Top Chinese government officials have ordered state-owned buyers to find oil and gas, iron ore, barley and corn supplies they need due to the Russia/Ukraine conflict, Bloomberg reported. China is heading into peak demand season for many commodities.
According to sources, there was no mention of prices or other guidance to ensure supplies. Officials are worried about even higher commodity costs on the Chinese economy.
The Chinese economy has already felt pressure from the pandemic, supply chain pressures and geopolitics including a diplomatic spat with Australia. Chinese officials are expected to reveal plans to support the Chinese economy during the National People’s Congress begins this weekend.
