德意志银行-xx铝业-aluminium industry：china aluminium supply side reform underway；top picks~chalco，rio-20170719-deutsche bank.pdfVIP

Deutsche Bank Markets Research Asia Industry Date Hong Kong Aluminium Industry 19 July 2017 Resources Metals Mining Industry Update Sharon Ding Paul Young China aluminium supply side reform Research Analyst Research Analyst (+852) 2203 5716 (+61) 2 8258-2587 underway; top picks – Chalco, RIO sharon.ding@ paul-d.young@ Further cuts in Shandong Province; top picks: Chalco and RIO James Kan George Buzhenitsa Post Xinjiang’s cuts of c.1mt smelting capacity and Shandong Hongqiao’s Research Analyst Research Analyst shutdown of 250kt last month, further cuts are expected in Shandong (+852 ) 2203 6146 (+971) 4 361-1734 province, according to leading industry expert Aladdiny. It is reported that james.kan@ george.buzhenitsa@ Hongqiao would cut a further 650ktpa capacity in 2H, bringing its total reductions to 900ktpa, although total noncompliant capacity is much larger Jorge Beristain, CFA Patrick Jones than 900ktpa. Total primary aluminium capacity cuts from Hongqiao and Xinfa Research Analyst Research Analyst could reach c.2mt