According to sources, the Chinese state-owned company Wuchan Zhongda Group suffered a significant loss of around $20 million due to a failed copper purchase deal in Russia. The deal, involving two thousand tons of refined copper from the Russian Regional Metallurgical Company, went awry when a shipment to China in May 2024 turned out to be granite instead.
Reports suggest that the cargo, initially from St. Petersburg, ended up in Turkey with the wrong contents. Wuchan Zhongda Group dispatched employees to Russia to investigate, only to face challenges in locating the supplier’s plant.
Amid Western sanctions on Russia, trade ties between Moscow and Beijing have strengthened, leading Chinese companies to seek advantageous deals. However, hasty agreements without established relationships with suppliers can result in such costly mishaps. Following this incident, Chinese firms are now reviewing their agreements more carefully.
Article from theins.ru
