China’s Tsingshan Helped Drive Record Drop in Nickel Inventories
- Move comes ahead of a ban on raw ore exports from Indonesia
- JPMorgan was one of the banks financing the nickel purchases
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China’s Tsingshan Holding Group Co. was one of the main forces behind a record drawdown in London Metal Exchange nickel inventories last week, according to people familiar with the matter.
The company, the world’s biggest stainless steelmaker, bought the nickel to secure supplies ahead of a looming ban on raw nickel ore exports from Indonesia, said the people, who asked not to be identified because the deals are private.