The China Smelters Purchase Team (CSPT), which comprises the largest copper smelters in the East Asian country, is set to accept two new members - Zhejiang Jiantong Fuye Heding and Huludao Zinc's copper subsidiary - sources directly involved have told Fastmarkets.
Sources from both companies have confirmed to Fastmarkets that applications were made, and they are optimistic about receiving approval."The applications have been filed," a source close to the CSPT group said. "Both companies are being closely monitored by the group. It will probably take several months to a year for approval to be granted, and they will be official members after that."The group, under the leadership of Tongling Nonferrous in 2018-19, is the public face of the ambitious Chinese copper industry, which owns more than half of the world's copper smelting capacity.The expansion of the group comes with Chinese smelters...