China aluminium smelters meet to address 'irrational' price spike
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China aluminium smelters meet to address 'irrational' price spike
本帖最後由 geemong 於 2021-8-31 17:32 編輯
China aluminium smelters meet to address 'irrational'
price spike
The China Nonferrous Metals Industry Association (CNIA) held a meeting of the country's
top aluminium smelters on Monday to address what it described as an "irrational surge"
in aluminium prices, which hit a 13-year high in Shanghai.
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Aluminium on the Shanghai Futures Exchange rose as much as 4.2per cent on Monday
to 21,550 yuan (US$3,332), the highest since August 2008, as production curbs in key
Chinese smelting regions - often aimed at easing the strain on the power grid -
spark fears of tight supply.
The 10 companies that participated in the CNIA video meeting included state-run
Aluminum Corp of China Ltd, or Chalco, and top private-sector producer China Hongqiao
Group, according to a CNIA statement published by its research arm, Antaike.
Participants agreed there was "no obvious gap" between supply and demand in the third-
quarter aluminium off-season and that they would strive to cope with rising costs by
improving efficiency, said the statement, which added that the meeting was also aimed
at preventing price speculation.
"Companies will continue to ensure supply and stabilise market expectations," it added.
Shanghai aluminium is up more than 36per cent year-to-date even as China continues
with a rare release of strategic metal reserves - one of a number of measures it is taking
to try to tame high commodity prices and ease the pressure on manufacturers. |
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