China decided to leave export duty on aluminum products unchanged in 2015, the Customs Tariff Commission of the State Council announced December 16, Shanghai Metals Market reported.
Some Chinese smelters had hoped that the export duty would be cut or eliminated entirely next year. Beijing’s goal is still reducing overcapacity in aluminum industry. Should the export tariff be cancelled, the government argued, lots of small and cost-inefficient smelters would reopen, exacerbating an already-in-surplus market.
The aluminum cash price closed as the biggest mover for Friday, December 19. Switching from a downward trend, the metal closed at $1,888 per metric ton following a 1.3% increase. Following a 1.2% rise last Friday, the 3-month price of aluminum closed on the LME at $1,917 per metric ton. The cash price of primary Indian aluminum declined 0.8% to INR 120.55 ($1.91) per kilogram.
Chinese aluminum closed mixed last Friday. The Chinese aluminum cash price weakened by 0.5%, settling at CNY 13,060 ($2,102) per metric ton. After falling 0.5% to CNY 13,070 ($2,104) per metric ton, the price of Chinese aluminum bar reached a 30-day low. Chinese aluminum scrap stayed flat at around CNY 12,900 ($2,076) per metric ton. Chinese aluminum billet saw little change in its price last Friday at CNY 13,700 ($2,205) per metric ton.