Aluminum Rises on the LME, Aluminum Corp. of China Posts a Net Profit for 2013

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The Indian aluminum cash price closed up Friday, halting two days of weakening prices with a 0.9 percent rise. On the LME, the primary aluminum cash price declined 0.8 percent. The 3-month price of aluminum saw a 0.8 percent decline on the LME to $1,745 per metric ton.

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The Aluminum Corporation of China’s (CHALCO) 2013 alumina and refined aluminum production costs fell by 9% and 5%, respectively, year on year, the Hong Kong-listed producer said in its annual report filed with the Hong Kong Stock Exchange recently. The company, one of the largest producers of the metal in the world, swung to a net profit based on its cost-savings in 2013.  CHALCO posted a net profit of Yuan 975 million ($159 million) in 2013, compared with a net loss of Yuan 8.2 billion in 2012.

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Chinese aluminum prices, overall, were mixed for the day. Chinese aluminum primary saw its price drop 0.2 percent to a 30-day low. The price of Chinese aluminum scrap remained essentially flat. The price of Chinese aluminum billet continues hovering for the fifth day in a row. For the fifth day in a row, the price of Chinese aluminum bar remained essentially flat.