3 Nov 2009 06:58

Shanxi Guanlu restarts 40,000-ton aluminum facility

Shanghai. November 3. INTERFAX-CHINA - Shenzhen Stock Exchange-listed Shanxi Guanlu Co. Ltd. recently restarted operations at a 40,000-ton aluminum production facility on the back of rebounding aluminum prices, the company announced on Nov. 3.

"Currently, we are running at our full annual capacity of 110,000 tons, and expect to produce 77,300 tons of aluminum for the whole of 2009," an employee from the company's securities department, who wished to remain anonymous, told Interfax.

Shanxi Guanlu previously shut down the facility in January 2009, due to tumbling aluminum prices and shrinking domestic demand following the outbreak of the global economic downturn.

The most traded aluminum contract on the Shanghai Futures Exchange stood at RMB 15,205 ($2,226.89) at 11:30 a.m. on Nov. 3, up 36.92 percent from this year's lowest level of RMB 11,105 ($1,626.42) per ton recorded in January.

Shanxi Guanlu's share price stood at RMB 9.37 ($1.37) at 11:30 a.m. (Beijing time) on Nov. 3 in Shenzhen, up 1.96 percent from the previous trading day. -LCL