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Chinese Aluminum Prices Seen Capped in June-July by New Capacity
Edited by : AL CIRCLE
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Chinese aluminum prices may be capped by record production and weaker demand over the coming two months as new capacity comes online, which could lead to a boost semi-finished product exports, industry sources said on Thursday.
Monthly production in China, the world's top producer and consumer of primary aluminum, is expected to reach fresh record highs in June and July as an estimated 1.5 million tonnes of new annual capacity is slated to come on stream.
"Chinese aluminum prices are unlikely to rise in the coming two months," said Heng Kun, senior analyst at Essence Securities in Shanghai, citing the new capacity.
Data from the national Bureau of Statistics showed that China's aluminum output hit a monthly record of 1.46 million tonnes in April.
China produced 8.2 million tonnes of semi-finished aluminum products such as profiles and plates in the first 4 months of 2011, up 37 percent on the year. Exports rose 38 percent on the year to 880,000 tonnes.
Monthly production in China, the world's top producer and consumer of primary aluminum, is expected to reach fresh record highs in June and July as an estimated 1.5 million tonnes of new annual capacity is slated to come on stream.
"Chinese aluminum prices are unlikely to rise in the coming two months," said Heng Kun, senior analyst at Essence Securities in Shanghai, citing the new capacity.
Data from the national Bureau of Statistics showed that China's aluminum output hit a monthly record of 1.46 million tonnes in April.
China produced 8.2 million tonnes of semi-finished aluminum products such as profiles and plates in the first 4 months of 2011, up 37 percent on the year. Exports rose 38 percent on the year to 880,000 tonnes.
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