China private aluminium stocks up to 600,000 tonnes - Chalco

Top News reported that China is said to possess private aluminium stock up to 600,000 tonnes according to country's leading metal producer Aluminum Corporation of China Limited. The stock is considered lower than earlier estimates of 700,000 tonnes. It becomes equivalent to around half the 1.1 million tonnes aluminium imported by China up to August 2009. Mr Xiong Weiping chairman of Chalco said that "China is having a surplus problem. If demand improves it would take about 3 years time to get the oversupply easing.'' Mr Weiping hoped that the country will produce 13.2 million tonnes of primary aluminium for the current financial year consuming around 12.85 million tones during the fiscal. China, the top producer of the metal in the world has been reporting substantial increase in metal prices since the beginning of current financial year given to the move of China's State Reserves Bureau to by metal directly from the sellers. (Sourced from topnews.com)