China's top 20 aluminum smelters agree to cut output by 5-10 pct...

China's top 20 aluminum smelters agree to cut output by 5-10 pct - association
19:05
Xinhua Newsfeed
BEIJING (XFN-ASIA) - The 20 largest aluminum smelters in China, including Aluminum Corp of China Ltd (Chalco), have agreed to cut output between 5 to 10 pct from this month in a bid to reduce power consumption and push up prices, an industry association official said.

The smelters have aggreed on the production cuts, an unidentified official with the China Nonferrous Metals Industry Association told XFN-Asia.

He did not say how long the output cut would last.

The 20 smelters accounts for around 70 pct of the country's total aluminium production, he noted.

Chalco, the country's top aluminium producer, said Monday that it expects power shortages to force it to lower output at two aluminum plants with total annual capacity of 500,000 tons in the northern province of Shanxi.

Three-month aluminum hit an all-time high today on the London Metal Exchange at 3,350 usd a metric ton before easing backing to 3,305 at 10.55 am UK time.

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