Discover and read the best of Twitter Threads about #nickelsqueeze
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JUST IN:
Tsingshan Group has reached an agreement with a consortium of hedge bank creditors on a standstill arrangement: official statement
#CN_Update #nickel #nickelsqueeze #Tsingshan
mp.weixin.qq.com/s/mvACfxfbOPF1…
Tsingshan Group has reached an agreement with a consortium of hedge bank creditors on a standstill arrangement: official statement
#CN_Update #nickel #nickelsqueeze #Tsingshan
mp.weixin.qq.com/s/mvACfxfbOPF1…
Tsingshan Group: In the course of the standstill period, Tsingshan and the consortium banks will progress discussions in relation to a standby secured liquidity facility intended principally for Tsingshan’s nickel margin and settlement requirements.
#nickel #nickelsqueeze
#nickel #nickelsqueeze
Tsingshan Group: For the period of the standstill, the participating hedge banks agree not to close out positions against Tsingshan or to make further margin calls in respect of existing positions.
#CN_Update #nickel #nickelsqueeze #Tsingshan
#CN_Update #nickel #nickelsqueeze #Tsingshan
China's most active nickel futures rise 3.5% in night session to 214,050 yuan/ton, thermal coal futures up 2.4%. #nickel #coal #CoalTwitter 
Dalian coking coal futures fall 4.3% at night open, coke futures down 3.7%, iron ore futures down 3.6%, LPG futures down 3.2%, palm oil futures down 3.1%.
#coal #CoalTwitter #LPG #ironore #iron
#coal #CoalTwitter #LPG #ironore #iron
Zhengzhou thermal coal futures trim intraday gains to 0.2% vs rise of 2.4% at open. #coal #CoalTwitter
Nickel prices soared by 250% in a matter of a few days.
Here's a short thread on what's happening 🧵👇
Image Source: Bloomberg
#nickelsqueeze
Here's a short thread on what's happening 🧵👇
Image Source: Bloomberg
#nickelsqueeze
1/ What is Nickel and where is it used?
Nickel is the fifth most common element on earth. It is used in the production of stainless steel and electric vehicle batteries.
Nickel is the fifth most common element on earth. It is used in the production of stainless steel and electric vehicle batteries.
2/ About 68% of the world's nickel production is used in stainless steel, 17% is used for alloys, 8% in plating, 3% in foundries, and 4% in other applications, including EV battery manufacturing.
Here is my attempt at explaining the Nickel Short Squeeze we experienced over the last few days. Which has seen a Chinese Stainless Steel Producer, Tsingshan, get squeezed so badly the LME was forced to suspend nickel trading and cancel a bunch of trades. #nickel #nickelsqueeze
Tsingshan is the world's largest stainless steel producer. Owned by Chinese entrepreneur Xiang Guangda aka “Big Shot”.
Tsignshan pioneered nickel processing through Rotary Kiln Electric Furnace (RKEF) to produce “nickel pig iron”; a product that contains somewhere between 2% and 13% nickel, and a bunch of other junk, mostly iron, at a greatly reduced cost.
