China's big aluminum smelting company cut back spot goods to shore up selling prices
Traders and industry observers note that some of big aluminum smelting companies are trying to shore up selling prices by limiting sales of aluminum ingots together.
The action may continue for coming months, aiming to gain more saying right in the Chinese aluminum market, which is considered dominant by distributors.
The price rising is likely to result in less export of semi-finished aluminum products.
As the top producer and consumer of aluminum, China has failed to cut back on aluminum capacity over past ten years, which saw year-on-year increase of 7.7% to 24.4 Mt.