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China’s Green Campaign Leaves Metals Braced for More Ructions

  • Key steel, aluminum hubs cut production to reduce pollution
  • Alcoa says curbs a game changer after years of supply gluts

China’s heavy-industry heartlands are steeling for tougher measures to tackle smog and slash carbon emissions after high-profile crackdowns and a ramp-up in President Xi Jinping’s green rhetoric.

Metals have rocketed higher -- with some markets now at the highest in a decade -- on signs that a more centralized push to rein in pollution and target profligate energy use will curb production. Recent crackdowns in major hubs for aluminum and steel point to a stiffer approach to those flouting rules, even after the government unveiled more moderate environmental goals than expected in its latest Five-Year Plan.