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Aluminum Corp of China Ltd (Chalco), the country's largest aluminum producer, yesterday posted net profit of 8.4 billion yuan for the first nine months.

 

But the company said its profit margin dropped from 28.1 to 23.7 percent at the end of the second quarter as aluminum product prices fell.

 

Year-earlier figures were unavailable because the company began posting quarterly profits this year.

 

Analysts said declining prices of aluminum products on the domestic market and growing processing costs have combined to shrink profit margins.

 

The average spot price of aluminum ingots, a major product processed by Chalco, dropped 600 yuan, or 3.2 percent, from the second quarter to 18,000 yuan per ton.

 

The aluminum product price slump has also been reflected in falling futures prices. The most actively traded aluminum futures contracts for delivery in January 2008 on the Shanghai Futures Exchange dropped an ...

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