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.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Bloomberg
24 minutes ago
- Bloomberg
China's Top HK Official Says Security Will Ensure City's Success
China's top official for Hong Kong affairs said the city needs to prioritize national security to ensure prosperity. The China-imposed national security law helped Hong Kong maintain its status as an international financial hub, Xia Baolong, director of the Hong Kong and Macau Affairs Office in Beijing, said Saturday on his third trip to the semi-autonomous city in three years.
Yahoo
2 hours ago
- Yahoo
Nvidia (NVDA) Could Hit $5 Trillion as Analysts Lift Price Targets
Nvidia (NVDA, Financials) is drawing fresh bullish forecasts after a rapid five-year rally, with analysts now predicting the chipmaker could grow into a $5 trillion company. Warning! GuruFocus has detected 4 Warning Signs with NVDA. Shares have climbed more than 3,000% over the past five years, and are currently trading near all-time highs. Rosenblatt Securities analyst Hans Mosesmann maintained a $200 price target this week, while UBS and Goldman Sachs pointed to Nvidia's dominant position in AI hardware as reason for long-term upside. Nvidia controls more than 80% of the AI accelerator market and reported a 427% year-over-year jump in data center revenue in its latest quarter. That segment is critical to generative AI and cloud infrastructure buildouts, bolstering Nvidia's top line and free cash flow which now exceeds Amazon's. The company's proprietary CUDA software, tight integration with Taiwan Semiconductor Manufacturing Co., and leading-edge GPUs like the H100 and upcoming Blackwell series reinforce its pricing power and market moat. Nvidia also reported more than $14 billion in quarterly profits, helping justify its $2.9 trillion market cap as of June 18. A doubling in valuation would place it in direct competition with Apple (AAPL, Financials) and Microsoft (MSFT, Financials) as the world's most valuable public firm. Nvidia trades at over 40x forward earnings, raising valuation concerns. Analysts are also monitoring geopolitical tensions between the U.S. and China, which could impact Nvidia's chip exports and manufacturing pipeline. Advanced Micro Devices (AMD, Financials) and Intel (INTC, Financials) continue to invest in AI chips, although they currently trail Nvidia on execution. This article first appeared on GuruFocus. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
2 hours ago
- Yahoo
The China Fund, Inc. Announces Board Approval of Plan of Liquidation
BOSTON, June 20, 2025 (GLOBE NEWSWIRE) -- The China Fund, Inc. (NYSE: CHN) (the 'Fund') announced today that its Board of Directors (the 'Board') has approved a plan of liquidation and dissolution (the 'Plan') for the Fund. The Plan will be submitted to Fund stockholders for approval at a Special Meeting. The date of the Special Meeting and more detailed information about the proposed liquidation and Plan will be set forth in a proxy statement to be mailed to the Fund's stockholders in the near future. The Board recommends that the Fund's stockholders vote for the liquidation of the Fund at the Special Meeting. In determining to liquidate the Fund, the Board considered a variety of factors including, among others, prevailing geopolitical and market conditions, the size of the Fund, the trading volume of the Fund's shares, the Fund's discount to net asset value, and the availability of competing open-end products, such as exchange-traded funds. The Board also considered alternatives, including converting the Fund into an open-end management investment company. On balance, the Board determined that the liquidation of the Fund is in the best interests of the Fund and its stockholders. The Fund intends to file a proxy statement with the U.S. Securities and Exchange Commission (the 'SEC') with respect to the proposal to liquidate the Fund. As noted, copies of the Fund's proxy statement will also be mailed to each stockholder of record of the Fund. Upon receipt, stockholders are advised to read the Fund's proxy statement as it will contain important information. Once filed with the SEC, the proxy statement will be available free of charge on the SEC website, This press release may contain statements regarding plans and expectations for the future that constitute forward-looking statements within the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are based on the Fund's current plans and expectations, and are subject to risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. Additional information concerning such risks and uncertainties are contained in the Fund's regulatory filings, which are available free of charge on the SEC's website. An investment in the Fund involves risk, including loss of principal. Investment return and the value of shares will fluctuate. Any data and commentary provided in this press release are for informational purposes only. The Fund is a closed-end management investment company. The Fund's investment manager is Matthews International Capital Management, LLC. For further information regarding the Fund, please call (888)-CHN-CALL or visit the Fund's website at The information contained on the Fund's website is not part of this press release. Copies of the Fund's complete audited financial statements are available free of charge upon request. Investments involve risk, including possible loss of principal, and an investment should be made with an understanding of the risks involved with owning a particular security or asset class. Interested parties are strongly encouraged to seek advice from qualified tax and financial experts regarding the best options for your particular circumstances. Contact Julian ReidChairman of the BoardThe China Fund, Inc.+44 7768 068200Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
