Bloomberg
Metal Price Drop Attracts Buying by South Korea State Agency
Edited by : AL CIRCLE
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South Korea, Asia’s leading metals consumer plans to boost metals purchases to build up stockpiles after prices dropped, according to the state purchasing agency.
The Public Procurement Service, which manages strategic commodities,bought about 26,000 metric tons which includes aluminum between January and August, falling short of an original plan, Im Byeong Cheol, director of commodity stockpile division, said in an interview yesterday. The agency’s full-year target is 56,000 tons, he said, without elaborating.
Metals are hard hit by concerns about the economic slowdown and prices do not seem to be able to recover to previous highs any time soon.
The Public Procurement Service, which manages strategic commodities,bought about 26,000 metric tons which includes aluminum between January and August, falling short of an original plan, Im Byeong Cheol, director of commodity stockpile division, said in an interview yesterday. The agency’s full-year target is 56,000 tons, he said, without elaborating.
Metals are hard hit by concerns about the economic slowdown and prices do not seem to be able to recover to previous highs any time soon.
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