Norsk Hydro Reports Strong 3rd Quarter, Record Physical Aluminum Premiums

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Norsk Hydro’s 3rd quarter net income rose to 589 million kroner ($89 million) from 222 million kroner a year earlier, the Oslo-based company said. Sales gained 22% to 19.7 billion kroner.

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Premiums over London Metal Exchange prices are about $800 to $900 a metric ton, Chief Executive Officer Svein Richard Brandtzaeg said recently in an interview with Bloomberg News. Prices averaged $2,008 a ton in the 3rd quarter, up 10% on a year earlier.

“The tightness in the physical market is driving up the premiums for our metal products,” he said in Oslo. Hydro has sold about half its primary aluminum production for the 4th quarter for about $2,000 a ton, it said today in a statement.

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Strengthening prices ended a 3-day flat streak as the price of Chinese aluminum scrap moved up by 6.1% on Friday, November 14 to CNY 13,000 ($2,117) per metric ton. The price of Chinese aluminum billet finished the day at CNY 13,900 ($2,263) per metric ton following a 2.3% increase. The cash price of Chinese aluminum held steady around CNY 13,680 ($2,227) per metric ton. The price of Chinese aluminum bar continues hovering around CNY 14,200 ($2,312) per metric ton for the fifth day in a row.

The Indian aluminum cash price saw little price change last Friday at INR 126.20 ($2.06) per kilogram. The 3-month price of aluminum held steady last Friday on the LME, remaining around $2,056 per metric ton. On the LME, the primary aluminum cash price showed little movement last Friday, hovering around $2,064 per metric ton.

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