The rise of electric vehicles to promote metal demand will expand inventory next

The Korea Materials Supply Agency (PPS) said it is likely to increase non-ferrous metal inventories next year as the production of such products as electric vehicles will increase the demand for such raw materials.

About 50 years have passed since Korea Materials Supply Agency managed its raw materials, the agency provided it to enterprises in the event of raw material shortage or price increases to help them weather the storm.

"We still can not confirm next year's plan, but think (non-ferrous metals stocks) will increase more than this year," said Park Chun-sup, the new head of supplies department, in an interview with Reuters on Thursday.

The organization usually holds a total of about 250,000 tons of non-ferrous metals and rare metals stocks, aluminum accounted for more than half of them.