Aluminium ingot prices on the Shanghai Futures Exchange rose as much as 3.9% in night trading on Friday to 24,700 yuan ($3,834) a tonne, the highest since May 2006, as curbs on electricity usage by smelters leave the market fearing a shortage of supply.(File pic show aluminium ingots at Port Klang, Malaysia.)
China Zhongwang Holdings Co, a maker of aluminium products, said on Friday it had been notified of "severe difficulties" at two subsidiary companies, as Chinese prices for the metal hit a 15-year record high.
Liaoyang Zhongwang Superior Aluminium Fabrication Co and Liaoning Zhongwang Group Co are facing problems due to "major losses and business hardship," Zhongwang said in a statement to the Hong Kong stock exchange, without elaborating.
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