China stainless steel mogul fights to avoid a second collapse
A debt crisis is threatening the future of one of the world’s top stainless steel producers, Jiangsu Delong Nickel Industry.
As the price of copper drops to a 14-month low on speculation of sluggish demand for industrial metals, the chief executive of Codelco — the world’s largest copper producer — said buyers in China should take advantage, Bloomberg reported:
“I hope that they will start restocking again,” Diego Hernandez, chief executive officer of Santiago-based Codelco, said today in an interview in London. “They should, because when you look at next year’s supply-and-demand equation it’s very tight.”
Bloomberg reports Macquarie Group Ltd. saying that China, the biggest copper consumer, has de-stocked more than 500,000 tons of copper cathodes, scrap and concentrate this year.
