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Major aluminum producers plan joint venture for commercial storage

(chinadaily.com.cn)
Updated: 2016-01-14 09:03
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A worker at a production line of Nannan Aluminum Co Ltd in Nanning, capital

 of Guangxi Zhuang autonomous region. [Photo/China Daily]


Six Chinese major aluminum producers are likely to form a joint venture for possible commercial storage of aluminum amid huge overcapacity and shrinking demand, a source quoted by China Securities Journal said.


Though the details have not been disclosed, the move by the aluminum majors - Aluminum Corporation of China (Chinalco), China Power Investment Corp, Shandong Weiqiao Aluminum and Electricity Corp and Jiuquan Iron and Steel Group - sends a positive signal to the already-limping sector, experts said.


Earlier report by Reuters said that the government planned to purchase and store about a million tons of aluminum last year in a bid to help support the domestic market.


The commercial storage is a different concept from purchase and storage from the government. It means that each company will put a certain amount of their products together to realize a centralized reserve, experts said.

 

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