https://www.miningweekly.com
Copper
Copper
copper

China to sell more metals from reserves to ensure stable prices

7th July 2021

By: Bloomberg

  

Font size: - +

China, the world’s top commodities consumer, pledged to release more base metals from its state reserves after completing a first batch of sales in its latest effort to rein in surging raw material costs.

More sales will be arranged in the near term to ensure market stability, the National Food and Strategic Reserves Administration said in a statement on its website Wednesday.

The first release of metals in over a decade included 20 000 t of copper, 30 000 t of zinc and 50 000 t of aluminum and was concluded via a public auction conducted on Monday. The reserves agency didn’t reveal the prices at which the metals were sold.

Shanghai Metal Exchange Market reported on Monday some of the highest bids accepted, citing information from buyers. They included 67 718 yuan ($10 474) a ton for copper, 18 074 yuan a ton for aluminum and 21 200 yuan a ton for zinc, all of which were below spot market prices.

China is releasing metal from state stockpiles as part of its campaign to restrain prices after factory inflation in May hit its highest level in 13 years. The rally in base metals has since stalled as Beijing’s crackdown has kicked into higher gear, and as China’s economic growth has shown signs of peaking.

The country’s top economic planning body has said the release of reserves in batches is designed to drive prices lower to what it considers a normal range.

Edited by Bloomberg

Comments

Showroom

Flameblock
Flameblock

FlameBlock is a proudly South African company that engineers, manufactures and supplies fire intumescent and retardant products to the fire...

VISIT SHOWROOM 
Rio-Carb
Rio-Carb

Our Easy Access Chute concept was developed to reduce the risks related to liner maintenance. Currently, replacing wear liners require that...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Resources Watch
Resources Watch
17th April 2024

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.129 0.168s - 113pq - 2rq
1:
1: United States
Subscribe Now
2: United States
2: