Aluminum Raises the Price for the Third Time This Year

As the non-ferrous metals industry continue to warm up, the Chinlco increases the alumina price to 2400 per ton from August, adding 4.3%. And it is the third time for the Chinalco to raise the price. The general manager of the Chinalco's parent company, Xiongweiping indicates that in the first half of this year, the cost of the aluminum production has decreased by 15-20%, it is predicted that the operating conditions of the Group will take a turn for the better     

 Xiongwei-ping indicates in the mid-2009 work conference of the Chinalco that in the first half of this year, the cost of aluminum production decreased significantly, among which the cost of alumina and aluminum decreased by 15.9% and 20.1% respectively. Meanwhile the cost of the electrolytic copper has reduced about 50%. So the operating conditions and the profits of the Group are expected rebound gradually.

In addition, the Chinalco has raised the alumina price to 2,400 yuan per ton this August, which has increased 20% compared with that of the beginning of this year.

The Non-ferrous metals analyst at Everbright Securities Fengjianrong said that although the Chinalco has announced lose in the H1, but it is mainly caused by the Q1, the company maybe has returned to profitability in Q2.

He also said that the current price of the electrolytic aluminum is about 14000 yuan per ton. It is forecasted the Group will win a net profit of 1.6 billion yuan.

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