The Russians "threw" the Chinese company for $ 20 million and sold goods to Turkey - Bloomberg

According to Bloomberg sources, the cargo left St. Petersburg at the beginning of 2024 and was to arrive at the Ningbo Chinese port in late May. However, instead, the metal was registered as a much cheaper granite and probably found itself in Turkey. The Giant State Chinese raw materials trader Wuchan Zhongda Group CO suffered losses after the Copper Party was worth almost $ 20 million, which was to come from Russia. Bloomberg writes about it.

"Wuchan Zhongda Group Co has bought 2,000 tons of refined copper from a Russian metallurgical plant that was delivered last month. According to people who were aware of the incident, it never reached the port," the material reads. Chinese company staff visited Russia to find out what happened. However, they could not even determine where the plant was located, from which the copper party should come.

According to Wuchan Zhongda workers, the company purchased metal from a Russian company called "Regional Metallurgical Company" at the end of last year. The party had to be sold to a local trader, which is a common practice in China, where small traders use bank loans accessible to greater competitors. "The cargo left St.

Petersburg early this year and was to come to the Ninbo Chinese port at the end of May, after its route was changed around Cape Good Hope to avoid conflict in the Red Sea," Bloomberg said. According to unnamed interlocutors, the metal instead was registered as a much cheaper granite and probably found itself in Turkey, as evidenced by the records of the shipping company that processed the party.

According to journalists, this case was the last blow on international metals trade and increased fears of fraud in the frequently classified market for the sale of raw materials. "Russia is one of the world's largest suppliers of copper and China is its largest consumer. The risk is that favorable conditions during high metal prices can seduce Chinese traders to enter into agreements when relationships with a supplier are not well established.

According to people , Chinese firms, frightened by the latest incident, began to carry out internal checks of their own contracts with counterparties, "the article said. Wuchan Zhongda, based in the Eastern province of Zhejiang, has abandoned official comments. We will remind, on June 13 President of Ukraine Volodymyr Zelensky stated that the leader of China Xi Jinping in a telephone conversation promised that he would not help Russia with weapons.