Nickel Market Faces New Shock as ‘Big Shot’ Boosts Metal Output
- Repurposing copper plants could add 20% to global supplies
- Move comes amid concerns about weakening battery demand
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The billionaire at the center of last year’s nickel short squeeze is planning a major shift in his production mix, in a move that could reshape global supply dynamics and inject fresh volatility into the battered nickel market.
Xiang Guangda’s Tsingshan Holding Group Co. is seeking to profit from an unusually large premium in the price of refined nickel metal – the type that is deliverable on exchanges in London and Shanghai – over the intermediate forms that Tsingshan supplies for battery manufacturing, according to people familiar with the matter.