Qingdao Court auctions aluminium, copper impounded in 2014 warehouse fraud

The Qingdao Intermediate People’s Court has put up for sale a significant quantity of aluminium ingots and copper cathodes impounded in 2014 during a government crackdown over the misuse of collateral for financing metals in Qingdao.

A total 87,100 tonnes of aluminium ingots, 63,585 tonnes of alumina and 12,368 tonnes of copper cathodes have been listed to be auctioned this month, according to a notice from the court on August 7. Nearly half of the aluminium ingot listed on Chinese ecommerce website JD.com has already been sold over the past few days.  Of the five listed parcels, two of the larger ones located in Qingdao bonded zones have caught the attention of traders as far away as Europe. “A lot of people are interested in the auction. It is a lot of aluminium and you can pick it up for reasonable prices. Multiple European trading houses have bid,” a trader said. The buyer will have to pay the tariffs and loading costs incurred in taking the bonded goods. Storage costs will be waived if the parcel is being taken out within 10 days following the transaction. These metals...

Published

Justin Yang

Alice Mason

Julian Luk

August 22, 2019

13:55 GMT

London