Chinese tycoon Xiang Guangda, notorious for disrupting the London Metal Exchange’s nickel trade last year and the year before, may have done it again. His Tsingshan Holding is planning to pump up production of refined nickel by repurposing a number of copper plants, Bloomberg reported on Jan. 9. If he succeeds, his novel strategy to take advantage of higher prices could double Chinese output of the metal products.
A worker processes nickel at a nickel smelter of PT Vale Tbk, near Sorowako, Indonesia's Sulawesi island, January 8, 2014. REUTERS/Yusuf Ahmad
HONG KONG, Jan 10 - Chinese tycoon Xiang Guangda, notorious for disrupting the London Metal Exchange’s nickel trade last year and the year before, may have done it again. His Tsingshan Holding is planning to pump up production of refined nickel by repurposing a number of copper plants,on Jan. 9. If he succeeds, his novel strategy to take advantage of higher prices could double Chinese output of the metal products.
That would be Xiang’s third drama in just two years. In 2021, the entrepreneur sent prices plummeting when his group announced deals to deliver nickel matte to Chinese electric-car battery material suppliers. The implication that it had found a new, affordable way to supply crucial battery ingredients upset traders’ bets on soaring demand as sales of electric cars accelerated.
A third episode would throw Xiang back into the spotlight. In addition to reminding investors of China’s power in commodities markets, it shows how easily
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