China is struggling with the rapidly rising prices of raw materials. Metals, ores, crude oil – everything has become extremely expensive. The price hike is putting a strain on the country’s industry, which should actually be running at full speed again after the end of the pandemic. Beijing will therefore release a total of 100,000 tons of stockpiles of non-ferrous metals at the beginning of July. The Food and Strategic Reserves Administration said it would publicly auction 20,000 tonnes of copper, 30,000 tonnes of zinc, and 50,000 tonnes of aluminum on July 5 and 6. According to the statement, copper and zinc will be auctioned on a platform run by state-owned metals company China Minmetals, while aluminum will be auctioned on a platform run by state-owned Norinco. Only companies that process these metals will be allowed to bid. According to official data, the amount of zinc to be auctioned corresponds to 5.7 percent of China’s monthly production in May.
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