China state reserve auction result
Today’s auction resulted in the sale of 43,299 tonnes, from a catalogue of 162,558. Cumulative sales during the current auction series now stand at 2,597,369 tonnes. Our estimate of the amount remaining in government hands has been reduced to below 8.58 million tonnes.
The total amount shown as purchased by individual mills as at yesterday (which differs slightly from the sum of the daily auction sales figures) was 2,526,739 tonnes. This implies a theoretical eligibility for import quota totalling 842,246 tonnes (though not all mills that have bought at the auctions may necessarily be entitled to receive quota). Purchases during June (according to the daily auction reports) were 604,717 tonnes, indicating that up to 201,572 tonnes of import quota is now due for allocation to mills.
Analysis by mill shows that of the 1,343 mills registered to participate in the auctions, 29 have bought an amount equivalent to or in excess of their theoretical entitlements, 242 have purchased 50 percent or more, while 302 have yet to buy anything.
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