SHANGHAI, Apr 1 (SMM) – Shandong Weiqiao Group, the top aluminium producer in China, cut its benchmark purchasing price for prebaked anode following a plunge in prices of petroleum coke, raw material for anodes.
Weiqiao reduced the benchmark cash price by 170 yuan/mt to 2,660 yuan/mt for April, after it raised the benchmark for two consecutive months.
Prices of petroleum coke have been on the decline since late March.
Wider losses and weaker demand also prompted the aluminium producer to lower its bid for raw material. SMM data showed that Weiqiao has scaled back capacity by 625,000 mt/year.