Qingshan Group: The Global Leader in Nickel Ore and Stainless Steel Expands into Aluminum and Batteries

Tsingshan Group, the world’s largest producer of stainless steel and nickel, is rapidly expanding its vast industrial footprint from its core nickel and stainless steel business into the aluminum and new energy battery sectors.

On January 24, according to WindChasing Trading Desk, Bank of America stated in its latest report that Tsingshan Group, a giant with annual revenues reaching $56.5 billion and ranking 247th in the Fortune Global 500, is leveraging its well-established industrial park model in Indonesia to replicate its path of success in the nickel industry.

The report pointed out that with Indonesia tightening supply quotas and stepping up policy regulation, spot nickel prices have recently rebounded to nearly US$18,000/ton. As a giant holding 25%-30% of the global nickel market, Tsingshan Group’s every move will have a key impact on price trends.

Meanwhile, Tsingshan Group’s joint venture project with Xinfan Group in Indonesia is currently ramping up production. Not only is it an important reference for the recent expansion of Indonesian aluminum industry, but it also signifies Tsingshan’s substantive step forward in its diversified metals strategy.

In addition to maintaining absolute leadership in stainless steel and nickel, Tsingshan’s subsidiary REPT Battero has entered the global top ten by battery installed capacity, with energy storage battery shipments ranking among the global top five.

Analysts point out that these initiatives indicate Tsingshan Group is attempting to use its resource advantages to build a full-industry-chain empire covering everything from mines to end materials.

Replicating Nickel’s Success: Moving into Aluminum

According to the report, Tsingshan Group is copying its proven "mine-industrial park-smelting" model from the nickel industry to the aluminum sector. Currently, Tsingshan has about 500,000 tons/year of primary aluminum capacity in Indonesia, mainly operated through its Huachin project, a joint venture with Huafon Group.

Bank of America states the market is more focused on Tsingshan’s large-scale aluminum joint ventures with Xinfan Group in Indonesia—these include the Taijing project in the Tsingshan Indonesian Morowali Industrial Park (IMIP) and the Juwan project in Indonesia Weda Bay Industrial Park (IWIP), with planned and in-construction capacity exceeding 1 million tons per year.

Power supply is the key bottleneck for the smooth operation and scaling of these aluminum projects. According to Aladdiny data, the current supply from captive power plants may not be sufficient to support all new aluminum production capacity, with surplus capacity highly dependent on the construction of new power plants.

The report points out that Bank of America estimates these new power facilities will not be completed until mid-2027, meaning actual production may lag behind planned nominal capacity. Nonetheless, as aluminum profit margins recover, this arrangement reflects Tsingshan’s ambition for expansion in base materials.

New Energy Territory: From Resources to Batteries

Tsingshan’s ambitions extend beyond metal raw materials to the battery manufacturing end.

According to the report, besides controlling nickel, cobalt, and other battery raw materials through its Indonesian projects, its new energy business flagship—REPT Battero—has secured a firm market position.

In the first three quarters of 2025, REPT Battero ranked first in global shipments of household and C&I (commercial and industrial) energy storage batteries; and in the first half of 2025, ranked second in China for heavy truck battery shipments.

In addition, Volkswagen Group signed a memorandum of understanding with Huayou Cobalt and Tsingshan Group in 2022, aiming to establish upstream raw material joint ventures in Indonesia and downstream precursor/cathode material joint ventures in China, in order to secure supply chain safety and reduce costs.

Consolidating the Core: Dominance in Stainless Steel and Nickel

Tsingshan’s business foundation remains stainless steel and nickel, and its “mine-material” integrated strategy is highly formidable. The report notes:

Stainless steel business: Over 16 million tons produced in 2023. Beyond maintaining the No. 1 scale, Tsingshan is shifting to high-margin sectors through acquisitions and partnerships.

For example, in 2025 it will acquire POSCO’s core stainless steel assets in China (such as Zhangjiagang POSCO), and deepen joint ventures in Indonesia focusing on high value-added products like cold-rolled and automotive steel plates.

Nickel business: In 2023, metal capacity was around 1.1 million tons. Its huge industrial ecosystem in Indonesia includes the IMIP park, with about 53 RKEF (Rotary Kiln-Electric Furnace) production lines and an annual output of about 4.2 million tons of NPI (Nickel Pig Iron).

To address LME nickel market fluctuations, Tsingshan has registered cathodes produced by its Dingxin plant as an LME deliverable brand, and plans to apply for an additional 50,000 tons of LME registered capacity to strengthen hedging capability.

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