Chalco Info

Tung Tai Securities

Chalco (2600) (buy) raised its spot alumina price by 8.5% yesterday to reflect tightening supply. It boosted the price to 3800 yuan a tonne from 3500 yuan earlier. The increase was a quick turnaround as the company had earlier cut the spot alumina price 10% to 3500 yuan a tonne on September 13. The price rise will not have much impact on Chalco’s profit as less than one-third of alumina it produced was for external sale. However, tightening supply and price rise will help to push up aluminium price and boost Chalco’s margin  

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