Latest news with #TsingshanHoldingGroupCo.
Mint
30-05-2025
- 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
Bloomberg
07-05-2025
- Business
- Bloomberg
BYD, Tsingshan Drop Chile Lithium Processing Projects After Rout
Two Chinese companies dropped plans to develop lithium-processing projects in Chile after the price of the battery metal tumbled, undermining the nation's bid to add more value to its mineral exports. BYD Co. and Tsingshan Holding Group Co. won't proceed with projects to turn lithium carbonate into cathodes for rechargeable batteries, the government confirmed on Wednesday.
