[Jiangsu Delong Bankruptcy Incident and Reflections Behind It: The Collapse of a 100 Billion Yuan Steel Enterprise Amid the Suspension of the Indonesia Project] This week, nickel prices continued to decline, with spot prices fluctuating between 124,100 and 129,150 yuan/mt, while SHFE nickel futures prices ranged from 123,000 yuan/mt to 127,950 yuan/mt.

【Indonesian Major Nickel Smelter Faces Risk of Shutdown】Just months after its Chinese parent company went bankrupt, Gunbuster Nickel Industry, one of Indonesia's largest nickel smelters invested by Jiangsu Delong Nickel Industry Co., is delaying payments to local energy suppliers and unable to procure nickel ore. The company has significantly cut production and is nearing a complete shutdown. Gunbuster has an annual production capacity of 1.8 million mt of NPI, but since the beginning of this year, it has shut down more than 20 production lines, leaving only a few in operation.

[SMM News Flash] SMM, January 16 - The company's controlling shareholder, Xiangyu Group, has fully acquired the company's claims against Jiangsu Delong Nickel Industry Co., Ltd. and its subsidiaries at a transfer price of 8.974 billion yuan. According to the transfer agreement, Xiangyu Group will pay the transfer price to the company in three installments. On January 15, 2025, the company's subsidiary received the first installment of the claim transfer payment from a subsidiary of Xiangyu Group, totaling 2.692 billion yuan.

The second phase of Zhongtuo high-speed wire rolling project, invested and constructed by Jiangsu Delong Nickel Industry, has commenced construction.