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Aluminium Corp of China (Chalco) said yesterday it has lifted its selling price of alumina by 12 per cent to 3,700 yuan (US$447) per ton to reflect higher import prices of the material for aluminium production.

As the international price of alumina continues to rise, the selling price of imported alumina at Chinese ports has reached between 4,200-4,500 yuan (US$507-543) per ton, the country's largest producer of alumina said in a statement.

"This has exerted pressure on the price of domestically-produced alumina with the shortage in the supply of alumina," it said. The latest price hike is the seventh made by the company this year.

Chalco last raised its term prices in late October to 3,300 yuan (US$399) a ton from 2,950 yuan (US$356) due to higher import prices.

Shares in Chalco rebounded and closed 5.94 per cent higher at HK$5.35 yesterday after the firm calmed market fears that it was poised to sell stock.

Investors had been worried the company would join in a spate of share sales by big Hong Kong-listed firms looking to cash in on the market's recent rally.

An unexpected US$1.88 billion share sale by Bank of China in its overseas flagship BOC Hong Kong (Holdings) has roiled Hong Kong investors this week, and talk had been rife on Tuesday that Chalco might be among companies further flooding the market with share placements.

Chalco's shares have risen almost five-fold in the last 12 months.

Early yesterday, the company said in a statement that it had considered placing shares to raise funds for an alumina project that would start earlier than planned, but said later in the day that it did not plan a placement soon.

"After serious consideration, company management decided not to make a placement soon," said a senior official at the State-controlled company.

Chalco produces 90 per cent of China's alumina and is keen to secure supplies to keep up with rapid growth in domestic smelting capacity.

Chalco said the production at aluminium smelters has climbed substantially as alumina inventory level of domestic smelters decreased, resulting in a widening gap of alumina supply shortfall in the domestic market.

Traders had said many Chinese smelters had low stocks in alumina as they hesitated to buy much a few months ago amid uncertainties on price trends.

When Chalco hiked its term prices in October, the firm also raised its spot prices to 3,600 yuan (US$435) from 3,350 yuan (US$405), saying that it expected the latter to rise to up to 4,000 yuan (US$483).

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