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  • Mid Session Commentary - Detailed News

Commodities Buzz: Norsk Hydro Expects Slowdown In Global Aluminium Demand Growth
23-Jul-19   13:12 Hrs IST

Norsk Hydro reported that its underlying earnings before financial items and tax was NOK 875 million in the second quarter, down from NOK 2,713 million in the same quarter last year. This mainly reflected lower realized aluminium and alumina prices and effects from the cyber-attack, partly offset by positive currency effects. The company noted that while 2019 global primary aluminium market is expected to be in deficit, the global demand growth expectations for 2019 have been reduced to 1-2%.

Underlying EBIT for Bauxite & Alumina increased compared to the second quarter of last year, from NOK 364 million in Q2 2018 to NOK 415 million in Q2 2019. The results were driven by positive effects from increased production following the lifting of the production embargo on May 20, and positive currency effects partly offset by a decrease in the realized alumina sales price. We maintain our view of a global primary aluminium market in deficit for 2019 in the range 1-1,5 million tonnes. We take down expected global primary demand growth for 2019 to 1-2 percent, as we are seeing signs of weakening in some of our market segments, noted the company.

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