Chinese financial media

Reports debate within China's aluminium industry over whether the 45Mt cap should be lifted: large state-owned smelters in Yunnan (Yunnan Aluminium) and Inner Mongolia argue the cap suppresses competitiveness as international aluminium demand grows; environmental regulators and central government officials have not confirmed any revision; the policy tension reflects broader China industrial policy between output growth and environmental commitments.

“Chinese aluminium industry debates lifting the 45Mt cap, with state smelters arguing the ceiling suppresses competitiveness.”

Reports Tianqi's 43x Q1 profit surge with context: the 2024-2025 trough had pushed Tianqi to near-breakeven; the 2026 lithium price recovery combined with full Kwinana ramp creates significant operating leverage. Notes the CNY 2.6 billion zero-coupon convertible bond as debt management, refinancing shorter-duration liabilities taken on during the price trough into longer-duration capital at zero coupon.

“Tianqi's 43x Q1 profit surge reflects operating leverage from Kwinana ramp and lithium price recovery; the CNY 2.6bn bond refinanced trough-period liabilities into long-duration zero-coupon capital.”