China aluminium firms to cut 800,000 tonne of capacity ¨C Report

Reuters reported that analysts from Antaike, the research arm of the China Nonferrous Metals Industry Association, said that China's aluminum producers are set to cut at least another 800,000 tonnes per year of smelting capacity. Chinese smelters have so far closed more than 3.2 million tonnes of capacity in 2018, about 80 percent of that in the second-half of the year amid a slump in aluminum prices

The analysts were attending a key smelter meeting in the southern region of Guangxi, which was called by the metals association.

It was not immediately clear whether the 800,000-tonne figure was Antaike's own estimate or if the research house was citing the other participants at the meeting.

These included top smelters China Hongqiao Group, Aluminum Corp of China Ltd, Xinfa Group, Hangzhou Jinjiang Group and East Hope, Antaike said.

According to Antaike, participants said that the operating pressure on smelters was "reaching the extreme limit" and had surpassed even the worst levels seen in the fourth quarter of 2015.

Three years ago, with prices slumping to around 10,000 yuan a tonne, Chinese smelters gathered for a similar meeting and decided to cut 500,000 tonnes of production by the end of that year.

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