BEIJING, Oct. 11 (Xinhua) -- China will auction off 80,000 tons of state sugar reserves on Oct. 13, the Ministry of Commerce announced on Wednesday.
The National Development and Reform Commission, the Ministry of Finance and the Ministry of Commerce jointly issued a circular announcing the release of 80,000 tons of raw sugar onto the market at a reserve price of 3,400 yuan (425 U.S. dollars) per ton.
China Merchandise Reserve Management Centre will conduct the auction through its network system, the circular said.
The purchased raw sugar has to be processed into finished products in accordance with the national criteria by November 15, said the circular.
On Sept. 12, China sold 147,000 tons of sugar to the domestic market and a further 139,000 tons on Sept. 19, according to the ministry. Enditem