State Reserve Bureau to sell aluminum ingot reserves

Nov. 18, 2010 （China Knowledge） - China's State Reserve Bureau, which is part of the National Development and Reform Commission and is responsible for managing strategic material reserves, will sell 117,000 tons of aluminum ingot reserves from Nov. 23 to Nov. 24, according to a statement released by the NDRC.

The auction consists of 16 batches of aluminum ingot, which are reserved in Shanxi Province, Liaoning Province, Shandong Province, Hubei Province, Hunan Province, Guangdong Province, Shaanxi Province, Chongqing and Tianjin.

Market analysts noted that the move shows the bureau's effort to ease the supply shortage in Henan Province, Guizhou Province and Guangxi Zhuang Autonomous Region. Reportedly, those provinces have cut aluminum output due to the government's energy-saving and emission-reducing policy.

Earlier this year, the bureau had auctioned 96,000 tons of aluminum ingot reserves at an average price of RMB 15,343 per ton.