Billionaire Xiang Guangda of Tsingshan Holding Group announced new nickel production lines in 2021 and bet against Class 1 nickel prices via a large short position, expecting refined nickel demand to decline. When Russia invaded Ukraine in 2022, nickel prices skyrocketed, and with all reasonable sellers already committed to battery manufacturers, Xiang faced potential bankruptcy until the LME halted trading and cancelled that day's trades, allowing him to close his position by mid-2022.