China’s Gansu considering metals stockpiling plan – govt official

China’s Gansu considering metals stockpiling plan – govt official

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China’s Gansu province is considering a plan to commercially stockpile nonferrous metals, a local government official said on Monday, after Yunnan unveiled a similar initiative to boost its coronavirus-hit economy.

* The official from the raw materials division of Gansu’s Department of Industry and Information Technology said the idea for the stockpiling was only proposed on Sunday evening so there was no concrete decision on implementation as yet.

 Local media reports, including from metals industry pricing and information provider SMM, said Gansu was preparing a seven-month long stockpiling drive for companies to buy up a total of 436,000 tonnes of nonferrous metals from May 1.

* That includes 300,000 tonnes of aluminium, 80,000 tonnes of copper, 40,000 tonnes of zinc, 15,000 tonnes of nickel and 1,000 tonnes of cobalt, SMM said, adding that interest on loans taken out for the stockpiling would be subsidised.

 The Gansu official was unaware of these figures.

* Gansu, in northwest China, is home to state-run Jinchuan Group , one of China’s biggest nonferrous metals producers, as well as smelters belonging to Aluminum Corp of China Ltd , known as Chalco. (Reporting by Tom Daly and Beijing Newsroom, editing by Louise Heavens)

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