Latest news with #Tsingshan
Bloomberg
4 days ago
- Business
- Bloomberg
Nickel Giant Tsingshan Cuts Indonesian Stainless Steel Output
The world's biggest maker of stainless steel has suspended some production lines in Indonesia, in a bid to support prices as sluggish demand and trade uncertainty weigh on the market. China's Tsingshan Holding Group Co., also the top producer of nickel that's used in the alloy, halted some stainless steel output earlier this month at the Indonesia Morowali Industrial Park on the island of Sulawesi, according to people familiar with the matter. The move is likely to support stainless prices, while pressuring the nickel market. Both hit five-year lows in April.
Mint
4 days ago
- Business
- Mint
Nickel Giant Tsingshan Cuts Indonesian Stainless Steel Output
(Bloomberg) -- The world's biggest maker of stainless steel has suspended some production lines in Indonesia, in a bid to support prices as sluggish demand and trade uncertainty weigh on the market. China's Tsingshan Holding Group Co., also the top producer of nickel that's used in the alloy, halted some stainless steel output earlier this month at the Indonesia Morowali Industrial Park on the island of Sulawesi, according to people familiar with the matter. The move is likely to support stainless prices, while pressuring the nickel market. Both hit five-year lows in April. The suspended lines have been placed in maintenance without a clear schedule of when they might resume, the people said, declining to be identified as they aren't authorized to speak publicly. The lack of material has led to the shutdown of a rolling mill at the site, they added. Tsingshan didn't respond to a request for comment. The company accounted for almost a third of the world's stainless production last year, according to Macquarie Group Ltd. The Chinese firm's steelmaking operations at Morowali were built to take advantage of Indonesia's dominance in nickel production. Helped by foreign investments, including from Tsingshan, the country accounts for over half the world's supply of the base metal, which also features heavily in electric-vehicle batteries. China and Indonesia produce 71% of the world's stainless steel, Macquarie said in a note in April. China's slowing economy has hit demand, while exports from both countries are threatened by the Trump administration's tariff policies. More stories like this are available on
13-05-2025
- Business
China presents a united front with Latin America, aiming to counter Trump's trade war
TAIPEI, Taiwan -- China is moving to strengthen its alliances with other countries as a counterweight to President Donald Trump's trade war, presenting a united front with Latin American leaders at an event Tuesday in Beijing. China's leaders have positioned the world's second-largest economy as a reliable trade and development partner, in contrast to the uncertainty and instability from Trump's tariff hikes and other policies. On Monday, Beijing and Washington announced a breakthrough on tariffs after weekend talks in Geneva, Switzerland, where they agreed to cut sky-high tariffs on both sides for 90 days to allow for negotiations. Having moved to defuse antagonisms with the U.S., Chinese President Xi Jinping said China stands ready to 'join hands' with Latin countries 'in the face of seething undercurrents of pure political and bloc confrontation and the surging tide of unilateralism and protectionism.' 'There are no winners in tariff wars or trade wars,' Xi said, reiterating a phrase China has used repeatedly when referring to Trump's policies. He was speaking to the China-CELAC, or Community of Latin American and Caribbean States, Forum, which began in 2015. The presidents of Brazil, Chile and Colombia were among the Latin American and Caribbean officials attending. Xi announced five programs, focused on political exchanges, economic development, cultural and academic exchanges and global security to build closer ties between China and Latin American nations. He promised to boost imports from the region and to encourage Chinese companies to increase their investments there. He announced a new 66 billion yuan ($9.2 billion) credit line to support Latin American and Caribbean financing. China also plans to expand cooperation in clean energy, 5G telecommunications, the digital economy, artificial intelligence and global security. China's trade with the region has been growing rapidly, exceeding $500 billion for the first time last year. Much of that growth has come from increased Chinese imports of farm goods including soybeans and beef, and energy imports such as crude oil, iron ore and critical minerals. Beijing's investments in the region through Xi's Belt and Road Initiative, or BRI, have included installing 5G networks and building ports and hydropower plants. Colombian President Gustavo Petro announced Monday that his country would formally join the BRI – in a vote of confidence after several Chinese projects in Latin America hit snags in recent months. In February, Panama became the first Latin American country to quit the initiative under pressure from the U.S. And earlier this month, Chinese electric vehicle maker BYD and stainless steel producer Tsingshan announced they were abandoning plans to build lithium cathode plants in Chile due to falling lithium prices. In other pledges, Beijing plans to invite 300 members from Latin American political parties to China annually for the next three years and facilitate 3,500 government scholarships and various other types of exchanges. Five Latin American countries will receive visa exemptions for travel to China, with more to follow, Xi said. It was not immediately clear which countries would become visa exempt.
Boston Globe
13-05-2025
- Business
- Boston Globe
China presents a united front with Latin America, aiming to counter Trump's trade war
Having moved to defuse antagonisms with the U.S., Chinese President Xi Jinping said China stands ready to 'join hands' with Latin countries 'in the face of seething undercurrents of pure political and bloc confrontation and the surging tide of unilateralism and protectionism.' Advertisement 'There are no winners in tariff wars or trade wars,' Xi said, reiterating a phrase China has used repeatedly when referring to Trump's policies. He was speaking to the China-CELAC, or Community of Latin American and Caribbean States, Forum, which began in 2015. The presidents of Brazil, Chile and Colombia were among the Latin American and Caribbean officials attending. Xi announced five programs, focused on political exchanges, economic development, cultural and academic exchanges and global security to build closer ties between China and Latin American nations. He promised to boost imports from the region and to encourage Chinese companies to increase their investments there. He announced a new 66 billion yuan ($9.2 billion) credit line to support Latin American and Caribbean financing. Advertisement China also plans to expand cooperation in clean energy, 5G telecommunications, the digital economy, artificial intelligence and global security. China's trade with the region has been growing rapidly, exceeding $500 billion for the first time last year. Much of that growth has come from increased Chinese imports of farm goods including soybeans and beef, and energy imports such as crude oil, iron ore and critical minerals. Beijing's investments in the region through Xi's Belt and Road Initiative, or BRI, have included installing 5G networks and building ports and hydropower plants. Colombian President Gustavo Petro announced Monday that his country would formally join the BRI – in a vote of confidence after several Chinese projects in Latin America hit snags in recent months. In February, Panama became the first Latin American country to quit the initiative under pressure from the U.S. And earlier this month, Chinese electric vehicle maker BYD and stainless steel producer Tsingshan announced they were abandoning plans to build lithium cathode plants in Chile due to falling lithium prices. In other pledges, Beijing plans to invite 300 members from Latin American political parties to China annually for the next three years and facilitate 3,500 government scholarships and various other types of exchanges. Five Latin American countries will receive visa exemptions for travel to China, with more to follow, Xi said. It was not immediately clear which countries would become visa exempt.
South China Morning Post
11-05-2025
- Business
- South China Morning Post
In Indonesia, nickel miners warn of mass lay-offs as royalty rise threatens profits
Indonesia 's move to raise royalties on lucrative commodities offers an opportunity for the global nickel powerhouse to boost state revenue and fund President Prabowo Subianto 's ambitious flagship programmes. But it is facing resistance from mining groups. Advertisement The new royalty structure, implemented at the end of April, affects minerals including nickel, copper, tin, gold and bauxite. Nickel royalties, for example, have risen from a flat rate of 10 per cent to a range of 14 to 19 per cent. Mining industry leaders warn that the increase could cut into profits and disrupt operations. Indonesian officials, however, say the policy will ultimately benefit Southeast Asia's largest economy and make investments in the commodities sector more sustainable. Cecep Mochammad Yasin, director of mineral business development at the Ministry of Energy and Mineral Resources, called it 'a critical step towards ensuring that our natural resources give optimum benefits to all Indonesians'. Indonesia holds the world's largest proven nickel reserves and has focused on leveraging the commodity, vital for producing stainless steel and EV batteries, to strengthen its manufacturing sector. The approach has spurred billions of dollars in investment in recent years, primarily from Chinese firms such as steelmaker Tsingshan and battery giant CATL. An aerial view of nickel mining in Indonesia's Raja Ampat Islands. Photo: Auriga Nusantara Today, Indonesia leads the global nickel mining and smelting industry, producing nearly half of the world's refined nickel and two-thirds of its mined nickel, primarily on the islands of Sulawesi and Maluku.
