Aluminum Corp. of China Posts $510 Million Loss
It’s been a tough year for the Aluminum Corp. of China. The state-owned metal giant posted a loss for the first half of the year of 3.25 billion yuan, or 510 million US dollars. The reason is that aluminum prices are still going down, and buyers aren’t buying from distributors in bulk because they believe prices will continue to decline. Right now it’s hovering around 1800 US dollars per ton. Reuters cited an estimate from analysts at AZ China that local governments are propping up the sale of aluminum through subsidies. There may also be support coming from the central government. Back in 2009, the State Reserves Bureau bought up 590000 tons of surplus metal above the market price to prop up businesses. For more news and videos visit ☛ english.ntdtv.com Follow us on Twitter ☛ http Add us on Facebook ☛ on.fb.me
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2012-08-23 19:24:58
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