Wednesday, August 4, 2021

China to release metal reserves for stable commodity price

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China on Thursday says it will further release its state reserves of copper, aluminum and zinc to ensure stable prices of commodities.

Meng Wei, spokesperson for the National Development and Reform Commission, said the further release would ease cost pressure of commodities on firms.

Wei said that the commission would work with other departments to release the nonferrous metals reserves in multiple batches as needed in light of market price changes.

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According to Wei, the National Food and Strategic Reserves Administration also announced that it will release national reserves of copper, aluminum and zinc via public bidding.

“The release will be open to nonferrous metal processing and manufacturing enterprises, small and medium-sized enterprises will be favored in participating in the bidding,’’ Wei said.

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The commission has taken various measures to rein in market speculations and correct the excessively high commodity prices, as price declines have been seen in commodities including iron ore, steel and copper.

Xinhua/NAN

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