China offers the second batch of silver export quota in 2002
2002-09-13 13:14:29
g9999.com
The Chinese government offered the second batch of silver export quota of 480 tonnes in 2002. The accumulated quota offered has reached 1,740 tonnes, according to Reuters.
According to a Chinese silver trading firm¡¦s executive, it is expected that the quota in 2002 would not be used up due to weak global silver price. If it is the case, the Chinese government is not likely to issue new quota during the rest of 2002.
The volume of the first silver export quota was 1,260 tonnes, higher than the total quota of 1,260 tonnes in 2001. When the government offered the first round quota, global silver price was rising. The executive pointed out that, at present, almost all the first round quota had been used up.
Being one of the largest silver producing country, domestic demand for the metal has been growing healthily. It is expected that the production in 2002 will increase to 2,000 tonnes from 1,900 tonnes in 2001. However, the actual volume produced in 2002 could be greater than 3,000 tonnes since the government has not taken private exploration and production into account.
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