Author: 06 Jun 2013 Last updated at 07:08:49 GMT

China's top producer announces 9% cut in aluminum production

SHANGHAI (Scrap Monster) : Weak aluminum prices have forced Chalco- the top Chinese aluminum producer to cut the production by 9%. The company has announced temporary shutdown of facilities in China.

Chalco ( Aluminum Corporation of China) in its regulatory filing submitted to the Securities and Exchange Commission states that it will cut around 380,000 metric tons aluminum facility. However, Chalco has not listed out the names of facilities that would be closed.

The other big industry players like Rusal and Alcoa had earlier announced their decision to significantly cut down production due to weakening prices and falling demand. Rusal-world’s largest producer of the metal had earlier announced to downsize production by 300,000 metric tons by 2013. The company also is seriously planning to permanently shut down 275,000 metric tons facilities by 2015 end. Recently, Alcoa announced 15-month review programme to identify loss-making units and announced production cuts to the range of 460,000 metric tons.

The global aluminum market is seen passing through tough times as the price has fallen drasticallyin the recent past. Moreover, the global market surplus situation is anticipated to worsen further. Chalco had reported a net loss in operations the previous year mainly due to the narrowing demand and falling prices.

METAL PRICE CHARTS

GET PRICE CHARTS

Platinum Scrap Price Charts

22ct Gold Scrap Price Charts

14ct Gold Scrap Price Charts

RELATED NEWS

Malaysian scrap imports soared 69% in Sep '14

December 22nd 2014 03:06 AM
Malaysian scrap imports soared 69% in Sep '14
The recently released imports statistics indicate that Malaysia's scrap imports rebounded sharply year-on-year during the month of September this year

Japanese H2 scrap average prices dropped

December 22nd 2014 02:44 AM
Japanese H2 scrap average prices dropped
The average price of Japanese H2 scrap declined sharply during the third week of December

Brazilian November scrap export price fall 20% year on year: trade group

December 18th 2014 08:56 AM
Brazilian November scrap export price fall 20% year on year: trade group
Brazilian iron and steel scrap export prices in November fell to the lowest level of the year.

Tokyo Steel cuts scrap purchasing price at all works

December 15th 2014 09:54 PM
Tokyo Steel cuts scrap purchasing price at all works
The country's top producer of H-beams- Tokyo Steel has announced cut of ¥ 1,000/ton in scrap purchasing prices
Scrap Item Price Unit
6061 Extrusions 0.81 $US / Lb
Old Sheet 0.71 $US / Lb
Al/Cu Radiators 1.60 $US / Lb
Old Cast 0.72 $US / Lb
6063 Extrusions 0.83 $US / Lb
Zorba 90% NF 0.73 $US / Lb
Next Story