China's aluminum prices suppressed by government's metals stock release
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Update time : 2021-07-21 17:31:22
China's aluminum prices continue to be under pressure as China is keeping on releasing metals stocks from its reserves in batches in the next few months in order to decrease pressure on downstream processors and fabricators, as well as to stablize the aluminum prices.
China's domestic aluminum prices have gone up in recent weeks due to power supply shortages pushing up material prices.
Smelters in Yunnan province have shut down around 900,000 tons of capacity per year due to power supply shortages and may delay their plans for production from mid or late July.
In addition, new projects will face challenges due to electricity shortages in the summer season.
The main theme of domestic favourable macro front remains unchanged, SHFE aluminium prices showed a ‘v-shaped’ rebound today
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