For the first time in a decade, China has released some of its strategic metal stocks to try to dampen a price rally hurting manufacturers. It has also released coal and imported corn reserves to cool prices, while buying pork to prop up that market.
It is not thought to hold any tin or lead, according to The International Tin Association and International Lead and Zinc Study Group, respectively.China's grain reserves are sufficient to feed its 1.4 billion citizens, with the storage capacity exceeding 650 million tonnes, Xinhua reported in April, but did not specify how long the reserves could feed the population.
Wheat and rice make up about 70 per cent of China's state grain reserves, which are held both centrally and at local levels, state TV reported in August 2020. China stepped up imports of pork for its reserves after African swine fever reached the country in August 2018 and wiped out 50 per cent of the country's pigs within a year.
However total crude oil inventories, including the SPR, commercial storage and those at oil firms, are estimated to be able to cover 60 days of consumption, said Liu Yuntao, an analyst at Energy Aspects.
Probably 50 years worth.... enough to win a war
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