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.
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.
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.