Economy

Aluminum sold below market levels

(China Daily)
Updated: 2010-11-30 13:53

China sold all the aluminum ingots it offered from the state reserve at below market prices, according to the result of a tender posted on Monday on the website of the National Development and Reform Commission.

A total of 117,671 metric tons were sold at an average price of 15,395 yuan ($2,309) a ton through public auctions on Nov 23-24, said the State Bureau of Material Reserve, which is a department of the commission.

This was the second auction of aluminum the agency offered this month, having previously sold 95,767 tons.

China has already sold zinc, lead, sugar, cotton, corn, paper pulp, and magnesium, from state inventories this year in an effort to ease shortages and curb price gains.