Copper and aluminum reserves sold out in one day.
Release time:
2021-07-19
According to announcements from the auction platform and two industry insiders, China's highly anticipated national metal reserve auction was originally scheduled to last for two days, but all the copper and aluminum intended for auction were sold in just one day.
According to announcements from the auction platform and two industry insiders, China's highly anticipated national metal reserve auction was originally planned to last two days, but all the copper and aluminum to be auctioned was sold in just one day.
The National Food and Strategic Reserves Administration of China announced last month that it would sell national reserves of copper, aluminum, and zinc on July 5-6, totaling 20,000 tons, 50,000 tons, and 30,000 tons respectively. This is a rare move aimed at stabilizing the rising prices of metals. The increase in metal prices has raised the raw material costs for Chinese manufacturers.
An announcement on the bidding platform operated by the state-owned China North Industries Group Corporation (Norinco) shows that the aluminum was divided into about 200 lots, with the last lot of 250 tons auctioned at 1152 GMT on Monday.
Only manufacturers and processors were allowed to bid, and the names of the buyers were not disclosed.
A source from a state-owned metal company said that aluminum was sold at a price of about 18,075 yuan (2,797 USD) per ton, which is a discount of 5.3% compared to the aluminum settlement price on the Shanghai Futures Exchange on Monday.
According to the China Minmetals electronic bidding platform that hosted the auction, the auction for copper started at 0000 GMT, and the last batch of 146 tons was sold just 75 minutes later.
"It was snatched up in seconds," said a second insider who is following the auction and works at a copper wire manufacturing company. He believes the auction price was about 67,700 yuan per ton, which is a discount of 1.6% compared to the Shanghai copper price for August delivery.
No sales announcement for zinc was seen, but an insider said that the metal was sold at a price of about 21,000 yuan per ton, while the Shanghai zinc price was about 22,000 yuan.
The total of 100,000 tons of metal this time is just a batch planned for release by the State Reserve Bureau this year. The date for the next auction has not yet been announced.
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