China to auction an additional 150,000 tonnes of state metal reserves on October 9

The volumes correspond to those of the last auctions of September 1 and will bring the total quantity of metal released in 2021 to 570,000 tonnes. Before this year, Beijing had not sold the state’s metal reserves for more than a decade.

China, the world’s largest consumer of metals, has made several attempts this year to contain rising raw material prices, which has resulted in higher raw material costs for its manufacturers. Metal auctions are only open to manufacturers and manufacturers.

All of the aluminum offered in the last round was produced in China and most entered storage in the first half of 2009, the breakdown of the metal for auction showed.

This suggests that it was bought by the Chinese government at a low price following the global financial crisis to support struggling foundries.

Aluminum prices in London fell to $ 1,279 per tonne in February 2009, but currently sit just under $ 3,000 after hitting a 13-year high this month.

About a third of the copper sold also entered warehouses in 2009, although most date from the 1990s, while the zinc was split between 2009, 2013 and 1998.

The auction will take place on a Saturday, although October 9 has been designated a business day in China after a week-long public holiday from October 1-7.

(By Min Zhang and Tom Daly; Editing by Louise Heavens and Bernadette Baum)

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