Jul 30, 2024 05:02 AM
FINANCE
Top China Commodity Trader Embroiled in Downfall of Steel Giant
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Jiangsu Delong has the capacity to make more than 10 million tons of stainless steel and other alloy products each year
(Bloomberg) — One of China’s biggest commodity traders is navigating difficulties triggered by the collapse of Jiangsu Delong Nickel Industry Co. Ltd., a key client for its metals business.
Xiamen Xiangyu Co. Ltd., a listed trader with revenues of more than $60 billion last year, said on Monday that its state-owned parent group would take on any claims connected to Jiangsu Delong, the stainless steel producer whose debt problems have gripped the global commodities sector.
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