China's Aluminum Production Rises by 3.6%

Forex - China's aluminum production in November reached 3.71 million metric tons, an increase of 3.6% compared to the previous year, according to data released by the National Bureau of Statistics. Daily production averaged 123,667 tons in November, up 3% from October's average of 120,000 tons. In a report published last week, Shanghai Metals Market indicated that the increase in production was driven by newly added capacity in the northwestern Xinjiang region and the resumption of operations in the southwestern region. Aluminum traders and producers rushed to ship their loads last month before the changes in the export tax rebate policy, which provided some support to primary aluminum production. However, some smelting facilities reduced their operations for maintenance due to low hydroelectric power supplies during the winter months and rising prices of their main raw material, alumina.