中国削减铝产能举措利好铝价

 　　China’s latest effort to curb 1 air pollution is raising hopes for the global aluminium 2 industry, adding fresh momentum 3 to a rally that has left the base metal as the best performer this year.

　　中国发起的旨在遏制空气污染的最新努力为铝价涨势增添新的动力，从而给全球铝行业带来希望。铝是今年表现最佳的基础金属。
　　Shares in global producers, including Alcoa, have surged this week following the circulation of a Chinese government order calling for curbs 4 to production. Beijing’s focus on aluminium comes after government-ordered cuts to China’s coal output sent prices soaring last year.
　　美铝(Alcoa)等全球生产商的股价本周飙升，此前中国政府下发一份指令要求限产。在把目光投向铝之前，去年中国政府曾下令削减中国煤炭产量，使煤价飞涨。
　　The aluminium price has risen 15 per cent this year, outstripping 5 nickel and copper 6 on the London Metal Exchange, and is up 3.4 per cent over the past five days.
　　今年以来铝价上涨了15%，在伦敦金属交易所(LME)跑赢镍和铜，而且仅在过去五天就上涨3.4%。
　　Almost 30 northern cities are set to cut aluminium capacity by more than 30 per cent to reduce air pollution during the winter season, according to an order issued by China’s environment industry and six local governments and seen by the Financial Times.
　　根据中国环保部和六个地方政府发布、英国《金融时报》看到的一份文件，近30个北方城市将削减铝产能30%以上，以减少冬季空气污染。
　　“It is clear from the market reaction that investors 7 see this news as a clear policy step towards long-term reduction in aluminium output from China,” analysts 8 at Investec said. “A cut in output has long been needed in order to reduce production and, eventually, to reduce the enormous inventory 10 overhang.”
　　“从市场反应看，显然投资者认为这个消息是一个明确的政策步骤，其目标是降低中国的长期铝产量，”Investec分析师们表示，“产能早就应该削减，以降低产量，最终减轻巨大的库存压力。”
　　While the document did not specify 11 when the cuts would come November is most likely, say analysts, who add that how effectively the cuts are carried out will determine whether aluminium’s rally can be sustained.
　　分析师们表示，尽管上述文件没有指定何时削减，但最有可能的是11月。他们补充称，落实去产能的到位程度，将决定铝价涨势能否持续。
　　China’s aluminium production has risen by about 2 per cent a month for the past six months, according to Grant Sporre, an analyst 9 at Deutsche Bank. Inventory of the metal in China has also jumped 120 per cent since Chinese new year, he said.
　　德意志银行(Deutsche Bank)分析师格兰特?斯波雷(Grant Sporre)表示，中国铝产量在过去六个月期间每月增长约2%。他说，这种金属在中国的库存自农历新年以来也跃升了120%。
　　“They [aluminium smelters] are quite difficult to ramp 12 up and ramp down again, it’s not like a coal mine where you can stop the machinery 13 and walk away,” Mr Sporre said. “I don’t know how it’s enforceable and practical to do it that way.”
　　“它们（铝冶炼厂）很难增产和减产，这不像一个煤矿，你可以关掉机器走人，”斯波雷表示，“我不知道如何执行减产指令，在实践中如何操作。”
　　Over the long-term any reductions to output in northern China could lead to production moving to lower-cost aluminium smelters in remoter regions, he added, potentially lowering China’s cost of production and making it even more competitive.
　　他补充说，长期来看，华北的产量下降可能导致生产转移到偏远地区的更低成本铝冶炼厂，可能降低中国的生产成本，使其更具竞争力。
　　The orders for cuts were part of wide-ranging measures targeting coal boiler 14 emissions 15 and cement, steel and power plants to cut air pollution in Beijing, Tianjin, Hebei and surrounding areas. It also called for a 50 per cent reduction in steel capacity in certain regions.
　　减产指令是旨在减少京津冀和周边地区空气污染的广泛措施的一部分，这些措施针对燃煤锅炉排放以及水泥、钢铁和电厂。它还要求在某些地区减少50%的钢铁产能。
　　Provinces and city governments have to report every month on their progress, according to the document. The Ministry 16 of Environmental Protection did not reply to telephone calls seeking comment.
　　按照文件，相关省市政府必须每月报告各自进展情况。环保部没有答复请求置评的电话。
　　Shares in US producer Alcoa have risen 10 per cent this week and are up 35 per cent this year.
　　美国生产商美铝的股价本周上涨10%，今年以来累计上涨35%。
　　Century Aluminum 17 has jumped 80 per cent this year. In Europe, shares in producer Norsk Hydro are up 20 per cent.
　　世纪铝业(Century Aluminum)股价今年以来飙涨80%。在欧洲，铝生产商挪威海德鲁(Norsk Hydro)股价今年上涨20%。
　　Additional reporting by Peter Wells in Hong Kong.
　　彼得?韦尔斯(Peter Wells)香港补充报道