Exclusive: Baowu Suspends Talks on Buying Indonesia Nickel Assets

State-owned steel giant China Baowu Steel Group suspended its plan to buy nickel assets in Indonesia from China’s privately owned Tsingshan Holding Group Co., according to people close to the negotiations.

Tsingshan started talks with Baowu in April to sell eight nickel pig iron production lines in Indonesia’s Morowali Industrial Park with annual capacity of about 500,000 tons. A deal could be worth $3 billion to $4 billion, two people close to the negotiations told Caixin in August 2022.