Fall in SHFE Aluminium attracts traders and downstream producers to spot Market in China

<p>Both traders and downstream producers thronged into east China spot aluminium market today when SHFE aluminium fell back for two consecutive days.&nbsp;</p> <p style="text-align: center;"><img style="vertical-align: middle;" src="http://www.alcircle.com/uploads/images/alustock.jpg" alt="News" width="517" height="226" /></p> <p>The mainstream traded prices for SHFE aluminium were RMB15,900-15,920 /tonne in Shanghai, RMB15,900-15,920 /tonne in Wuxi, and RMB15,930-15,950 /tonne in Hangzhou. Contracts were traded with spot discounts of RMB 90-140 /tonne over SHFE 1709 aluminium. &nbsp;</p> <p>In the midst of growing capacity and slow demand, Inner Mongolia Jinlian Aluminum Co., Jinjiang Group&rsquo;s subsidiary, has reported cuts in aluminium capacity. According to SMM, the company has cut 100,000 tonnes of capacity and will complete closure of another 150,000 tonnes by September 2017. After cutting 250,000 tonnes of aluminium capacity, the company&rsquo;s total capacity will be reduced to 800,000 tonnes.</p> <p>Chinese authorities have taken up the environmental reforms seriously and have already started drawing up implementation regulations for environmental protection tax law, said Bie Tao, Head of policy &amp; regulation department of Ministry of Environmental Protection.&nbsp;</p> <p><a title="potline report" href="http://www.alcircle.com/primary_aluminium/newscircle/general/detail/28445/the-wait-is-over-alcircle-exclusive-report-on-potline-failure-now-available-for-purchase" target="_blank"><img style="vertical-align: middle;" src="http://www.alcircle.com/uploads/images/buynow.gif" alt="News" width="480" height="84" /></a></p> <p>The Ministry of Environmental Protection has objected negligence in environmental protection supervision and pollution and it stands against inadequate and rough inspections while handling environmental issue.&nbsp;</p> <p>&nbsp;</p> <p><strong>&nbsp;</strong></p>