SHANGHAI, Aug. 18 -- Aluminum Corporation of China Limited (CHALCO) announced on August 18th to raise alumina prices by RMB 100/mt to RMB 2,750/mt from RMB 2,650/mt, up 3.77%, due mainly to steady increases in spot alumina prices.
Spot alumina prices experienced significant increases in August, with current offers for spot alumina in China near RMB 2,800/mt, so it is reasonable for CHALCO to lift alumina prices.
CHALCO cut alumina prices to RMB 2,850/mt from RMB 3,000/mt on June 1st, 2010 given sluggish market demand. Later, CHALCO reduced spot alumina prices again by 7.02% to RMB 2,650/mt on July 1st, 2010 due to the start of seasonal low demand period and rising production costs.
(Edited by SMM)