US Stock Market Move | China cancels metal export tax rebate; aluminum prices rise.

On Friday, the aluminum sector saw an increase in prices. As of press time, Alcoa Corporation (AA.US) rose nearly 8%, Century Aluminum Company (CENX.US) rose over 13%, and Kaiser Aluminum Corporation (KALU.US) rose over 2.2%. On the news front, after China cancelled some export tax rebates for bulk commodities, aluminum and all other industrial metals rose in response. After the Ministry of Finance announced this news, London aluminum prices temporarily rose by 8%. It is understood that the Chinese aluminum industry has traditionally exported large amounts of metal as semi-finished products, which are used for value-added manufacturing or simply re-melted for use as primary metals.