BEIJING (Scrap Monster): The Chinese Ministry of Commerce (MOC) yesterday announced the second list of producers and trading companies that are granted silver export quotas for the year 2014.
The country had set the quota limit to 5,387 mt for 2014, unchanged from that of the previous year. The Ministry during December last year had announced the initial list of companies that will receive part of the export quotas. The first batch of export quotas was granted based on the production levels and export volume from 2011 until October 2013, said the MOC statement. The initial list had allocated 2,865 mt, a little over 50% of the quota limit.
The prominent firms featuring in the second list include the likes of Jiangxi Copper (155 mt), Daye Nonferrous (85 mt), Yunnan Tin (36 mt) and Baiyin Nonferrous (29 mt).
As per the World Silver Survey 2013 released by the Silver Institute based on the data compiled by Thomson Reuters GFMS, silver-mining production rose 4% to a record 787 million ounces in 2012. China ranked second in world’s largest silver-producing countries with a total output of 117 million ounces.
According to the Ministry, the ultimate aim of setting export quotas is to preserve the country’s metal resources by restraining their output.
Author: Paul Ploumis