SHANGHAI, Dec. 9 (CBI China) -- According to the latest announcement of Yunnan Province Non-ferrous Metal Reserve Implementation Means, Yunnan province will purchase 1 milliom mt of non-ferrous metals as reserves, including 150 kt of copper, 300 kt of aluminum, 150 kt of lead, 300 kt of zinc and 100 kt of tin. Those reserves will be mainly sourced from local smelters, with tentative reserve period of 13 months, ranging from December 1st, 2008 to December 31st, 2009.
According to the Means, Yunnan province will mainly purchase goods from major local non-ferrous metal smelters to establish reserves, and those smelters volunteering for storages should submit a declarationg to the local government, including the enterprise's total assets, asset liability rate, bank credit scale, production capacity, total output, operating conditions over the past two years, letter of commitment on reserves, the location of warehouses, etc. As for the source of cash, the provincial government plans to use bank loans secured by smelters' metal stocks to establish reserves, and will give subsidies to them, according to Economic Commission of Yunnan Province.
In addition, CBI is contacting with local non-ferrous metal smelters, and the detailed information about the impact on non-ferrous metal prices and smelters will soon be posted on CBI metal (www.cbimetal.com).
Copyright © 2008, CBI (Shanghai) Co., Ltd. All Rights Reserved.
None of this material may be used for any commercial or public use in any form or means, without the prior written consent of CBI China. For reproduction issue, please contact us by email: email@example.com or tel:86-21-51550040