中国削减铝产能举措利好铝价

 　　China’s latest effort to curb¹ air pollution is raising hopes for the global aluminium² industry, adding fresh momentum³ 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 curbs⁴ 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, outstripping⁵ nickel and copper⁶ 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 investors⁷ see this news as a clear policy step towards long-term reduction in aluminium output from China,” analysts⁸ at Investec said. “A cut in output has long been needed in order to reduce production and, eventually, to reduce the enormous inventory¹⁰ 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 specify¹¹ 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 analyst⁹ 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 ramp¹² up and ramp down again, it’s not like a coal mine where you can stop the machinery¹³ 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 boiler¹⁴ emissions¹⁵ 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 Ministry¹⁶ 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 Aluminum¹⁷ 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

1 curb   

n.场外证券市场，场外交易；vt.制止，抑制

参考例句：

• I could not curb my anger.我按捺不住我的愤怒。
• You must curb your daughter when you are in church.你在教堂时必须管住你的女儿。

2 aluminium   

n.铝 (=aluminum)

参考例句：

• Aluminium looks heavy but actually it is very light.铝看起来很重，实际上却很轻。
• If necessary, we can use aluminium instead of steel.如果必要，我们可用铝代钢。

3 momentum   

n.动力，冲力，势头；动量

参考例句：

• We exploit the energy and momentum conservation laws in this way.我们就是这样利用能量和动量守恒定律的。
• The law of momentum conservation could supplant Newton's third law.动量守恒定律可以取代牛顿第三定律。

4 curbs   

v.限制，克制，抑制( curb的第三人称单数 )

参考例句：

• In executing his functions he is not bound by any legal curbs on his power. 在他履行职务时，他的权力是不受任何法律约束的。 来自辞典例句
• Curbs on air travel were being worked out and would shortly be announced. 限制航空旅行的有关规定正在拟定中，不久即将公布。 来自辞典例句

5 outstripping   

v.做得比…更好，（在赛跑等中）超过( outstrip的现在分词 )

参考例句：

• Demand is outstripping supply. 需求快超过供给了。
• Demand is outstripping current production. 现在需求逐渐超过了生产能力。 来自辞典例句

6 copper   

n.铜；铜币；铜器；adj.铜(制)的；(紫)铜色的

参考例句：

• The students are asked to prove the purity of copper.要求学生们检验铜的纯度。
• Copper is a good medium for the conduction of heat and electricity.铜是热和电的良导体。

7 investors   

n.投资者，出资者( investor的名词复数 )

参考例句：

• a con man who bilked investors out of millions of dollars 诈取投资者几百万元的骗子
• a cash bonanza for investors 投资者的赚钱机会

8 analysts   

分析家，化验员( analyst的名词复数 )

参考例句：

• City analysts forecast huge profits this year. 伦敦金融分析家预测今年的利润非常丰厚。
• I was impressed by the high calibre of the researchers and analysts. 研究人员和分析人员的高素质给我留下了深刻印象。

9 analyst   

n.分析家，化验员；心理分析学家

参考例句：

• What can you contribute to the position of a market analyst?你有什么技能可有助于市场分析员的职务？
• The analyst is required to interpolate values between standards.分析人员需要在这些标准中插入一些值。

10 inventory   

n.详细目录，存货清单

参考例句：

• Some stores inventory their stock once a week.有些商店每周清点存货一次。
• We will need to call on our supplier to get more inventory.我们必须请供应商送来更多存货。

11 specify   

vt.指定，详细说明

参考例句：

• We should specify a time and a place for the meeting.我们应指定会议的时间和地点。
• Please specify what you will do.请你详述一下你将做什么。

12 ramp   

n.暴怒，斜坡，坡道；vi.作恐吓姿势，暴怒，加速；vt.加速

参考例句：

• That driver drove the car up the ramp.那司机将车开上了斜坡。
• The factory don't have that capacity to ramp up.这家工厂没有能力加速生产。

13 machinery   

n.(总称)机械，机器；机构

参考例句：

• Has the machinery been put up ready for the broadcast?广播器材安装完毕了吗？
• Machinery ought to be well maintained all the time.机器应该随时注意维护。

14 boiler   

n.锅炉；煮器(壶，锅等)

参考例句：

• That boiler will not hold up under pressure.那种锅炉受不住压力。
• This new boiler generates more heat than the old one.这个新锅炉产生的热量比旧锅炉多。

15 emissions   

排放物( emission的名词复数 )； 散发物（尤指气体）

参考例句：

• Most scientists accept that climate change is linked to carbon emissions. 大多数科学家都相信气候变化与排放的含碳气体有关。
• Dangerous emissions radiate from plutonium. 危险的辐射物从钚放散出来。

16 ministry   

n.(政府的)部；牧师

参考例句：

• They sent a deputation to the ministry to complain.他们派了一个代表团到部里投诉。
• We probed the Air Ministry statements.我们调查了空军部的记录。

17 aluminum   

n.(aluminium)铝

参考例句：

• The aluminum sheets cannot be too much thicker than 0.04 inches.铝板厚度不能超过0.04英寸。
• During the launch phase,it would ride in a protective aluminum shell.在发射阶段，它盛在一只保护的铝壳里。