The Chinese National Bureau of Grain and Material Reserves announced the launch of the third batch of national copper, aluminium, and zinc reserves on Sept 1, to cool off the spike in raw material costs.
The total sales of the third batch of national reserves of aluminium are 70,000mt, copper 30,000mt and zinc 50,000mt, totalling 150,000mt. The public bidding date is September 1. In the earlier two batches, the bureau auctioned a total of 270,000mt on July 5 and July 30th.
The sale will be conducted through public bidding through the Chinese Weapons Electronic Bidding Platform, in accordance with the Regulations for Open Bidding and Sales of Reserve.
The bureau released the second batch of the national reserves of copper 30,000mt, aluminium 90,000mt and zinc 50,000mt totalling 170,000mt on July 30 and auctioned the first batch of 50,000mt of aluminium, 30,000mt of zinc and 20,000mt of copper totalling 100,000mt on July 5-6.