SHFE Aluminum Soars after Much-Higher-than-Expected Cut Rumor at China Hongqiao

Published: Aug 02, 2017 14:12 (GMT+8)

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SHFE aluminum gained almost 2.5% just now following rumor that China Hongqiao Group will shut down 2.6 million tonnes of aluminum capacity.

SHANGHAI, Aug. 2 (SMM) – SHFE aluminum gained almost 2.5% just now following rumor that China Hongqiao Group will shut down 2.6 million tonnes of aluminum capacity.

When Will China Aluminum Stocks Peak After Hitting Record High? SMM Reports

According to the rumor, the closure, which is much higher than 1.4 million tonnes market had expected, will be completed before October 15.

SMM Analysis of Shandong Alumina and Aluminum Capacity Cut Policy

The company has made no comments so far.

The cuts will not exceed 2 million tonnes since the company’s aluminum capacity is not that much, SMM estimates. SMM will track the latest development.

For news cooperation, please contact us by email: sallyzhang@smm.cn or service.en@smm.cn.

China Hongqiao Group china aluminum capacity

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