Aluminum Corp of China (Chalco) expects production across its domestic smelters to fall by 1.2mn mt annually due to power consumption restrictions imposed by the government.
Chalco also holds a 10pc stake in Yunnan Aluminium, which declared that it would cut output by 637,000mt on an annual basis in H1 2021 and is uncertain of meeting its 2.87mn mt target for the year.
Still, Chalco aluminum and alumina production increased by 5.5pc and 14.3pc to 1.96mn mt and 8.25mn mt, respectively, in H1 2021 on an annual basis. Reports noted that this was above Rusal’s H1 production of 1.87mn mt.
For the half-year, the company’s revenue increase by 43.6pc to CNY120.4bn ($18.6bn) against the same period last year on rising aluminum demand and a 25pc increase in SHFE prices for the metal.
Chalco posted a net income of CNY3.08bn in H1 2021, up 80-fold from H1 2020 and a net profit of CNY2.1bn in Q2 2021. These figures are the company’s best since 2007 and Q2 2013, respectively, per reports.
($1=CNY6.47)