According to the latest update by Shanghai Metals Market, Aluminum Corporation of China Limited (Chinalco) on Monday, September 17, announced its plan to invest some RMB 5.81 billion to construct a new alumina project in Fangchenggang of Guangxi province.
The project on completion will be reportedly having an annual capacity of 2 million tonnes. Guangxi Huasheng New Materials will monitor the construction and operation of the project, as per the news. In light of this, Chinalco also plans to increase the capital of Guangxi Huasheng by RMB 838 million, SMM learned.
This new project will leverage Chinalco’s overseas bauxite projects and regional aluminium projects, according to the company’s announcement.
Chinalco is the world's second-largest alumina producer and third-largest primary aluminium producer (and the largest producer in China). Chinalco is principally engaged in the extraction of aluminium oxide, electrolysation of virgin aluminium and the processing and production of aluminium as well as traded trading and engineering and technical services.
Shanghai Metals Market, on the other hand, found that the current average spot price of alumina in China concluded at RMB 3302 per tonne, as of September 18, 2018. In the east and central, the alumina spot prices were seen at RMB 3350 per tonne and RMB 3340 per tonne while in the north and south, the prices were at RMB 3315 per tonne and RMB 3150 per tonne, respectively.
As far as the A00 aluminium ingot price is concerned, its price in China dropped further today, September 18, by RMB 50 to stand at RMB 14430 per tonne. The average prices are expected to range from RMB 14410 per tonne to RMB 14450 per tonne.
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