China Nonferrous Metals Industry Association held a meeting of the country’s top aluminium smelters last week to address what it described as an irrational surge in aluminium prices, which hit a 13 year high in Shanghai. The 10 companies that participated in the CNIA video meeting included Aluminum Corp of China Ltd and China Hongqiao Group. Participants agreed there was no obvious gap between supply and demand in the third-quarter aluminium off-season and that they would strive to cope with rising costs by improving efficiency. Companies will continue to ensure supply and stabilise market expectations.Aluminium on the Shanghai Futures Exchange touched CNY 21,550 (USD 3,332) a tonne, the highest since August 2008, as production curbs in key Chinese smelting regions often aimed at easing the strain on the power grid spark fears of tight supply.
China Nonferrous Metals Industry Association held a meeting of the country’s top aluminium smelters last week to address what it described as an irrational surge in aluminium prices, which hit a 13 year high in Shanghai. The 10 companies that participated in the CNIA video meeting included Aluminum Corp of China Ltd and China Hongqiao Group. Participants agreed there was no obvious gap between supply and demand in the third-quarter aluminium off-season and that they would strive to cope with rising costs by improving efficiency. Companies will continue to ensure supply and stabilise market expectations.Aluminium on the Shanghai Futures Exchange touched CNY 21,550 (USD 3,332) a tonne, the highest since August 2008, as production curbs in key Chinese smelting regions often aimed at easing the strain on the power grid spark fears of tight supply.
