The entire batch of 50,000 tonnes of reserved aluminium put up for sale by auction from Chinese state reserves was sold within seconds of bidding being opened at 8am local time on Monday July 5, sources have told Fastmarkets.
This was only the first batch to be made available for purchase, and comprised only 10% of the amount expected to be sold.Bidding began at a price of 15,952 yuan ($2,465) per tonne for metal located in the State Reserve Bureau warehouse in Gongyi City, Henan province, but the winning price was 18,074 yuan ($2,793) per tonne for the region,...