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Date: 24-Mar-2017:



USDINR opened at 65.51 and closed at 65.41 on Metropolitan Stock Exchange of India In India.


Monday, June 13, 2011

Chinese Aluminum Prices May Be Capped

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. Reuters reported

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% on the year to 880,000 tonnes. Analysts said that last week's rise in local aluminum prices had been supported by China's power shortages and last week's power price hikes, which could raise production costs and force some smelters to cut output.

A smelter source said that increased exports of semi finished products have underpinned metal consumption and the exports would rise further in June and July due to firm LME prices. The exports are also allowed 13% tax rebates. But Chinese smelters were unlikely to export primary aluminum given the metal carries 15% export tax and is not subject to any tax rebates.

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