China’s aluminum producers have asked Beijing to introduce tax breaks and buy up surplus supplies to see them through the current bear market, Bloomberg reported. Most producers are to cut output but Wen Xianjun, deputy chairman of China Nonferrous Metal Industry Association, said this was not enough. "They’re hoping for supportive polices such as export tax benefits, an easing in bank lending and even government buying for strategic reserves," Wen said. The entreaties were made at a meeting of 12 aluminum smelters, including Aluminum Corp of China (Chalco), Yunnan Aluminum and Shandong Nanshan Aluminum, and officials from China’s commerce and finance ministries on Tuesday. Aluminum prices have fallen by 22% so far this year, undercutting companies’ operating costs. Chalco saw its third-quarter profit slump 93% year-on-year.
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