BEIJING : Chinese copper trader Maike Group has submitted a court application to start restructuring, it said on Friday, marking a further low for the company that was once China's top copper buyer.The application, revealed in a statement published on Maike's official WeChat account, is one of the steps i
BEIJING : Chinese copper trader Maike Group has submitted a court application to start restructuring, it said on Friday, marking a further low for the company that was once China's top copper buyer.
The application was filed with Xi'an Intermediate People's Court, He Jinbi, Maike's founder and chairman, told Reuters.Maike says it imported more than 1 million tonnes of refined copper per year, accounting for 29 per cent of China's total imports in 2021. Its problems led to thousands of tonnes of copper being stranded in warehouses as it struggled to pay suppliers, and its absence from the market continues to support premiums in some regions.
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