State reserve to stabilize sugar price
(Xinhua)
Updated: 2006-06-14 17:02
The Chinese government is to release another 552,000 tons of sugar on to the
market to stabilize rising prices, a news report said Wednesday.
The China Securities Journal said the National Development and Reform
Commission, the Ministry of Finance and the Ministry of Commerce jointly issued
a circular on Tuesday announcing the release of 368,000 tons of the state sugar
reserve and 184,000 tons of imported Cuban sugar.
The sugar will be released on to the market through auction.
The sugar from the government store, which has an auction base price of 3,800
yuan (US$475) per ton, would be released at 92,000 tons a month from June to
September, said the report.
The Cuban sugar would be auctioned after being processed in China, said the
report.
As a result of short supply and a soaring international prices, sugar prices
have risen in China since the end of last year, squeezing industries using
sugar.
Since April, China has put 600,000 tons of the state sugar reserve on to the
domestic market, said the report.
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