COVID-19 effect: Chalco reports 9.5% YoY drop in aluminium sales
Aluminium Corp of China Ltd, known as Chalco, reported aluminium sales of 860,000 tonnes in the first quarter of 2020. That was down 9.5% from 950,000 tonnes a year earlier on lower demand due to coronavirus outbreak, according to a datasheet for analysts reviewed by Reuters.
The output of aluminium stood at 950,000 tonnes, unchanged from last year as smelters kept rates high during the epidemic, lifting inventories. Alumina production came in at 3.57 million tonnes, an increase of 1.8%.
Chalco remains the world’s second-biggest listed aluminium maker, ahead of Rusal. Rusal posted aluminium production of 940,000 tonnes for the first quarter.
Chalco earlier this week announced that the company’s net profit declined year-on-year on lower sales due to the coronavirus outbreak. The company’s net income came in at 30.7 million yuan in the first quarter of 2020. Revenues stood at 39.67 billion, a decrease of 8% year-on-year.
LME aluminium closed Wednesday’s trading at US$ 1464/t; SHFE aluminium stood 1% higher
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