China Agency Buys Large Block of Aluminum

Published reports have noted that China's State Reserve Bureau is planning on purchasing 300,000 metric tons of aluminum at around $1,750 per metric ton. The move is being done to increase prices and support Chinese aluminum producers.

According to one news report, the price is a 10 percent premium over current market prices.

The SRB will buy about half of the total from Aluminum Corporation of China, the largest aluminum producer in China.

One report notes that additional purchases could total 1 million metric tons.

Despite the purchases, another market report notes that even with as much as 20 percent of aluminum production in the country idled, China¡¯s supply of the metal may outpace demand by 500,000 tons.

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