In Depth: A Metal Tycoon’s Liquidity Woes Disrupt China’s Copper Trade

China’s top copper importer was sued by a state-owned client for 1 billion yuan ($148 million) due for undelivered contracts, adding to a liquidity crisis at a private company that has disrupted the country’s copper trade with global mining giants such as Glencore and BHP.

Xi’an-headquartered Maike Metal International Group Co. Ltd. was sued by Xiamen Xindeco Ltd. (000701.SZ), seeking repayment after Maike failed to fulfill parts of their electrolytic copper import contracts, Xindeco said last month in a statement.