China will auction off
80,000 tons of state sugar reserves on Oct. 13, the Ministry of
Commerce announced on Wednesday.
The National Development and Reform Commission, the
Ministry of Finance and the Ministry of Commerce jointly issued a
circular announcing the release of 80,000 tons of raw sugar onto
the market at a reserve price of 3,400 yuan (US$425) per
ton.
The auction will be conducted by China Merchandise
Reserve Management Center through its network system, the circular
said.
The purchased raw sugar has to be processed into
finished products in accordance with the national criteria by
November 15, said the circular.
On Sept. 12, China sold 147,000 tons of sugar to the
domestic market and a further 139,000 tons on Sept. 19, according
to the ministry.
(Xinhua News Agency October 12, 2006)
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