China to auction 250,000 tons of sugar reserves

BEIJING - China will auction 250,000 tonnes of sugar from state reserves on May 31, with the starting price set at 4,000 yuan (about $615) per tonne, the country's Ministry of Commerce announced Friday.

It will be the government's fifth auction of reserve sugar produced during the 2010-2011 crushing season, aiming to ensure market supply and stabilize prices.

In the previous four auctions, China sold 760,000 tonnes of reserve sugar.