HONG KONG, May 17 (SMM) – CEO of Maike Metals Group, Jinbi He will push for the establishment of LME registered warehouses in China in the next five years.
Speaking at the LME Asia Week conference in Hong Kong on Thursday May 17, He said he would make it one of his top agendas as a deputy of the 13th National People's Congress (NPC).
“There is no doubt that this would be beneficial for Chinese companies in the metals industry as it means China would be included in the global pricing of metals,” he said.
He added that China cannot pursue metals pricing power alone, and that having LME warehouses onshore gives China greater pricing power in the global metals market.
Gang Li, co-head of market development at HKEX, said that Chinese companies account for about a third of the participation in LME trading but that they are in the game “unfairly”.
Li added that damage to China’s metals industry would be long-term and deep-reaching if the warehouse issue is not resolved.
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