China’s Tsingshan Helped Drive Record Drop in Nickel Inventories...

China’s Tsingshan Helped Drive Record Drop in Nickel Inventories

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.