Qingshan Group accounts for 65,438+08% of the global nickel market, and is the main customer of Russian nickel mine, with sufficient spot. Therefore, according to the rules of the exchange, 200,000 tons of empty bills were used to hedge the spot risk. However, the exchange revised the rules for political reasons and refused Russian nickel delivery, which led to the passive failure of Qingshan Group's empty single hedging target.