Chalco sales and aluminium output plunge in third quarter
Aluminium production at Chalco down 10.4 per cent in three months
The Aluminum Corporation of China (Chalco) reported a fall in aluminium output and sales in the third quarter, recent data revealed.
Chalco reported a 10.4 per cent fall year-on-year in aluminium production from July to September to 950,000 tonnes.
Aluminium sales fell by a further 13.8 per cent to 940,000 tonnes, after Chalco reportedly closed a 200,000 tonnes per year plant in China’s Shandong province in January.
Production of alumina, which is used to make aluminium, rose by 3.6 per cent year-on-year to 3.41 million tonnes in the third quarter, the data also showed.
Chalco reported an 83.9 per cent fall in third-quarter net profit from a year earlier to 102.61 million yuan ($14.53 million).
Third-quarter operating revenues rose 17.2 per cent year-on-year to 50.77 billion yuan.
Meanwhile, the global output and consumption of alumina for the first half of 2019 were approximately 62.79 million tonnes and approximately 62.86 million tonnes, respectively, both representing a year-on-year increase of 1.8 per cent, the company said.
The domestic output and consumption of alumina were approximately 36.03 million tonnes and approximately 35.87 million tonnes, respectively, representing a year-on-year increase of 2.3 per cent and 0.7 per cent respectively.
Australia’s largest power producer, AGL Energy, also said it is taking measures to ensure its two biggest single customers, the Portland and Tomago aluminum smelters, remain open, Reuters reported. The smelters, co-owned by mining group Rio Tinto, have already indicated that they are struggling with low current prices for aluminium and high input costs for alumina.
Incorporated in September 2001, Chalco has been listed in the New York Stock Exchange, the Stock Exchange of Hong Kong, and Shanghai Stock Exchange.