The China Nonferrous Metals Association (CNIA) has called for that country to stockpile some nonferrous metals in response to reduced demand because of the COVID-19 outbreak.
An article by Reuters cites a newspaper run by the CNIA in which the association’s Deputy General Secretary is quoted as saying stockpiling “can effectively alleviate the increase in inventory” at metal producers. This also could help to address falling prices and provide a reserve supply for downstream industries, he added.
The article notes that Jai said utilization the utilization rate at copper and aluminum processors the CNIA surveyed was59 percent as of Feb. 26, an increase of 12.9 percentage points from the previous week.
He also said capacity utilization rates averaged 87.6 percent for aluminum smelters and 81.5 percent for copper smelters as of Feb. 26, Reuters reports.
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