Copper’s Surge Toward a Record High Is Hitting Chinese Industry
- China electric wire firm’s idle units, default on loans: SMM
- Fabricators saw orders slump as price surge deters demand
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Copper’s surge toward a record high is starting to cause stress for industrial consumers in China, the world’s largest market for the metal.
Some Chinese manufacturers of electric wire have idled units and delayed deliveries or even defaulted on bank loans, according to a survey by the Shanghai Metals Market. End-users such as power grids and property developers have also been pushing back delivery times, while producers of copper rods and pipes saw orders slump this week, said the researcher.