A worker is busy at a workshop of Hongchang Aluminum Industry Co., Ltd. in Wuxing District of Huzhou, east China's Zhejiang Province, July 29, 2020. (Xinhua/Huang Zongzhi)
China will release 50,000 tons of aluminum from its national reserves amid efforts to ease commodity price hikes and cost pressure on firms.
Open bidding of the first batch of aluminum will start on July 5 at the website https://www.norincogroup-ebuy.com, the National Food and Strategic Reserves Administration said Tuesday in a statement.
Only aluminum processing and manufacturing enterprises will be eligible to bid, and the purchased aluminum shall be used for production promptly. It shall not be resold or hoarded, said the administration.
China will further release its state reserves of copper, aluminum, and zinc to ensure stable commodity prices, the country's top economic planner, the National Development and Reform Commission, said earlier this month.
The commission said it would work with other departments to release the nonferrous metal reserves in multiple batches as needed in light of market price changes.