Chinese Electrolysis Aluminium Companies Reduce Output to Lower Prices
Posted on: Thursday, 12 January 2006, 18:00 CST
Text of report in English by official Chinese news agency Xinhua (New China News Agency)
Beijing, 12 January: Seventeen Chinese electrolysis aluminium companies have reduced output by 10 per cent, or 335,000 tons, in the past month, in a move to ease soaring aluminium prices in China.
An official with the Chinese Association of Nonferrous Metals Industry said here Thursday that the effects of the output reduction by most Chinese electrolysis aluminium companies have been seen in the domestic and international aluminium oxide and electrolysis aluminium markets.
Wen Xianjun, vice dean of the association's coordination department, said the price of imported aluminium oxide currently stands at around 600 US dollars per ton, but no further rises are expected in the near future.
The global aluminium price has reached a 17-year high of over 2,320 US dollars per ton, and China's domestic aluminium price is at 19,000 yuan (about 2,354 dollars) per ton.
Wen said the aluminium price trend in China will hinge on the results of output reductions by Chinese aluminium companies in the future.
On 1 December 2005, China's 23 large-scale electrolysis aluminium companies convened in Beijing and promised to jointly reduce production this year to lower the price. With a total production capacity of six million tons, the 23 companies turn out approximate 55 per cent of China's national aluminium output.
Besides the original 17 companies, six other aluminium companies also plan to reduce their production this year, according to the association. China is now the world's second-largest user of aluminium. Its high-speed economic growth fuels demand for the metal in construction, cars and home-appliances.
Source: BBC Monitoring Asia Pacific
Related Articles
- China's Producer Price Index for Manufactured Goods Rises 6.1% for January 2008, an Industrial Info News Alert
- China's Three Oil Giants Produce 174 Mln Tons of Crude Oil in 2005
- China's Silver Price Hits Record High
- China Focus: Young Chinese Scrambling for Job Amid Glut of College Graduates
- E. China Province Reports Great Achievements in Coal Mine Production Safety
- China to Maintain High Growth in Iron Ore Production
- Economic Review: China Capable of Maintaining Annual Oil Output of 180 Million Tons in 20 Years
- China's Steel Industry Says Goodbye to Low-Cost Production
- China Steel Prices Rebound After Declining for More Than 100 Days
- China Scraps VAT Exemption for Export-Oriented Steel Products
 |
 |
User Comments (0)
RSS Feeds