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在线翻译:
szdaily -> Markets
Chalco increases output as rivals retreat
    2017-August-21  08:53    Shenzhen Daily

ALUMINUM Corp. of China Ltd. (Chalco) increased its primary aluminum production by 250,000 tons in the first half of 2017, its president said Friday, as the firm takes advantage of capacity cuts by private rivals.

There will be further investment in raising output in the second half of the year, Ao Hong, president of Chalco, said on an earnings call.

Such investment would not make a big contribution to the company’s total output this year and only be “gradually reflected” next year, he said.

Chalco did not provide an outright production figure for the first half of 2017 when it filed its financial results Thursday. Its net income increased more than 10-fold in the first half from a year ago, it said.

Consultancy AZ China estimates Chalco produced 2.95 million tons of primary aluminum in 2016 and forecasts that to rise by 15 percent to 3.39 million tons this year.

A further increase in production would put Chalco in a position to capitalize on aluminum prices that have been driven to multi-year highs by capacity cuts by the likes of China Hongqiao.

The firm’s smelting capacity is about 5 million tons per year, Ao said, adding that Chalco was following instructions from the State Council — or Cabinet — on supply-side reform but does not expect to be impacted by the policy in a big way.

Chalco’s equity production capacity, however, is not as high as 5 million tons a year because some Chinese provinces still own their capacity, even if Chalco operates it, Ao said.

Construction of new capacity is ongoing in some parts of China but “we cannot give you very specific numbers” because the projects still await government approvals, he said.

The most actively traded Shanghai aluminum futures contract fell 0.61 percent to 16,350 yuan (US$2,450.83) per ton Friday, having slipped from a five-year high of 16,660 yuan hit Thursday. (SD-Agencies)

 

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