China Purchases 300,000 Tons of Aluminum to Boost Local Prices
This article is for subscribers only.
China’s state reserves manager signed agreements today with six smelters to buy 300,000 metric tons of aluminum at 15,137 yuan ($2,434) a ton in a bid to bolster local prices.
The State Bureau of Material Reserve will pay about 4 percent more than the spot price for the metal to be delivered in April and May, data provider SMM Information & Technology Co. said on its website today. That compares with a spot price of 14,550 yuan on Shanghai’s Changjiang Nonferrous Metal Market.