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China Tianyuan to double secondary aluminium capacity

(Xinhua)
Updated: 2009-11-03 15:45

China's Sanmenxia Tianyuan Aluminium Co plans to double its production capacity of secondary aluminium next year to 100,000 tons, as the aluminium market recovers, a senior executive of the company said on Tuesday.

"Although there is overcapacity for now, aluminium consumption will definitely increase every year," said Xiao Chongxin, deputy general manager of the company.

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"We are optimistic about the primary aluminium market next year, but cautious on price outlook."

Xiao expected aluminium prices to hover around 16,500 yuan ($2,417) a ton next year.

Sanmenxia Tianyuan currently has production capacity of 50,000 tons. Part of the secondary aluminium is used as feedstock for its aluminium products.

The benchmark third-month aluminium futures contract on the Shanghai Futures Exchange MAL3 rose 32 percent so far this year, but lagged behind a strong rally in copper that more than doubled prices.