China's Shaanxi province is buying a total of 77,000 tonnes of refined lead and zinc from four local smelters as an ad hoc reserve to support smelters that suffer from weak demand, an official at one of the smelters said on Thursday.
Shaanxi Nonferrous Metals Company, owned by the Shaanxi government, has agreed to pay 11,200 yuan per tonne to buy refined zinc and 12,900 yuan a tonne for refined lead, higher than 10,750 yuan and 12,600 yuan, respectively, traded in Shanghai on Thursday.
The State Reserves Bureau, Beijing's commodity buyer, bought 159,000 tonnes of zinc from Chinese smelters this year, as part of a plan to support smelters and the prices.
Source: Reuters
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