There is no high grade Nickel to deliver, and he doesn't have the money to cover. Any buying in the market will just send prices higher. Even if they did have the Nickel to deliver, who is going to buy that Nickel at $100k per tonne? Who will they then send/sell it to? Classic smoke screens.
Chinese have been trying to keep the Nickel price low to squeeze out higher cost producers and maximise profits on steel. All it's going to take is George Soros to come in and start buying nickel contracts and Tsingshan will blow up.
This is just the beginning.
LME Nickel Price, page-37
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