That's why you see the policy to support the industry," the source said. "Government has ambition in Indonesia, they want to build the hub for battery for electrical car. Western firms often privately complained about the access and resources Tsingshan got in the country. The market gyrations have had no impact on Tsingshan's Indonesia operations, a corporate mining source familiar with the matter told Reuters.įor Indonesia, Tsingshan is a means to fulfill its ambition to become a one-stop shop for EV battery ingredients and the company has executed projects at lightning speed.
"Foreigners do have some actions and we are actively coordinating ," China Business News quoted Xiang as saying on March 8. Tsingshan has suggested foreign elements may be driving up nickel prices. a quarter or so too early and nobody was anticipating what happened in Ukraine," said Angela Durrant, Wood Mackenzie's principal nickel analyst. "Markets were sensing that (Tsingshan) were going to make a move, but they probably made it too early. The bet backfired partly as Russia's invasion of Ukraine sent metals prices soaring, putting pressure on holders of big short positions, including Tsingshan. Last year, it triggered a price drop with surprise news that it would provide nickel matte to battery materials makers, potentially solving a key bottleneck for electric vehicles by boosting battery-grade supply in a cheaper way.īetting prices would fall, Tsingshan started building a short position last year. Tsingshan has figured in market swings before. Tsingshan and China's state reserves administration did not respond to requests for comment. China is estimated to hold around 100,000 tonnes of nickel in state stocks, two analysts said. China could swap some of its high grade nickel reserves for low grade nickel pig iron (NPI) that Tsingshan produces to help it meet LME quality standards.
Beijing could step in to rescue Tsingshan, a source familiar with the matter told Reuters.
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