Chalco cuts spot alumina prices by 7pct

　　Reuters reported that Aluminum Corporation of China has cut spot prices of alumina by 7% to CNY 2,650 per tonne.

　　As per report, this is the second month in a row that Chalco has lowered its alumina prices following 5% cut in June.

　　Aluminium prices have weakened since earlier this year with 3 months aluminium on the London Metal Exchange CMAL3 down more than 10% so far this year, as doubts about the global economic recovery heightened and concerns of overcapacity weigh.

　　Chalco raised alumina prices steadily throughout 2009 from a low of CNY 2,000. Prices halved in the H2 of 2008 from CNY 4,200 per tonne.