COVID19 Effect: Chalco may shut some aluminium production on further price fall
Aluminium Corporation of China Limited, popularly known as Chalco, may consider carrying out maintenance or even shut some aluminium production if prices fall below its cash costs, said a company executive on Friday, April 3.
With the weak demand for aluminium in China and also across the globe due to the outbreak of COVID19, the social inventories of primary aluminium ingot have been witnessing incessant hikes, resulting in continuous declines in aluminium prices over the past 2 months.
On Thursday, April 2, aluminium prices in Shanghai hit a more than four-year low of RMB 11,250 per tonne.
However, as far as the alumina production is concerned, Chalco’s Finance Chief Wang Jun said that there had been no change in Chalco’s production capacity for alumina. He also said the company would make necessary adjustments at an appropriate time based on alumina prices.
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