Norsk Hydro predicts slowdown in aluminum demand

Norwegian oil, gas and metals company Norsk Hydro reported that the growth rate in global primary aluminum consumption next year will drop to 2-3% from the expected 4% this year, and these growth rates will continue in the coming years.

However, the deficit in the global aluminum market observed in the current year will continue in 2019. Secondary aluminum production will increase by 3-4% next year, while base metal production will lag behind due to shortages in 2019.

Since the beginning of 2018, the 6.3 million tons annual capacity Alunorte alumina refinery in Brazil, owned by Hydro, has been operating at 50% capacity at the discretion of the local environmental authorities, but the exact date of restoration is unknown. Negotiations with Brazilian authorities continue.