IMO it would be lots cheaper for TsingShan to buy physical nickel in China and swap (if acceptable) with LME as a hedge, although I read they did hedge with physical but with unmatched grade (hence not a perfect hedge, seems not as straightforward as we think). As I believe physical market won’t be exactly same price (I’m saying 50-80k/t) as the spot price after 2 days big spike and this price won’t be sustainable.
Ann: Ceasing to be a substantial holder, page-51
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