Aluminum Corp. of China Ltd. (CHALCO) posted the smallest quarterly loss this year as the nation’s biggest producer of the metal benefited from increasing prices.
The posted a loss of 1.29 billion CNY ($211 million), or a loss of 0.10 CNY per share, in the three months ended Sept. 30, from a loss of 1.22 billion CNY, or 0.09 CNY per share, a year ago, it said in a statement, citing Chinese accounting standards. The company had a loss of 2.16 billion CNY in the first quarter and 1.97 billion CNY in the second, according to Bloomberg data.
Aluminum prices, the best performing metal on the London Metal Exchange this year, averaged 9.9 percent higher in the third quarter from a year ago as producers including Chalco shuttered capacity.
The aluminum 3-month price saw the biggest upwards shift for the day, rising 1.5% on the LME to close at $1,996 per metric ton on Wednesday, October 29. At $1,990, the cash price of primary aluminum finished the market day on the LME up 1.4% per metric ton. The Indian aluminum cash price increased 0.4% to INR 122.95 ($2.01) per kilogram.
Chinese aluminum prices were flat for the day. The price of Chinese aluminum scrap was unchanged at CNY 12,250 ($1,995) per metric ton. The price of Chinese aluminum billet remained essentially flat at CNY 13,590 ($2,213) per metric ton. The price of Chinese aluminum bar was unchanged at CNY 14,200 ($2,312) per metric ton. The cash price of Chinese aluminum held steady at CNY 13,960 ($2,273) per metric ton.