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Home Supply Chain Updates

China copper smelter Fangyuan launches ITG supply chain tie-up

usscmc by usscmc
July 9, 2021
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July 8 (Reuters) – Shandong Fangyuan Nonferrous Metals Group, China’s biggest private-sector copper smelter, on Thursday said its subsidiary had officially launched a supply-chain partnership with state-controlled Xiamen ITG Group Corp 600755.SS.

The tie-up is a government-orchestrated initiative designed to put Fangyuan, which has capacity to produce 700,000 tonnes of refined copper annually, on a firmer financial footing after the company admitted it was experiencing liquidity problems in late 2019 and reducing operating rates. [https://bit.ly/2RMs924]

ITG, a commodity trading firm which also provides supply-chain management services, will bring in “favourable resources” for Fangyuan smelting unit Dongying Lufang Metals Material Co Ltd and work to expand sales and purchase channels, a Fangyuan statement said, without providing further details.

Reuters reported in April that ITG would purchase and store raw materials, sell them to Fangyuan and then buy back the products, citing a source briefed on the matter.

(Reporting by Tom Daly; Editing by Kirsten Donovan)

(([email protected]; +86 10 5669 2119;))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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