Norsk Hydro stays positive on the aluminum story, even though evidence abounds to the contrary.
Via Reuters: “Its primary metals unit outperformed expectations in the quarter, compensating for increasing losses in the Bauxite and Alumina division, that was hit by a power outage at its Brazilian Alunorte refinery in addition to low prices. Hydro repeated on Thursday that it sees global primary aluminium demand, excluding China, up by 2-4 percent his year, after hitting a low in 2012.”
However, prices this year have underperformed, with LME prices down 13 percent so far this year, while China keeps pumping out aluminum. Read Lisa Reisman’s analysis on the aluminum overcapacity threat.
Current Aluminum Prices
The Indian aluminum cash price closed higher Wednesday, July 17, halting two days of weakening prices with a 0.7 percent shift.
The primary aluminum cash price weakened by 0.5 percent on the LME, settling at $1,752 per metric ton. The 3-month price of aluminum saw a 0.2 percent decline on the LME to $1,801 per metric ton.
Just off of a 30-day low, the cash price of Chinese aluminum rose 0.2 percent on Wednesday. Chinese aluminum scrap stayed flat. The price of Chinese aluminum billet held steady. The price of Chinese aluminum bar saw little movement.