Chinese Firms May Form JV for Aluminum Stockpiling

Reuters reported that according to research firm Antaike, six major Chinese aluminum producers are thinking of setting up a joint venture company to handle primary aluminum stockpiling.
As quoted in the market news:

The six companies — four state-owned firms and two private enterprises — include Aluminium Corp of China (Chinalco), State Power Investment Corporation, Yunnan Aluminium, Jiugang group, Jinjiang group and Weiqiao Aluminium & Electricity, Antaike said.
The amount that the joint venture company will stockpile has not been decided, according to the report.
An aluminium stockpiling plan has been discussed over the past few weeks after aluminium prices fell to multi-year lows in the second half of last year, and is likely to be funded by commercial loans, sources have said. The stockpiling amount is expected to be between one and two million tonnes.

Click here to read the full Reuters report.