying physical market. Margin call ini membuat harga nikel meledak dan menembus US$ 100 ribu per ton dari hanya US$ 25 ribu per ton. The big fear was that Tsingshan would struggle to make margin calls with its bankers, potentially facing billions of dollars in losses. Reuters, the news and media division of Thomson Reuters, is the worlds largest multimedia news provider, reaching billions of people worldwide every day. Tsingshan's were even larger, numbering roughly US$3 billion, according to a Bloomberg calculation based on the company's total short positionwhich, even after Xiang . 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 short interest was created by Tsingshan. On March 8,2022 price of Nickel went suddenly up $100 per kilogram . 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. Li Huan/Red Star News/VCG via Getty Images. Yet the day before, the market had started to unravel, with prices rising by astunning66 per cent to US$48,078. Tsingshan is an excellent Chinese enterprise, and our positions and operations dont have any problems.. The Initial Margin was $20,000 per contract. You should do your own research, looking at the latest news, technical analysis, and analyst commentary before trading. That put Tsingshans banks and brokers, which include JPMorgan Chase, BNP Paribas, and Standard Chartered,in a bind. 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. The LME nickel short squeeze was created by Chinese stainless-steel producer Tsingshan as it built up massive short positions for the metal, and its margin calls spike in-line with the surge in nickel prices in March. The super spike was driven by holders of short positions, including Tsingshan and its brokers, rushing to close them out. 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. The simple fact here is that we did not have visibility over the size of the risk, Matthew Chamberlain, the LMEs chief executive, also stated. Any opinion that may be provided on this page does not constitute a recommendation by Capital Com or its agents. 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. Help using this website - Accessibility statement. The industry leader for online information for tax, accounting and finance professionals. Tsingshan is also a nickel miner and operates nickel pig iron mines and production facilities. LME brokers and their clients were hit with margin call after margin call. Its unclear whether he will get his way. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. Is the Strength of Big Tech Regulation Sufficient at Present? It should be mentioned that nickel had already rallied to $25,000 in January before easing off by the end of the month. Continue reading your article witha WSJ subscription, Already a member? 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%. Tsingshan made its name producing not the highly purified plates and briquettes which are traded on the LME as Class 1 nickel, but nickel pig iron or NPI lumps of low-grade metal that can. 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. For the fourth quarter, the company expects to generate "high single-digit. Tsingshan and the LME declined to comment. 3.1 What is the margin call to Tsingshan? For a while, it wasunclear which view of the market would prevail. 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. Moscow's invasion of Ukraine and the west's moves to sanction Russia, a key major supplier, have electrified an already bullish nickel market. Xiang shrugged off suggestions to reduce short positions, Tsingshans nickel short position stood at about 150,000 tons. 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. Some have also warned that much of the chaos in the nickel market may not be over yet. The fallout was immediate. Our fundamental responsibility is market stability, he told Bloomberg TV. Xiang wanted to increase Tsingshans production dramatically by producing so-callednickel matte. document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); Copyright International Banker 2023 | All Rights Reserved Subscription | About us | 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 . 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Xiang didnt believe the rally would last. But recent events have certainly injected a dose of volatility into the market. It was a classic short squeeze, as the pain for Tsingshan, its brokers, and other shorts created a self-reinforcing cycle. The contribution of a dab has been 44 million to . Then in . It's been under growing pressure to meet the payments in recent days, the. Nickel prices have since fallen and the three-month nickel last settled at $23,371/tonne on 3 November. Reuters could not determine how large Tsingshan's short position currently is after it cut its exposure. The new historic high is nearly twice the previous record of $51,600 in 2007. Tsingshan has been struggling to pay margin calls to its brokers, according to people familiar with the situation. Trimegah menilai bisa. On February 22, 2023, Yangjiang News, at the "New Track, Great Future--Qingshan S32001 Duplex Steel Channel Market Launch Conference" hosted by Qingyi Steel (HNI) to produce higher-grade nickel matte. Xiangs short position has now racked upbillions of dollars in losses. Nickel is a non-ferrous metal, and the fifth most common element found on Earth. Join the 500.000+ traders worldwide that chose to trade with Capital.com, Also you can contact us: 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. 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. articles a month for anyone to read, even non-subscribers! Its not clear to what extent Xiang saw his position as merely a hedge or as a speculative bet. Privacy Policy | Contact us | The 145-year-old home of global metals trading has been heavily criticized by investors for its response to the crisis. Is the US Finally Warming to the Possibility of Creating a CBDC? It did not provide any other details, such as how long the standstill period would last. 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Several large brokers got margin calls of close to US$1 billion each over the course of the day. It was 5:42 a.m. on March 8 in London when the nickel market broke. Tsingshan and others had to buy . 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. 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. For the LME, the future isunclear. The price spike left Tsingshan exposed to $8 billion USD of trading losses whilst struggling to meet their margin calls. Browse an unrivalled portfolio of real-time and historical market data and insights from worldwide sources and experts. 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. 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. 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 . Despite that, reserves that can be economically mined are limited. 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. Capital Com Online Investments Ltd is a limited liability company with company number 209236B. Matthew Chamberlain speaks on "Bloomberg Markets: Europe.". But according to Bloomberg, the LME refrained from putting it into default, which allowed the broker to settle the margin calls the following day after several clients, including Tsingshan, received loans to cover their positions. The first source said that the banks could potentially earn money on a bridge loan secured by future nickel production if Tsingshan paid them back over time as it produced nickel. 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. 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. Financial markets are on edge after the London Metal Exchange last week granted a reprieve to the giant Chinese nickel producer, which . NIC's operations and cash flow remained stable in 2022 despite Tsingshan's significant loss on its nickel short position in March 2022. By early this year, it had taken ownership of more than half of the available nickel in LME warehouses. In response to the crisis, the LME suspended nickel trading on 8 March and cancelled all trades executed on or after 00:00 UK time on 8 March 2022 in the inter-office market and on LMEselect (LME online trading platform) until further notice.. As of the evening of March 13, the LME had yet to announce a date for nickel trading to resume. As the market was picking up on the short squeeze of Tsingshan, the LME had decided to intervene.

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