China Sells 117,672 Tons of Aluminum Ingot

China sold all aluminum ingots which provides the State's reservation at prices below the market, according to the result of a tender issued today on the website of the National Development and Reform.

A total of 117,671 tons were sold at an average price of 15.395 yuan ($ 2.308) per tonne through public auction on November 23-24, said the State Bureau of reserve material, which is a department of the commission. The highest price was 16,000 yuan and 15,150 yuan lower, he said.

This was the second auction aluminum agency offering this month, after selling 95,767 tonnes. China has sold the zinc, lead, sugar, cotton, corn, pulp, and magnesium, the state of inventories this year in an effort to alleviate shortages and curb price increases.

"The result is in line with our expectations, and similar to the last bid," said Liang Lijuan, futures analyst Cofco Co., by telephone from Beijing. "No more sales depends on market prices."

Authorities in China are declining power limits for producers of aluminum, which can lead to the plant is restarted as soon as next month, based in Beijing, said Wan Ling analyst at CRU International Ltd. on 25 November. In Henan, the country's largest aluminum production region, conditions improved after 10 November, he said, adding that energy shortages could cut the country's production by 300,000 tons this year.

Aluminium traded on Yangtze, Shanghai's largest non-ferrous metals market, was cited for 16,030 yuan to 16,070 yuan per ton, when the offer was scheduled to take place, down from around 16,150 yuan earlier this month.

the world's biggest consumer is estimated to have a surplus of 350,000 tons this year, compared with a previous forecast of 800,000 tons, said Li Yang, an analyst at researcher Beijing Antaike Information Development Co., on 27 October.

Metal for delivery in three months traded on the London Metal Exchange rose 0.6 percent to $ 2,284 a ton at 2:08 pm in Shanghai. Aluminum on the Shanghai Futures Exchange gained 0.4 percent, to 16,400 yuan per tonne, at the same time .