Chalco cut alumina price by 7%, influenced a lot

Aluminium Corporation of China (Chalco) disclosed yesterday that alumina price was cut on July 1st, 200 yuan lower per ton to 2650 yuan with an decline of 7%.
According to Ward Daily, concern on rising cost and sluggish market, Chalco shelved the plan to invest 3 billion Australian dollars on developing Aurukun bauxite in northern Queensland, Australia. But as there are no other potential developers for this project, Queensland kept the possibilities of changing relevant plans and Chalco agreed to discuss new schemes. The development agreement signed by Chalco and Queensland government has expired on June 30th.
Chalco cut alumina price and Australian project was suffocated, which hit the company’s share price. Yesterday Hong Kong stocks closed, but Chalco A shares fell 2.8%, traded at 8.91yuan, which has touched the lowest since March,2009.

Copyright and Exemption Declaration :¢ÙAll articles, pictures and videos that are marked with "China Aluminum Network" on this website are copyright and belong to China Aluminium Network (www.alu.com.cn). When transshipment, any media, website or individual must list the source from "China Aluminium Network (www.alu.com.cn)". We seek legal actions against anyone that disobey this. ¢ÚArticles that marked as copy from others are for transferring more information to readers, do not represent or endorse their opinions or accuracy and reliability. When other media, website or individuals copy from our website, must keep the source. Anyone that changes the articles' sources will hold the responsibilities for copyright and law problems. We also seek legal actions against anyone that disobey this. ¢ÛIf any articles copied by our website concern the copyright and other problems, please contact us within one week.