Reuters reported that Aluminum Corp of China lowered its spot price for alumina its first cut in 17 months as Europe's debt crisis pinched demand for the material used in aluminium production.
Mr Belle Chan an analyst at BOCI Research Limited said that sentiment for aluminium has been weak recently. Prices for imported alumina have come down and Chalco is just following import prices.
Chalco cut its alumina spot price by 5% to CNY 2,850 per tonne. The price change follows 7.1% increase on January 8 and is Chalco's first price cut since January 2009. 2 tonnes of alumina can produce 1 tonne of aluminium.
Rising global aluminium production has also damped prices with London Metal Exchange prices down about 14% in the past 2 months to about USD 1,995.
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