NEWSBREAK - SHFE approves Shangdong Hongqiao as registered aluminium brand

Vicky Chenvicky.chen@fastmarkets.comPhysicals Reporter+44 (0) 20 7337 2141

London 06/07/2016 - The Shanghai Futures Exchange (SHFE) has approved Shandong Hongqiao New Material Co's aluminium ingot brands, it said in a release on Wednesday.

The approved brands are restricted to those produced in Zouping, Shandong province, with purity of 99.7 percent. Hongqiao's total capacity in Zouping is around 500,000 tonnes per year.

The approval could ease the tightness of deliverable aluminium ingots on the SHFE, it is believed.

SHFE has previously approved Qinghai Qiaotou Aluminium and Gansu Dongxing Aluminium as registered brands - they have capacity of around 160,000 tonnes per year and 800,000 tonnes per year respectively.

Hongqiao produces aluminium ingots, liquid aluminium, aluminium busbars and aluminium foil.

The company is part of China Hongqiao Group, which has plans to lift aluminium smelting capacity to six million tonnes per year by the end of 2016, up 16 pct from its smelting capacity at end-2015, if the aluminium market "recovers to a certain level", a company spokeswoman told FastMarkets in March.

(Edited by Mark Shaw)

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