China¡¯s aluminum industry estimated to have $1.8B loss last year

The loss is $1.8B, with 35% of companies losing money, or 89 of 281 aluminum enterprises, Qin Junman, vice president of China Nonferrous Metal Industry’s Foreign Engineering & Construction Co., says in presentation for the Metal Bulletin aluminum conference in Geneva today:

* Industry still expanding, with 2,700 kt/a smelting capacity estimated to be under construction, mainly in Xinjiang, Qinghai, Gansu and Inner Mongolia
* Domestic bauxite production didn’t meet demand of alumina refineries in China
* Domestic bauxite grades “poorer”
* Avg. power costs for aluminum smelters before taxes is highest in China, followed by Brazil, U.S., Australia, India, Norway, Russia, Canada and finally UAE
* “Government support required: government to buy and store ingot to cut inventory”

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