Alcoa, Century Aluminum Shares Jump After China Cancels Export-Tax Rebate

Dow Jones11-16 00:55

By Connor Hart

Shares of Alcoa and Century Aluminum rose after China's finance ministry said it would cancel its export-tax rebate for aluminum.

In midday trading Friday, Alcoa's stock was up 8.5% at $44.72, while Century Aluminum jumped 13% to $23.93. Alcoa shares have gained 31% since the beginning of the year. Century Aluminum's stock price has nearly doubled.

The removal of the tax rebate on aluminum product exports, set to go into effect Dec. 1, will remove all the export profit and materially lift the export cost for China's aluminum products producers, Morgan Stanley analysts said in a research note.

These higher costs, in combination with potential tariff hikes from the U.S., could temper aluminum export demand from China, they added. While prices in the country could be weighed down as a result, the commodity price of aluminum jumped.

LME three-month aluminum rose 5.2% to $2,653 a metric ton in recent trading. It remains down 1.9% in the week-to-date, pressured by previous market disappointment with the scale and scope of Chinese fiscal stimulus and a stronger dollar in the wake of Donald Trump's victory in the U.S. presidential election.

China's Ministry of Finance also on Friday said it would cancel its rebates for copper and chemically modified animal, plant or microbial oils and fats. It will reduce the rebate to 9% from 13% on certain refined oil products, photovoltaics, batteries and some non-metallic mineral products.

Write to Connor Hart at connor.hart@wsj.com

(END) Dow Jones Newswires

November 15, 2024 11:55 ET (16:55 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

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Alcoa shares have gained 31% since the beginning of the year. Century Aluminum's stock price has nearly doubled. \n\n\n  The removal of the tax rebate on aluminum product exports, set to go into effect Dec. 1, will remove all the export profit and materially lift the export cost for China's aluminum products producers, Morgan Stanley analysts said in a research note. \n\n\n  These higher costs, in combination with potential tariff hikes from the U.S., could temper aluminum export demand from China, they added. While prices in the country could be weighed down as a result, the commodity price of aluminum jumped. \n\n\n  LME three-month aluminum rose 5.2% to $2,653 a metric ton in recent trading. 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