China 13 major zinc/lead smelters not planning to cut output - report 09:17 Xinhua Newsfeed
BEIJING (XFN-ASIA) - Thirteen major zinc and lead smelters have no plans to cut output, following announcements by some industry participants that they will reduce production, the official China Securities Journal reported.
The producers include Hunan Zhuye Torch Metals Co Ltd (SHA 600961), Shenzhen Zhongjin Lingnan Nonfemet Co Ltd (SZA 000060) and Yunnan Chihong Zinc & Germanium (SHA 600497), who met in Beijing yesterday, the report said.
The report said some of the large producers are reporting low inventories.
Hunan Zhuye Torch Metals currently has nearly zero stocks, while Shenzhen Zhongjin Lingnan has less than 1,000 tons, it said.
Earlier, 27 other zinc and lead smelters reportedly agreed to cut output by 10 pct from this month until September in a bid to prop up market prices.
The companies announced their output cuts at an industry conference in Shanghai over the weekend.
The news follows a similar 5-10 pct output cut in aluminum output by the country's 20 largest smelters on Thursday.
A personalised tool to help users track selected stocks. Delivering real-time notifications on price updates, announcements, and performance stats on each to help make informed investment decisions.
(20min delay)