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