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MarketScreener Homepage  >  Equities  >  Hong Kong Stock Exchange  >  China Hongqiao Group Limited    1378   KYG211501005

CHINA HONGQIAO GROUP LIMITED

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China Hongqiao : aluminium output hits daily record in September

10/18/2020 | 11:06pm EST

* Sept aluminium output hits daily record of around 105,000 tonnes

* New capacities boost Sept rate, Q4 supply seen rising –analyst

* Shanghai aluminium prices hit 2-1/2-year high of 14,910 yuan

* Overall nonferrous production notches all-time monthly peak

SHANGHAI, Oct 19 (Reuters) - China's aluminium production rose in September from a year earlier as prices recovered and new smelters came on line, official data showed on Monday, with daily output reaching a record high.

The world's top producer of the metal churned out 3.16 million tonnes of primary aluminium in September, the National Bureau of Statistics said, up 7.9% from a year earlier.

That equates to daily output of 105,333 tonnes, a record for daily production.

Last month's output was down slightly from the record 3.171 million tonnes produced in August, which has one more day than September.

Aluminium prices have seen a steady recovery from four-year lows hit in March, when the coronavirus outbreak ravaged demand, incentivising smelters to produce as much metal as possible. Shanghai aluminium prices fell 1.3% in September but hit their highest in 2-1/2 years on Monday.

In the first nine months of 2020, aluminium production totalled 27.45 million tonnes, the bureau said, up 2.8% from a year earlier and on course to set a full-year record after a rare fall in 2019.

Research house Antaike estimates 375,000 tonnes of new annual capacity came on stream last month and a further 160,000 tonnes of capacity restarted.

Among the smelters to launch new projects were China Hongqiao Group and Yunnan Aluminium, both in Wenshan in Southwest China's Yunnan province, said CRU analyst Wan Ling.

"(September production rose) due to the ramp up of new capacities in Yunnan and Sichuan," said Wan.

Wan also pegged China's aluminium output for the last quarter of the year at 9.404 million tonnes, a 7.1% gain from the corresponding period last year and up 1.5% from the previous quarter, due to the new capacities and restarts.

China's production of 10 nonferrous metals - including copper, aluminium, lead, zinc and nickel, rose to 5.32 million tonnes in September from the previous month. It was also up about 7% from September 2019, and set a monthly record high.

January-September output for this group - which also includes tin, antimony, mercury, magnesium and titanium - was up 3.5% year-on-year at 45.18 million tonnes.

($1 = 6.6985 Chinese yuan)

(Reporting by Emily Chow and Tom Daly; Editing by William Mallard, Himani Sarkar and Ana Nicolaci da Costa)


© Reuters 2020
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ChangeLast1st jan.
CHINA HONGQIAO GROUP LIMITED 1.04% 6.77 End-of-day quote.44.04%
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Sales 2020 82 157 M 12 498 M 12 498 M
Net income 2020 6 845 M 1 041 M 1 041 M
Net Debt 2020 31 133 M 4 736 M 4 736 M
P/E ratio 2020 7,05x
Yield 2020 6,04%
Capitalization 49 941 M 7 597 M 7 597 M
EV / Sales 2020 0,99x
EV / Sales 2021 0,89x
Nbr of Employees 43 899
Free-Float 18,8%
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Number of Analysts 7
Average target price 5,79 CNY
Last Close Price 5,83 CNY
Spread / Highest target 45,5%
Spread / Average Target -0,62%
Spread / Lowest Target -32,6%
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Bo Zhang Chairman & Chief Executive Officer
Rui Lian Zhang Chief Financial Officer, Executive Director & VP
Shu Liang Zheng Vice Chairman
Cong Sen Yang Non-Executive Director
Jing Lei Zhang Non-Executive Director