JAKARTA—Two workers were killed in clashes and rioting at an Indonesian nickel smelter at the weekend, officials said on Monday, as hundreds of security personnel were deployed to maintain order after a protest over pay and safety spiraled out of control. An Indonesian and a Chinese worker were killed during the clashes at the PT…
Indonesia Deploys Security Forces After Nickel Smelter Protest Turns Deadly
South Korean Companies Enter US Waste Battery Recycling Business to Reduce Mineral Dependence on China
September 17, 2022
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Asia & PacificBusiness & MarketscobaltCompaniesElectric VehiclesEV batteriesInflation Reduction Actlithiumlithium batteriesMarketsNickelSouth KoreaWorld
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Amid the rising global demand for electric vehicles and the U.S.’s passage of the Inflation Reduction Act, many South Korean companies have entered the U.S. battery recycling market. And those that rely heavily on China for key minerals are diversifying their supply chains, and one of their solutions is reusing waste batteries. The Inflation Reduction…
Indonesia Says Tesla Strikes $5 Billion Deal to Buy Nickel Products—Media
JAKARTA—U.S. carmaker Tesla has signed contracts worth about $5 billion to buy materials for their batteries from nickel processing companies in Indonesia, a senior cabinet minister told CNBC Indonesia. Southeast Asia’s biggest economy has been trying to get Tesla to set up a production facility in the country, which has major nickel reserves. President Joko…
Indonesia Says Tesla Strikes $5 Billion Deal to Buy Nickel Products
JAKARTA—U.S. carmaker Tesla has signed contracts worth about $5 billion to buy materials for their batteries from nickel processing companies in Indonesia, a senior cabinet minister told CNBC Indonesia. Southeast Asia’s biggest economy has been trying to get Tesla to set up a production facility in the country, which has major nickel reserves. President Joko…
London Metal Exchange Faces Complaint from US Hedge Fund Group Over Cancelled Nickel Trades
June 15, 2022
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Business & MarketsChinacommoditiesCompaniesdemon nickelhedge fundHK BusinessHKEXHong KongInvestmentLMELondon Metal Exchange (LME)MarketsNickelTsingshan HoldingUKUSUS NewsWorld
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New Analysis On June 1, U.S. hedge fund Elliot Management filed a suit against LME in the English High Court for $456 million over its controversial decision to suspend nickel futures contracts and cancel trades in early March. A few days later, on June 6, trading house Jane Street also filed its case against the exchange…
Hedge Fund Elliott Sues LME for $456 Million Over Nickel Trading Halt
HONG KONG/LONDON—U.S. hedge fund Elliott Associates is suing the London Metal Exchange (LME) for $456 million for cancelling nickel trades after chaotic trading in March that forced the exchange to suspend its nickel market, the LME said on Monday. The legal action piles more pressure on the exchange, which is being probed by regulators and…
Surging Power Prices Trigger Severe Metal Crisis: FT
April 14, 2022
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aluminumBusiness & Economycoppereconomic policieseconomyEuropeInternationalMarketsNickelRussiaRussia-Ukraine WarUKUkraineWorldZinc
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Inventories of aluminum, copper, nickel, and zinc, four of the main contracts traded on the London Metal Exchange, have plunged by up to 70 percent over the past year, as record power prices in Europe hit production and the Ukraine war threatened output from Russia, the Financial Times reports. Traders and big consumers have tapped warehouses…
China’s Insider Influence Over Metals Trading Creates Advantage for Its Domestic Enterprises
March 27, 2022
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Business & EconomyBusiness ColumnistsChinaChina Business & EconomyCompaniesInvestmentMarketsMetals TradingNickelTHGTsingshan
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Commentary Chinese stainless steel giant Tsingshan Holding Group (THG) has for many years relied on short selling to reduce its future costs for nickel, a key component of stainless steel and a major ingredient in lithium-ion batteries. But rather than nickel prices falling as hoped, the price skyrocketed to over $100,000 per ton on March…
Nickel Market in Disarray After Chaotic London Return
LONDON—The London Metal Exchange had hoped to get the global market for nickel motoring again on Wednesday after a week in limbo. It didn’t work out as planned. The world’s oldest metals exchange was forced to halt trading on its electronic system within a minute of opening due to a technical glitch and when it…
World’s Largest Nickel Producer Faces Billions in Losses; China Releases National Reserves to Rescue
March 16, 2022
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Business & EconomyChinaChina Business & Economycommoditiesfutures marketHK BusinessHong KongHong Kong Stock ExchangeLMELondon Metal ExchangeLondon Metal Exchange (LME)MarketsNickelnickel miningTsingshan HoldingUKWorld
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The world’s biggest nickel and stainless steel producer, Tsingshan Holding Group, suffered a fiasco in a global capital sniping on the London Metal Exchange (LME) on March 7, with its 200,000-ton nickel forward contracts caught in a delivery default and facing potential losses of billions on its short positions. However, a dramatic reversal occurred, attributed…
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