On Saturday, March 5, the National Development and Reform Commission (NDRC) stated in a report at the National People’s Congress that they will closely observe the availability and pricing of some raw materials as well as tighten commodities reserves of aluminium to maintain supply chain security.
In addition to this, NDRC has also decided to come up with a forewarning against the risks involved in industrial and supply chains, as well as speed up the construction of national commodities reserves for aluminium and transportation base.
“Demand is weak and supply is constrained, while commodity prices such as energy and minerals remain high, pressuring companies’ key production and operation indicators,” added the NDRC.
According to the report, NDRC promised to stabilise the supply and pricing of raw materials and basic goods. To safeguard industries from skyrocketing raw material prices, China released batches of crude oil, refined oil, copper, aluminium, and zinc from its national reserves in 2021.
It has also increased ingredient price control and strengthened steps to combat speculation in both spot and futures markets.
NDRC also stated that it will advise upstream and downstream industries on how to stabilise supply and improve production-sales collaboration. According to the research, it will hasten the discovery and exploitation of oil, natural gas, and ores.