Save
PrintBloomberg reported that Aluminum Corp of China will slash annual production capacity by 18% and has said it may consider further cuts because of falling metal prices and weak demand.
Chalco in a statement to Bloomberg News recently said that the company will trim some production in provinces including Shandong, Henan and Liaoning and Inner Mongolia Autonomous Region, where costs were relatively higher. The total capacity reduction will amount to 720,000 tonnes a year.
Mr Chris Ding a Beijing based analyst at China International Capital Corp said that "We expect more news on production cuts this quarter. The level of the production cut was not enough to reverse an oversupply in China next year. Chalco dropped 6.5% to HKD 3.18 in Hong Kong trading, taking this year's loss to 80%.
Chalco and 19 domestic rivals agreed to cut output by 10% in July. The largest producers in China had promised to cut output because of a power shortage and weakening demand. Chalco said on October 6 that third-quarter profits may tumble by more than half on higher costs and falling demand.
Editor: Ivy
M S N: noble-ferroalloys@hotmail.com
E-mail: tiandandan226@yahoo.com.cn
Write to editor: service@ferro-alloys.com
Copyright © 2013 Ferro-Alloys.Com. All Rights Reserved. Without permission, any unit and individual shall not copy or reprint!
- [Editor:editor]
Daily News
Research
Magazine
Company Database
Customized Database
Conferences
Advertisement
Trade
Online inquiry
Contact
Tell Us What You Think