BEIJING, April 27 - China has sold 30,000 tonnes of natural rubber from state reserves at an open bidding last week, the National Development and Reform Commission said on Tuesday.
The amount of rubber was bought by 26 companies at prices between 23,600-24,840 yuan ($3,457-$3,639) per tonne, the commission said at a report on its website (www.ndrc.gov.cn.)
Traders said the government was likely to release more from state reserves in an effort to stabilise domestic prices.
China, the world's largest rubber consumer, imported 193,829 tonnes of natural rubber in March. Imports in the first quarter of the year rose 30.3 percent on year to 490,452 tonnes, driven by strong demand from its automobile industry.
Shanghai natural rubber contracts traded lower in the morning. The most-active Sept 2010 contract was traded 2.4 percent lower or at 23,945 yuan per tonne in the morning session.
(news.alibaba.com)
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