What Metal Bulletin learned today about the fast-moving events in Qingdao

More details have emerged on the fast-moving events in Qingdao. Metal Bulletin outlines today's developments.

The investigation
The investigation into allegations of missing material and double- or triple-pledged metal in Qingdao is focusing on bonded warehouses in the Dagang port terminal, rather than other non-bonded and bonded areas, market sources in China said.
There are two bonded zones in Qingdao, they said: Huangdao port and Dagang port.
The investigation at this time focuses on material in the latter area, Dagang port, and material in this zone is most likely to be locked down.
“Our cargo is stored in Huangdao port, so is not largely influenced by this issue. But I know cargoes in Dagang bonded warehouse are under strict investigation and blocked,” one trader based in Shandong said.
Metal Bulletin sent questions to the Qingdao port authority on Tuesday June 2 but had not received a response at the time of writing.

There are...


June 03, 2014

16:34 GMT