Economy

China to auction state sugar reserves

(Xinhua)
Updated: 2011-07-05 10:18

BEIJING -- China will auction 250,000 tons of reserve sugar on Wednesday, the Ministry of Commerce (MOC) announced Monday in a notice on its website.

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The reserve sugar -- produced this year -- will be sold to Chinese food processing companies at a base price of 4,000 yuan ($618.24) per ton, according to the notice.

In Beijing, price of sugar stood at 7,300 yuan per ton Monday.

In south China's Guangxi Zhuang autonomous region, the country's largest sugar producing area, the price was 7,190 yuan per ton.

The price of sugar in China stood at 2,800 yuan per ton in October 2008.

China's consumer price index (CPI), the main gauge of inflation, rose 5.5 percent year-on-year in May -- a 34-month high.