China’s Shandong Fangyuan Non-Ferrous Metals plans to form a supply chain with state-owned Xiamen ITG to expand its sales reach.
The partnership will enable Fangyuan’s subsidiary Dongying Lufang Metal Materials to have access to more resources to enable sales at the cash-strapped smelter, according to media reports on Jul 8.
Fangyuan has been ailing since 2019 following a shortage of funds. The 700,000mt per year smelter had also hinted at receiving funds from Xiamen ITG in April this year.