Aluminium producer China Hongqiao Group said it will shut down 250,000 tonnes of production capacity starting on Thursday, as Chinese producers look to combat a slump in local prices to record lows.
The output cut, which mirrors similar moves over the past month by the copper, zinc and nickel industries, followed a meeting of 14 major Chinese aluminium smelters in the southwestern city of Kunming in Yunnan province.
"We will not consider resuming production of the (250,000 tonnes) capacity," a China Hongqiao official told Reuters.
For Free Signals and other KLSE online updates, click here OR Give A Missed Call : +60350219047 Follow Us On Twitter : www.twitter.com/epicresearchmy Like Us On Facebook : www.facebook.com/EpicResearchMalaysia Need Any Assistance Feel Free To Mail Us at : info@epicresearch.my
The output cut, which mirrors similar moves over the past month by the copper, zinc and nickel industries, followed a meeting of 14 major Chinese aluminium smelters in the southwestern city of Kunming in Yunnan province.
"We will not consider resuming production of the (250,000 tonnes) capacity," a China Hongqiao official told Reuters.
No comments:
Post a Comment