SHANGHAI, Nov. 12 (SMM) – Aluminum prices in China are nowhere near bottom even when they are now just one step to 10,000 yuan per tonne, cnmn. com predicted.
Despite production cuts in China, the country’s aluminum output kept hitting new highs. China produced 21.07 million tonnes of aluminum during January-August, a 12.2% jump from a year ago, data from the China Non-Ferrous Metals Industry Association (CNIA) showed.
Rumor is flying that power tariffs for aluminum smelters in Gansu, Ningxia and Qinghai will cut from 0.35-0.37 yuan/Kwh to 0.25 yuan/Kwh, equating to 1,300 yuan cost savings per tonne of aluminum produced, cnmn. com said.
Power tariffs at most Chinese aluminum smelters averaged over 0.35 yuan/Kwh in October, cnmn.com quoted data from Asian Metal.
Falling coal prices also mean there is still room for aluminum costs to drop, cnmn. com pointed out.
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