China's Nickel Smelters Agree 20% Production Cut for 2016
- Smelters to also cut output in December; price reaction muted
- China's copper producers gather in Shanghai on Saturday
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Nickel smelters in China, the largest producer, plan to cut output next year by at least 20 percent in a bid to shore up prices after the metal plunged to its lowest in 12 years.
Eight producers, including the largest refined metal supplier Jinchuan Group Co. and nickel pig iron maker Tsingshan Holding Group Co., also agreed to cut output next month by 15,000 metric tons, according to a statement circulated by the group on Wechat.