Russian cheated a Chinese state-owned company.

The Chinese state conglomerate Wuchan Zhongda Group lost $20 million by purchasing 2.000 tons of refined copper from a russian smelter that should have been delivered last month. It never made it to port. Instead, the metal was listed as much cheaper granite and has likely ended up in Turkey, according to the records of the shipping line that handled the consignment.
Staff from the Chinese company have visited russia to investigate what happened, although they’ve been unable to determine where the smelter is even located.

The episode, while unlikely to have global repercussions, is the latest blow to international metals trading and its reputation. The sector has repeatedly found itself tangled in scams, including tales of fake warehouse receipts and containers filled with painted rocks.

Russia is one of the world’s largest suppliers of copper, and China is its largest consumer.