On September 1, the Chinese government will put up a third batch of non-ferrous metals from government reserves for sale as part of its ongoing campaign to control prices and prevent commodity inflation from damaging economic growth.
China's National Food and Strategic Reserves Administration said Friday it will sell 70,000 tons of aluminum, 50,000 tons of zinc and 30,000 tons of copper. This number is in line with the two previous auctions held in July.
Applications for the purchase of metals can only be submitted by enterprises producing and processing them. The purchased metal must be immediately used for production, it cannot be resold or left in warehouses.
China pulled out of metal sales in August due to a spike in coronavirus cases, according to a report from the Shanghai Metal Exchange. The Bureau of Reserves has so far sold a total of 270,000 tonnes of the three metals as part of Beijing's broader commitment to cool markets after rising commodity prices this year sparked concerns about manufacturing inflation.
