Chinalco Cancels Aluminum Deals with Independent Traders

SEATTLE (Scrap Monster): A unit of Aluminum Corp of China Ltd, the country's top state-owned metals producer, has terminated some aluminum contracts amid a government-led investigation into deals in the market, Bloomberg News reported on Monday.

China Aluminum International Trading Group Co has notified several independent traders that it will not deliver or purchase aluminum ingots under term contracts for the rest of the year, Bloomberg reported, citing unnamed people with knowledge of the matter.

Aluminum Corp of China Ltd, known as Chinalco, did not immediately respond to emailed requests for comment or answer telephone enquiries after business hours on Monday.

Bloomberg said it was unclear how much aluminium would be affected.

Courtesy: www.nasdaq.com