China’s National Development and Reform Commission (NDRC) reiterated its resolve to arrest the uptrend in metal commodity prices through the continued auction of state reserves in batches.
China will offload national reserves of aluminum, copper and zinc in batches, said the NDRC on Monday.
More than 200 non-ferrous metal producers tendered for metals in the auction, where the sales price was around 3-9pc lower than the day’s market price. Targeted placements by authorities provided downstream manufacturers with the raw material inventory at a reduced cost, said NDRC spokesperson.
On July 5, China auctioned 50,000mt of aluminum, 20,000mt of copper and 30,000mt of zinc to stabilize rising metal prices in the country.
The reform commission warned of a strict crackdown on hoarding activities and said it would continue to monitor commodity prices and supervise futures and spot markets.