Aluminum Corp. of China (CHALCO), the nation’s biggest producer of the metal, said its first-quarter loss widened as industry overcapacity caused prices to fall.
The Beijing-based company posted a loss of 2.2 billion CNY ($352 million), or 0.16 CNY a share, in the three months ended March 31 from 975 million CNY, or 0.07 CNY a share, a year ago, it said in a statement to the Shanghai Stock Exchange. Sales rose 3 percent to 35.2 billion CNY.
The cash price of primary Indian aluminum experienced the biggest price decline of the day, dropping 2.0 percent to close at INR 113.15 ($1.87) per kilogram on Monday, April 28. On the LME, the cash price of primary aluminum fell 0.9 percent to $1,823 per metric ton. The 3-month price of aluminum weakened by 0.8 percent on the LME, settling at $1,863 per metric ton.
Chinese aluminum prices closed flat for the day. The price of Chinese aluminum scrap saw essentially no change for the fifth day in a row, remaining around CNY 12,250 ($1,959) per metric ton. The price of Chinese aluminum billet held steady at CNY 13,590 ($2,173) per metric ton. For the fifth day in a row, the price of Chinese aluminum bar remained essentially flat at CNY 14,200 ($2,271) per metric ton. The cash price of Chinese aluminum flattened at CNY 13,400 ($2,143) after two days of improvement.