Aluminium makers hit by glut, bear market

London

THE world's biggest aluminium makers will be under even more pressure to make deeper production cuts and stave off a price slump that saw the metal trade near its lowest level in six years on Tuesday.

China, which accounts for half of the world's aluminium output, is on pace to export record amounts of metal products this year, helping to deepen a worldwide glut. Producers outside China, including Alcoa Inc and United Co Rusal, had already cut back capacity through last year. Still, one million tonnes more, enough to supply Japan for six months, will probably be curtailed within a year, according to Macquarie Group.