Qingdao probe puts alumina trade on hold

Traders holding alumina in Qingdao warehouses are scrambling to understand what effect an investigation into allegations of double- and triple-pledging of warehouse receipts will have on their capacity to access their material

But for the moment attempts to extract that alumina have been met with silence from the port in northeastern China, where there were public holidays on Monday June 2.
Metal Bulletin reported on Monday June 2 that the port of Qingdao has blocked the shipment of some material as it investigates the allegedly fraudulent use of warehouse receipts multiple times to raise finance.

On Friday May 30, Metal Bulletin was told by a source close to the market that "80,000 tonnes of aluminium and 20,000 tonnes of copper may be missing...


Jethro Wookey

June 03, 2014

02:21 GMT