China’s aluminum producers are set to cut at least another 800,000 tonnes per year of smelting capacity in coming months, according to an official at the industry body that organized a rare meeting of smelters on Friday.
The official from the China Nonferrous Metals Industry Association (CNIA) said the figure - first mentioned in a note sent by Antaike analysts at the meeting - was the volume by which the 20 firms attending the gathering planned to reduce their capacity. Antaike is the research arm of CNIA.
CNIA called the meeting - held in the Guangxi region of southern China - in response to aluminum prices that are near two-year lows amid softening demand in the world’s biggest market for the metal.
Participants at the meeting included top smelters China Hongqiao Group, Aluminum Corp of China Ltd, or Chalco, Xinfa Group, Hangzhou Jinjiang Group and East Hope, Antaike said in a note posted on the social media platform Wechat.
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