Seriously Telegraph, get a grip:
Chinese accused of manipulating steel market to make a killing on the London Metals Exchange
The allegation is about nickel.
The centre of City metal dealing is facing pressure to launch an investigation into the nickel market after it was rocked by a supply shock last year.
Sources told The Sunday Telegraph the European steel association Eurofer is among those urging the London Metal Exchange (LME) and Financial Conduct Authority to investigate the nickel market after stockpiles plunged late last year, when Indonesia brought forward an export ban on nickel ore.
A particular steel company is alleged to be involved – by dint of having its own nickel mine in Indonesia – but the allegations simply aren’t about manipulation of the steel market.
That’s point 1, that it’s nickel, not steel.
Point 2 is that the LME does have steel contracts, yes. And nickel’s an input into steel, yes. But the nickel price is only a major input into stainless steels. A useful but not conclusive definition of stainless being steel with a high nickel content.
The LME doesn’t run contracts on stainless steel. Manipulating the LME steel market through nickel is unlikely then.
Now, I don’t expect everyone to know this. But I do expect a journalist writing about the metals market to at least research it enough to get it right. More fool me, eh?