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Chinalco to shut biggest aluminium smelter on low prices- 2016 China(Guangzhou)Non-Ferrous Metals Exhibition
10/21/2015 non-ferrous metals expo |
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Reuters reported that Chinese aluminium giant Aluminum Corp of China (Chinalco) plans to shut down its biggest smelter accounting for about an eighth of its total capacity due to low prices. According to a report on the website of industry body China Nonferrous Metals Industry Association, Chinalco vice president Mr Jiang Yinggang announced the shutdown of the Liancheng smelter in the northwestern province of Gansu during a visit with other company officials. The report gave no details on the timing of the shutdown
The smelter has an annual capacity of about 550,000 tonnes as compared with Chinalco''s total capacity of more than 4 million tonnes.
Liancheng was Chinalco''s worst performing smelter and the company had been unable to turn it around. Liancheng had recorded losses of 1.99 billion yuan since 2011 due to high production costs and weak aluminium prices, which had fallen up to 36 percent during the period. Production costs at Liancheng averaged 13,860 yuan a tonne in the first 8 months of this year,. This compared to an average in China of about 12,840 yuan and 11,330 yuan a tonne for the lowest cost producer, he said.
The shutdown reflects mounting pressure on even state-owned companies in the face of slower economic growth and a planned restructure of state-owned enterprises, although it is not expected to have much impact on a forecast domestic output surplus this year.
有色金属展-2016年第十七届广州国际有色金属展览会-巨浪展览
non-ferrous
metals- 2016 China(Guangzhou)Non-Ferrous Metals Exhibition
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