China Cuts Subsidy for State Firms Buying Russian Copper, Nickel

China suspended an unofficial subsidy for copper and nickel imports from countries including Russia, which has become more dependent on purchases by its Asian neighbor since western nations imposed sanctions after the invasion of Ukraine.

For years, Chinese state-owned enterprises could receive a rebate on purchases of copper and nickel from Iran, Mongolia and Russia. The size of the rebate was either a small percentage of the metal’s value, or a fixed amount, depending on market conditions.