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China Signals Curbs on Aluminum Output in Accord With Russia

China signaled it’s prepared to curb aluminum production to try to stem oversupply as part of an agreement with Russia.

The Sino-Russian protocol on energy cooperation, signed Nov. 16 by Russian Deputy Prime Minister Arkady Dvorkovich and Chinese Vice Premier Zhang Gaoli, includes a section on bringing aluminum output into line with demand, according to a copy of the document obtained by Bloomberg News. It also supports tie-ups between Russia’s United Co. Rusal and Aluminum Corp. of China Ltd., or Chalco, on developing mining and new alloys, the document shows.

“China is finally ready to review its policy in aluminum and help to stabilize the market after the price declined to the level where all of its aluminum producers are working below break-even," Rusal’s Deputy Chief Executive Officer Oleg Mukhamedshin said in a phone interview from Moscow. It’s...