For the first time in a decade, China has released some of its strategic metal stocks to try to dampen a price rally hurting manufacturers. It has also released coal and imported corn reserves to cool prices, while buying pork to prop up that market.
China is the world's largest user of commodities and has built up vast reserves. The following are details of key commodities and estimates and assessments of strategic reserve levels:Based on past stockpiling activity, analysts estimate China's strategic reserves hold 1.5 million to 2 million tonnes of copper, 800,000-900,000 tonnes of aluminium and 250,000-400,000 tonnes of zinc.
Grains stockpiler Sinograin will start building 120 storage facility projects, totalling 10.85 million tonnes of capacity, official media reported in July. The country's meat reserves held almost 1 million tonnes of pork by 2019, according to a South China Morning Post report at the time citing an analyst.China's state corn reserves were estimated at around 200 million tonnes in 2017, according to market consensus, and have been whittled down to almost zero by 2020 as the agency sold off ageing grain.
State-owned Cofco's meat division said in 2019 it was more than doubling the amount it would spend annually on procuring meat for the central reserves to a maximum of 1.48 billion yuan in 2020 and 2021. The International Energy Agency, Paris-based watchdog, recommends members keep 90 days of net oil imports in reserve, although China is not a member.
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