Aluminum stocks on a roll

China's State Reserve Bureau (SRB) is to buy 400,000 tons of aluminum from the country's seven major aluminum smelters today, in an effort to shore up the struggling industry affected by the global economic downturn, according to industry insiders.

SRB, affiliated to the country's top economic planning agency, the National Development and Reform Commission, will hold a bidding today, sources from the Aluminum Corporation of China Limited (Chalco) said. Chalco is one of the seven invited smelters for the bidding.

The purchasing price may be set at around 12,500 yuan per ton, with payment in two months.