China to continue selling off its reserves to ease supply deficit
China will closely monitor market conditions, continue to release additional shipments of metals from government reserves to the market, overcome the imbalance between supply and demand, and stabilize commodity prices so that they return to rational levels, the press said on Thursday. conferences of the country's highest economic designer.
“Currently, prices for copper, aluminum and zinc are still high,” said Li Hui, spokeswoman for the State Committee for Development and Reforms supply and price stabilization.
At the moment, China has released from the state reserves to the market in three batches of stocks of non-ferrous metals, we are talking about 420 thousand tons of copper, aluminum and zinc, she said.
Through public online auctions, small and medium-sized manufacturing companies have benefited from purchasing raw materials at prices “slightly below market”, she said.
The release of stocks of these metals stabilized market expectations and, to some extent, softened the upward trend in commodity prices, said Li Hui.