Tsingshan Group’s nickel output rose 27% in 2023 to a record 1.12 million metric tons nickel unit, company data showed.
The higher output contributed to the world’s growing supplies, pressuring prices of the metal used in stainless steel and battery making.
The benchmark nickel contract on the London Metal Exchange fell 45% last year in its biggest decline since 2008. And, prices are expected to fall further amid expectations of a growing supply surplus.
Tsingshan Group will step up investment in quality projects, Chairman Xiang Guangda told an annual meeting of the board of directors held last month, according to a company post published on Jan. 28.
The Zhejiang-based company was among the first Chinese producers that set up operations in Indonesia more than a decade ago, boosting production in the Southeast Asian country which is now the world’s No.1 nickel producer.
Tsingshan also holds lithium mining and processing assets in Zimbabwe.
It had its first IPO in December with the listing of its battery-making subsidiary REPT Battero Energy in Hong Kong.
Tsingshan’s stainless steel output also set a new record in 2023 at 16.28 million tons.
(Reporting by Siyi Liu in Beijing and Pratima Desai in London; Editing by Subhranshu Sahu)