Qingshan Group responded to the forced opening of positions. Qingshan Department was founded in Wenzhou, Zhejiang Province in 1980s. After 30 years of development, it has become the world's largest stainless steel manufacturer multinational group company, with more than 300 subsidiaries. Qingshan Group responded by being forced to open positions.
Qingshan Group responded that it was forced to warehouse 1. At noon on March 8th, Beijing time, in less than an hour, the main contract of London Metal Exchange (LME) nickel (editor's note: a metal used to produce stainless steel and lithium-ion batteries) reached a new high, and the intraday increase once expanded to 1 10%. It is worth mentioning that the price of LME nickel just hit a one-day record yesterday (7th), rising by nearly 90%, with an increase of 248% in two days, which shocked the market.
Faced with the madness of market funds, the London Metal Exchange had to suspend the nickel market trading on the afternoon of March 8 16, Beijing time. According to the latest news, the London Metal Exchange said that it will cancel all nickel transactions on the OTC and LME selective screen trading systems on or after 00:00 am on March 8, 2022, and postpone the delivery of all spot nickel contracts scheduled for March 9, 2022.
At the same time, the news that Zhejiang private enterprise Qingshan Holding Group (hereinafter referred to as "Qingshan Holding") was forced to clear its warehouse was also constantly fermenting. Some media reported that because Russian nickel was kicked out of the exchange and could not be delivered, the empty bill of 200,000 tons of nickel issued by Qingshan Holdings may not be delivered. Market rumors, Glenn. L company is one of the largest nickel producers in the world, and it forcibly occupies 60% shares of LME nickel mine.
On the afternoon of March 8, Beijing time, the relevant personnel of Glencore said in response to the request for comment of the National Business Daily that "the above statement is sheer nonsense."
According to the First Financial Report, Qingshan Industry responded to Everbright by saying: "The foreign party does have some actions and is actively coordinating. I received a lot of calls today, and the relevant state departments and leaders are very supportive of Castle Peak. "
Qingshan group responded to the forced position. On March 8th, the price of LME nickel futures contract rose from $29,770/ton on the 7th to $65,438+$0.065438+$0.365/ton, with a cumulative increase of over 230% in two days.
Subsequently, the London Metal Exchange (LME) suspended nickel trading, and LME aluminum, LME lead, LME zinc and LME tin dived in a straight line.
Qingshan staff responded: the inquiry phone has been calling and has been reflected to the leaders.
Affected by Lenny, Shanghai Nickel has a daily limit. On March 8, the domestic commodity futures market was closed, and the main contract of Shanghai Nickel continued to close at the daily limit, closing at 2288 10 yuan/ton. The news that the domestic Qingshan Group was squeezed out of the warehouse is also constantly fermenting.
A reporter from CBN dialed the telephone number of official website Company, and the operator said that he had been on the line since this morning, and the media kept calling for details of the incident. "Related issues have been reported to the leaders for handling and there is no progress at present."
In the past two days, it was reported in the market that Qingshan Group held 200,000 tons of nickel futures, but it was squeezed by foreign traders due to insufficient spot delivery. Earlier, foreign media reported that Glencore may hold more than 60% LME nickel futures.
Subsequently, Qingshan Industry responded exclusively to Cai Yi: "Foreign businessmen do have some actions and are actively coordinating. I received a lot of calls today, and the relevant state departments and leaders are very supportive of Castle Peak. " On the afternoon of March 8th, Chairman of the Board of Directors of Castle Peak Industry responded to China Everbright that Castle Peak is an excellent China enterprise and there are no problems in its position and operation.
According to the data, Qingshan Department was founded in Wenzhou, Zhejiang Province in 1980s. After 30 years of development, it has become a multinational group company and the largest stainless steel producer in the world. At present, Qingshan Department owns five groups, namely Qingshan Holding Group Co., Ltd., Shanghai Ding Xin Investment (Group) Co., Ltd., Qingtuo Group Co., Ltd., Yongqing Group Co., Ltd. and Yongqing Technology Co., Ltd., and has more than 300 subsidiaries.
In the 20021Fortune Global 500 list, Qingshan Holdings ranked 279th with revenue of 42.448 billion US dollars.
Qingshan group responded to the forced position. On March 7, the metal market experienced a "historical night", and overnight nickel futures soared by more than 88%, hitting a record high of $55,000/ton.
Qingshan responded to the skyrocketing nickel price and said, "The company is already in a meeting this morning and is sorting out relevant information and content. At that time, it will make a unified public response. Whether you can respond today is still uncertain. "
Previously, the market rumored that Qingshan Group held an empty order of 200,000 tons of nickel futures, which was squeezed by foreign traders due to insufficient spot delivery. Some analysts say that this is caused by the long and short confrontation between super-large institutions and bears.
At present, the London Metal Exchange has suspended nickel trading and will not resume trading for at least the rest of the day. Before the suspension, it rose 59% in the day to 80,000 US dollars/ton.
In the past two days, it was reported in the market that Qingshan Group held 200,000 tons of nickel futures, but it could not be delivered due to insufficient spot, which was squeezed by foreign traders.
Failure to deliver is the fatal problem of this incident, an industry insider told the First Financial Reporter. "Qingshan Group has ferronickel, stainless steel and high matte nickel, that is, there is no LME nickel delivery variety electrolytic nickel."
According to public information, the nickel products delivered by LME are cathode nickel with a nickel content of not less than 99.8%, which conforms to the specifications of American Raw Materials Regulatory Association (ASTM). At present, the mainstream nickel products in the market include nickel iron (FeNi), nickel pig iron (NPI), nickel sulfate, high matte nickel and other products. Futures delivery products are different from the above nickel products and cannot be delivered.
According to a research report of haitong international, Qingshan Holdings is a private enterprise specializing in stainless steel production, and its main business includes stainless steel and new energy industry chain. According to the company's disclosure, in 20021,its nickel equivalent output will reach 600,000 tons in 2022 and 65,438+0,654,380+10,000 tons in 2023. The upstream resources are nickel-iron business, and the laterite nickel mine in Indonesia is laid out.
In terms of production capacity, the nickel-iron business of Qingshan Holdings in China is mainly laid out through Fujian Qingtuo Group. At present, Qingtuo Group has formed an annual production capacity of 6.5438+0.8 million tons of nickel alloy. Through IMIP and IWIP, Indonesia's foreign business is realized, with a total production capacity of over 3.5 million tons/year.
"There is capacity, but it is very passive without inventory." According to the above analysis, under normal circumstances, when hedging raw materials, manufacturers will open short positions to hedge the risk of future price decline, which is also the reason why Qingshan Holdings holds short positions.
However, in the case that the price of nickel continues to skyrocket, if Qingshan Group chooses to continue to hold empty orders, it needs to increase the contract deposit or move the far-month contract, which will occupy a lot of corporate cash flow; If you choose to close the short position directly, the loss of 200,000 tons of short positions will be about 8 billion US dollars.
Due to the intensification of market volatility, LME metal stocks are generally low at present, and the spot premium of some varieties continues to strengthen. On March 8th, LME will set the upper limit of spot price difference and deferred delivery mechanism for the base metal contract for spot delivery, which may reduce the risk of bank run.
Specifically, LME has added a deferred delivery mechanism to all major contracts: members and their customers are prohibited from issuing tomorrow/next day arbitrage orders for aluminum, aluminum alloy, cobalt, copper, lead, North American special aluminum alloy, nickel, tin and zinc at any LME execution place at a price that exceeds the official spot price of the previous day by 65,438+0%.
If necessary, if the delivery obligation cannot be fulfilled, and/or the metal cannot be borrowed at a spot premium level not exceeding 65,438+0% of the official spot price of the related metal of the previous day, the Exchange may postpone the delivery of short positions of these metals that entered the delivery date on or after March 9.