Asia & Pacific

China to Sell 2nd Batch of Nonferrous Metals From State Reserves, Reports Say

MOSCOW (Sputnik) – China is planning to release a second batch of nonferrous metals from its national reserves this month, the Xinhua news agency reported on Wednesday, citing the National Food and Strategic Reserves Administration.

Earlier in the month, Beijing released 100,000 tonnes of copper, aluminum and zinc from its national reserves.

According to the Chinese authorities, the country is now planning to sell about 30,000 tonnes of copper, 90,000 tonnes of aluminum, and 50,000 tonnes of zinc in late July.

The move is intended to stabilize the prices of nonferrous metals in China, which surged earlier this year due to the COVID-19 pandemic, as well as supply and demand imbalances. The situation is said to burden medium and small companies.

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