My initial thinking was that if the largest nickel producer in the world got caught short that they could just deliver the metal.
My understanding is that Tsingshan Holdings had a supersized short position on nickel, got a margin call and didn't have the wherewithall to deliver.
They were short to the tune of something like 300,000 tonnes.
I can't find how much Tsingshan Holdings' subsidiaries produce, but China as a whole produced 110,000 tonnes in 2019.
As a very rough estimate NST would have to be short tens of millions of ounces to be in that position.
Oddly enough, NST management is not batshit crazy
NST - $12- $16 PRICE TARGET, page-15
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