English: A further distortion by the Chinese State is in the form of interventions in the market by the State Reserves Bureau (‘SRB’) which is part of the National Development Reform Commission (‘NDRC’). At the end of 2008 and the beginning of 2009 the SRB started buying up stocks of primary aluminium from smelters. This was a stimulus package aimed at limiting the effects of the global financial and economic crisis which cut demand. Those State-backed purchases absorbed most of the stocks in the domestic market in March and April 2009, driving up prices during the first half of 2009. The SRB sold primary aluminium back onto the market such as at the start of November 2010 when the SRB sold 96000 tonnes by auction as reported by Bloomberg [4]. The Xinhua News Agency reported the stockpiling measures in December 2008, explaining that it was planned to accumulate 300000 tonnes of aluminium at prices which were 10 % higher than the market price in a measure designed to prop up prices [5]. The SRB stockpiling plan involved buying from several Chinese smelters although around half was to be bought from the Aluminium Corporation of China Ltd Furthermore, the Minister in charge of the NDRC explained that other parts of the stimulus package included relaxed export controls, electricity subsidies, reduced electricity prices and raising loan ceilings. The package is reported to have had an immediate effect on prices. The above demonstrates that the Chinese State has a primary role in the setting of prices of primary aluminium and that it interferes in the market.
Danish: En anden forvridning fra den kinesiske stats side sker i form af interventioner på markedet gennem State Reserves Bureau (»SRB«), som udgør en del af National Development Reform Commission (»NDRC«). Ved udgangen af 2008 og i begyndelsen af 2009 startede SRB med opkøb af lagre af primæraluminium fra smelteanlæg. Dette var en vækstpakke, hvis mål var at begrænse virkningerne af den globale finansielle og økonomiske krise, som dæmpede efterspørgslen. Disse statsstøttede køb opsugede de fleste af lagerbeholdningerne på det hjemlige marked i marts og april 2009 og førte til prisstigninger i første halvdel af 2009. SRB solgte primæraluminium i sin rå form tilbage til markedet i begyndelsen af november 2010, da SRB ifølge Bloomberg solgte 96000 ton ved en auktion [4]. Nyhedsagenturet, Xinhua News Agency, berettede om disse foranstaltninger til opbygning af lagre i december 2008 og oplyste, at der var planer om at samle op til 300000 ton aluminium til priser, som var 10 % højere end markedsprisen, i en foranstaltning, der var udarbejdet for at øge priserne [5]. SRB's plan om opbygning af lagre omfattede køb fra en række kinesiske smelteanlæg, omend ca. halvdelen skulle købes af Aluminium Corporation of China Ltd. Endvidere forklarede ministeren med ansvar for NDRC, at andre dele af vækstpakken omfattede en lempelse af eksportkontrol, el-subsidier, nedsatte elpriser og højere lofter for lån. Det oplyses, at pakken havde en øjeblikkelig virkning på priserne. Ovenstående viser, at den kinesiske stat spiller en afgørende rolle ved fastsættelsen af priser for primæraluminium, og at staten intervenerer på markedet.