It has been so common for Chinese companies to be among the lowest-cost producers in an industry that it comes as something of a shock when they are not. Klaus Kleinfeld says aluminium is an example of an industry in which China has no particular cost advantage, and as a result is likely to become an increasingly significant importer in the next few years.

“When you look at the structure of the Chinese aluminium industry, it is not a very competitive industry. It’s very expensive and it’s not particularly clean,” Mr Kleinfeld says. “What you’re seeing here is an industry structure that doesn’t really quite fit. It is very energy-intense and energy is probably the thing that China has least.” China’s relative weakness could create opportunities for Alcoa, Mr Kleinfeld says at the company’s modest New York offices – the largest corporate centre is in Pittsburgh.

As the largest producer and consumer of aluminium, China accounts for more than 40 per cent of global supply and demand, and its market is growing at a startling pace. Demand rose 21 per cent last year, and Alcoa expects a 17 per cent rise this year. Industrialisation and urbanisation are driving demand for aluminium for uses including construction, packaging, cars and aircraft. Barring a collapse in the Chinese economy, growth is likely to continue. Brook Hunt, the metals research firm owned by Wood Mackenzie, has forecast that Chinese aluminium demand will rise from 19.8m tonnes this year to 29.8m in 2015.