It is reported that major business failures were discovered in a state-owned freight forwarder in Qinhuangdao recently, involving nearly 300,000 mt of copper concentrate, and its transaction-related trader has an annual trading volume of 1 million mt of copper concentrate. It is reported that the occurrence of this incident was mainly due to the huge losses of the trader related to the transaction, the breakage of the company’s capital chain and the illegal operation of the freight forwarder.

As far as SMM understand, there are currently 13 cargo owners involved in this incident, of which 12 are state-owned enterprises. Most of the cargo owners have arrived in Qinhuangdao to understand the flow of the copper concentrate involved and consider relevant accountability.
Source: SMM Information & Technology Co, Ltd