Henan Province to buy 500,000 tonnes aluminum for reserve

Dow Jones Commodities News reported that China's Henan province will purchase 500,000 metric tons of aluminum for its provincial reserve to help local smelters weather the economic downturn.

Mr Li Ke Henan Vice Governor said in Henan, China's largest aluminum-producing province by output with about a quarter of the market share, around 40% of local smelters have halted production as the price of the metal fell below operation costs. He said that "Henan government will implement various measures to strengthen its support for enterprises in difficulty, and the aluminum industry is among the most important ones."

Xinhua said the provincial government is requiring smelters that receive aluminum orders to restart by the end of March. Henan may also help to reduce production costs for local smelters by providing subsidies and lowering coal prices for power plants that supply electricity to the smelters

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