Caixin
Mar 15, 2022 06:40 AM
FINANCE

Chinese Nickel Giant Secures Deal to Avoid Further Margin Calls

Tsingshan, controlled by Chinese billionaire tycoon Xiang Guangda, came under the spotlight after its wrong-way bets on nickel futures rocked the global commodity market
Tsingshan, controlled by Chinese billionaire tycoon Xiang Guangda, came under the spotlight after its wrong-way bets on nickel futures rocked the global commodity market

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.

You've accessed an article available only to subscribers
VIEW OPTIONS
Share this article
Open WeChat and scan the QR code
NEWSLETTERS
Get our CX Daily, weekly Must-Read and China Green Bulletin newsletters delivered free to your inbox, bringing you China's top headlines.

We ‘ve added you to our subscriber list.

Manage subscription
PODCAST
Caixin China Biz Roundup: Beijing Hits Back at U.S. With Sanctions
00:00
00:00/00:00