Chalco raises price of alumina by 7.1%

Jan. 11, 2010 (China Knowledge) - Aluminum Corp of China Ltd<601600><2600>, the nation's largest aluminum producer and the world’s third-largest alumina producer, on Jan. 8, 2010 announced that it has increased the price of spot alumina by 7.1% to RMB 3,000 per ton from RMB 2,800 per ton, sources reported. The company's previous alumina price hike took place on Jan. 1, 2009, when the alumina giant increased the price by 5.7% to RMB 2,800 per ton. Aluminum Corp of China Ltd, also known as Chalco, suffered a net loss of RMB 3.52 billion for the first half of 2009, whereas it recorded a net profit of RMB 2.39 billion for the first half of 2008. The company attributed the loss mainly to lower aluminum prices and weak demand, according an earlier report from China Knowledge.