Chalco expects 3Q profits to fall 50%

Aluminum Corp of China (Chalco) said it expects third-quarter net profits to have fallen more than 50% year-on-year, XFN-Asia reported. The company cited rising raw material and fuel prices combined with lower selling prices as contributing to the drop. The company will release full financial results for the third quarter on October 27. Chalco announced it had reduced spot alumina prices by 9.4%, to US$423.5 per ton, starting October 1, in response to weak domestic demand. Chalco is China’s largest, and the world’s third-largest producer of alumina.