Seven creditors have sued a Chinese warehousing and logistics firm to claim a loss of copper concentrate worth 1.073 billion yuan ($166 million), according to several court documents, the latest of which was released on June 23.
Dalian Container Terminal Co Ltd (DCTL) allegedly delivered a total 925,000 tonnes of copper concentrates without the consent of the seven companies that had provided credit for the import of those concentrates cargoes, the Dalian Maritime Court of the People's Republic of China (PRC) said.
Creditors, according to the publicly available claims, had not authorized the release of that material.
The delivery of copper raw material was carried out in more than 50 batches between June 15 last year and March 5 this year from the warehouses of DCTL, according to one of the court documents on the case.
With creditors now in dispute about ownership of those cargoes, participants in China's copper raw materials market are concerned that the courtroom wrangling will further tighten credit availability for moving physical cargoes at a time when prices have risen markedly.
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