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QINGDAO TODAY
在线翻译:
szdaily -> Business/Markets -> 
Aluminum firms to meet to discuss market slump
    2018-12-21  08:53    Shenzhen Daily

REPRESENTATIVES from China’s biggest aluminum producers will hold a meeting Friday in the southern region of Guangxi to discuss slumping demand and falling prices, said three sources familiar with the matter.

The producers held a similar gathering in late 2015, and the meeting comes as a protracted price decline leaves smelters struggling to turn a profit, even after significant output cuts. China is the world’s biggest producer and consumer of aluminum.

The China Nonferrous Metals Industry Association (CNIA) called the meeting, which will be held in Nanning, the capital of the Guangxi region, to discuss the current state of the market, the sources said Wednesday.

One source said China Hong- qiao Group, the world’s biggest aluminum maker, will be represented at the meeting by the general manager of its sales unit.

A second source, an executive at Aluminum Corp. of China Ltd., said he was also going to Guangxi to attend the gathering.

Wen Xianjun, the CNIA vice president in charge of aluminum, did not answer calls seeking comment.

China Hongqiao said in a statement Thursday that it had received the invitation and will attend but could not disclose details on the closed-door meeting.

Aluminum futures on the Shanghai Futures Exchange (ShFE) have lost 14 percent so far in 2018, on course for their worst year since 2015 amid ample supply and falling Chinese demand. Prices were at 13,610 yuan (US$1,970.20) a ton Thursday, and earlier this month dropped to their lowest since September 2016.

“This gathering together is more like the one that happened at the end of 2015, when the ShFE prices went down to below 10,000 yuan,” said Jackie Wang, an analyst at commodities consultancy CRU in Beijing.

“And I think probably the producers — the major ones — will talk about what they can do to support the market, if there’s a possibility to do further curtailments,” she added.

CRU estimates that 2 million tons of annual aluminum capacity in China has been shut because of the price fall.

(SD-Agencies)

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