ReturnAccording to a circular issued by China Cocoon and Silk Coordination Office on May 31, China will release 900 metric tons of raw silk from its central reserves in a bid to stabilize soaring cocoon and silk prices and cool the market. These reserves are divided into 150 units, 6 tons for one unit. And each company has a maximum bid of 5 units totaled 30 tons.
The reserves are 20/22D raw silk graded at 3A and above and stored in March 2015. This time, the bidding only accepts online quotation, and offline quotation are not accepted. The price review committee will rank the bidding prices within a reasonable range from high to low. When the quotations are the same, the bidding price which is submitted first shall prevail.
The result will be published online before July 15 by National Cocoon and Silk Office, please be aware.
Since the beginning of this year, due to multiple factors, especially the transmission of global price rise, some commodities have seen extended price rally, with the prices of some varieties hitting new records.
China will work to ensure the supply of commodities and keep their prices stable, to maintain steady economic performance, the State Council executive meeting chaired by Premier Li Keqiang decided on May 19.
