Hongqiao to cut down aluminium production capacity

SHANGHAI: Aluminium producer China Hongqiao Group has shut down 250,000 tonnes of production capacity as Chinese producers look to combat a slump in local prices to record lows.

The output cut, which mirrors similar moves over the past month by the copper, zinc and nickel industries, followed a meeting of 14 major Chinese aluminium smelters in the southwestern city of Kunming in Yunnan province.