Norway’s Norsk Hydro Aluminum Reports Better Than Expected First Quarter

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Norway’s Norsk Hydro said Wednesday seasonally higher sales helped boost earnings despite a drop in market prices, as the aluminum producer’s first-quarter net profit beat expectations. First-quarter net profit totaled 393 million kroner ($65.4 million), compared with a net profit of 287 million kroner in the same quarter of 2013. A Survey of 11 analysts had forecast a net profit of 348 million kroner, according to the Wall Street Journal.

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Dropping 1.7 percent, the cash price of primary Indian aluminum was the biggest mover on Tuesday, April 29, closing at INR 111.20 ($1.84) per kilogram. On the LME, the primary aluminum cash price declined 1.3 percent to $1,800 per metric ton. The 3-month price of aluminum weakened by 1.2 percent on the LME, settling at $1,840 per metric ton.

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Chinese aluminum prices closed flat for the day. For the fifth consecutive day, the price of Chinese aluminum scrap held flat at CNY 12,250 ($1,959) per metric ton. The price of Chinese aluminum billet continues hovering around CNY 13,590 ($2,173) per metric ton for the fifth day in a row. The price of Chinese aluminum bar was unchanged at CNY 14,200 ($2,271) per metric ton. The Chinese aluminum cash price remained essentially flat at CNY 13,400 ($2,143) per metric ton.

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