SHANGHAI, Oct. 30 (SMM) -- Aluminum Corporation of China Limited (CHALCO), China's largest aluminum producer, posted its first profit during 3Q due to demand recovery and aluminum price increases. According to the National Bureau of Statistics, China's output of primary aluminum was 1.2 million mt during September, up 8% MoM, signaling that the improvement in aluminum prices stimulated the restarts of idled aluminum capacity since 2Q at a much higher pace than market expected.
According to SMM surveys of domestic aluminum and alumina producers, more than 16 million mt of aluminum capacity has come online so far, and an excess of 17 million mt/yr aluminum capacity will be in operation by the end of 2009. In the mean time, China's aluminum output will be approximately 13.9 million mt in 2009, up 1% compared with 2008 level of 13.76 million mt, while China's aluminum output is expected to approach 18 million mt in 2010.
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