World’s Largest Nickel Producer Faces Billions in Losses; China Releases National Reserves to Rescue

London Metal Exchange suspended nickel trading and canceled contracts

Traders, brokers, and clerks shout and gesture on the first day of in-person trading at the London Metal Exchange (LME) in London, England, on Sept. 06, 2021. Leon Neal/Getty Images

News Analysis

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.