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Chinalco cut prices by 23%

By Tong Hao (chinadaily.com.cn)
Updated: 2009-01-06 15:34

Aluminum Corporation of China (Chinalco), the world's second largest alumina producer, has cut the price of alumina by 23 percent to 2,000 yuan ($292) per ton because of shrinking demand. The price of the metal stood at 4,200 yuan per ton in early 2008.

By the end of 2008, production of alumina-based product had been reduced by 4.3 million tons.

In line with this, Chinalco cut its alumina production since late October 2008. As of November 5, the company's alumina production was reduced by 4.11 million tons, or 38 percent of total production.

China's total alumina output could be further reduced by 3 million tons after the price cut, according to China Commodity Marketplace, an information provider headquartered in Hong Kong. Analysts say alumina price cuts may continue.