Cash flow problems dog China’s graphite to refractory supply chain

By Simon Moores, Andrew Miller
Published: Friday, 14 February 2014

"Acceptance bills" problem catches up with China's refractory and graphite industries; upwards price pressure on large flake graphite in medium-term

The slowdown in Chinese steel production is affecting the liquidity of upstream companies and threatening to accelerate the consolidation of the country’s refractory sector.

Excess production of steel has been partially funded by the state issuance of acceptance bills - a security with a fixed maturity date - which discourages creditors from redeeming capital prematurely.

Many...

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