(Yicai Global) Dec. 21 -- Yinbang Clad Material's stock price surged after the Chinese alloy producer said that it has penned a long-term supply deal with US thermal management giant Modine Manufacturing, expecting to gain about CNY300 million (USD45.8 million).

Yinbang's equity price [SHE: 300337] jumped as much as 5.5 percent to CNY5.75 (US 90 cents) this morning but were only 1.3 percent up early in the afternoon.

The Chinese firm will provide Modine with aluminum alloy composite and non-composite materials over the next three years, the Wuxi-headquartered company said in a statement yesterday.

Pricing will be based on average prices on the Changjiang Nonferrous Metals Spot Market and the London Metal Exchange. The Wisconsin-based heating, cooling, and ventilation systems maker will determine the size of each order according to its demand. Yinbang predicts that the total will be about CNY300 million based on the current market prices of aluminum ingots.

Editor: Emmi Laine