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Chinese zinc smelters plan to cut 500000 tonnes production-The 17th China(Guangzhou)Int’l Spring Industry Exhibition
11/24/2015 Spring Industry expo |
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Bloomberg reported that a top zinc smelters in China, which produces more than 40 percent of the world’s metal, plan to cut refined output by 500,000 tonnes next year after prices fell to the lowest level in more than six years. The cuts announced by the Chinese smelters equal about nine percent of the country’s production last year or almost four percent of world output.
The 10 smelters, including the biggest Zhuzhou Smelter Group Co, also called for strict controls over new capacity, according to a joint statement posted on the website of Shanghai-based consultancy SMM Information & Technology Co.
Current market prices don’t reflect fundamentals and create operational difficulties, the statement said, citing decisions made at a meeting Friday in Shanghai.
Huludao Zinc Industry Co, Shenzhen Zhongjin Lingnan Nonfemet Co, Henan Yuguang Zinc Industry Co and Yunnan Chihong Zinc & Germanium Co were among smelters at the meeting, according to the statement.
Mr Li Qi, chief metals analyst at Cofco Futures Co from Shanghai said “The joint production cut plan will boost prices in the short-term. Whether it can support the market for a longer period depends on the implementation and recovery in demand.”
Global refined zinc output of 10.486 million tons January through September exceeded demand of 10.298 million tons, the International Lead and Zinc Study Group said in a report Nov. 18.
弹簧展-2016第十七届广州国际弹簧工业展览会-全球最大弹簧展会-巨浪展览
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- spring industry - spring industry expo-The 17th China(Guangzhou)Int’l Spring Industry Exhibition
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