Mercukia energy trading has alumina worth about US$44m stuck at China's Qingdao Port, where an investigation into a suspected financing fraud has been taking place. The Swiss-based trader said in an email sent to its lenders in June that part of Qingdao Port had been closed, with only port authorities having access, and that no stock was moving in or out. The financing scandal at the world's seventh-busiest port has left a string of global banks and trading houses scrambling to secure metal supplies. China's CITIC Resources said on Tuesday that it had started court proceedings against the operator of a bonded warehouse at the port.
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