(Yicai Global) Dec. 26 -- Several private Chinese copper smelters have agreed to reduce production next year in order to help revive the domestic industry, which has been struggling to stay profitable amid a shortage of raw materials.

Thirteen private and state-owned companies held talks in Fuzhou, Fujian province, today, industry news portal Mymetal reported. They agreed that all of the private firms in the group would lower production, though no decision was made regarding their state-owned counterparts.

Combined, the thirteen firms refine 7.5 million tons of copper a year, or 68 percent of the country's total.

Editor: James Boynton