Chinese Nickel Giant Secures Deal to Avoid Further Margin Calls

Chinese metal giant Tsingshan Holding Group Ltd., caught in a massive short squeeze amid an unprecedented rally in the price of nickel, reached a deal with banks to avoid further margin calls.

Tsingshan, one of the world’s biggest nickel and stainless steel producers, worked out a standstill arrangement with a consortium of hedge bank creditors that will allow the company to continue discussions with banks on a secured credit facility to cover its nickel margin calls and settlement requirements, the company said Monday in a statement.