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EventsConsultingHome / Metal News / Precious Metals / Probe at Qingdao to Further Tighten Liquidity, with Limited Impact on Alumina Supply
Probe at Qingdao to Further Tighten Liquidity, with Limited Impact on Alumina Supply
Jun 10,2014 10:58
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Source:SMM
The impact on overall supply of imported alumina will be limited from the ongoing investigation into metal financing at the Port of Qingdao in China, Shanghai Metals Market foresees.
SHANGHAI, Jun. 10 (SMM) – The impact on overall supply of alumina will be limited from the ongoing investigation into metal financing at the Port of Qingdao in China, Shanghai Metals Market foresees.
The Port of Qingdao, the third largest in mainland China, plays a vital role in China’s trade in iron ore, aluminum, bauxite, and coal. Alumina and related product deliveries from Qingdao have been halted while investigations into port stocks are under way.
Fortunately, Qingdao is not a major port for alumina trading, and the volumes reported missing are rather small compared to China’s total alumina imports, so the impact on the supply of imported alumina will be minimal, SMM expects.
The exposure of this malfeasance, however, has forced other enterprises to liquidate alumina and aluminum holdings they had previously posted as collateral. This promises to weigh on base metal prices.
Most importantly, banks are tightening controls on L/C issuance, which bodes ill for companies already suffering under tight liquidity, SMM believes.
China alumina trade
Qingdao probe
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