Chinese nickel titan Tsingshan Holding Group faces billions of dollars in trading losses, people familiar with the company said, after Russia’s war in Ukraine set off an unprecedented rise in the price of a key metal used in stainless steel and electric-vehicle batteries.

The paper loss stood at $8bn on 7 March, before violent moves in nickel prices led the London Metal Exchange to suspend trading in the metal on 8 March, one of the people said. The exchange said it anticipates trading won’t resume before 11 March.