Ten major Chinese smelters have agreed to reduce refined copper output by 350,000 metric tons in 2016 as a “necessary measure to maintain healthy development of the industry,” The Wall Street Journal reported, citing a statement from the companies. The statement followed a three-day meeting of producers that began Saturday after eight nickel producers on Friday announced plans for a production cut of 15,000 metric tons to begin in January. The copper companies also called for the government to absorb surplus output through a purchase agreement plan, suspend licensing of additional copper smelters and to attract capital to the industry through share holding as well as mergers and acquisitions.
You must log in to post a comment.
Yes, I would like to receive emails from China Economic Review. (You can unsubscribe anytime)
Copyright © 2018 SinoMedia Group Limited All rights reserved