Norsk Hydro ASA, Europe’s third-largest aluminum producer, will further delay starting idled plants and investing in new capacity to help shore up prices of the lightweight metal.
“We will hold back, because we think it’s important to maintain a tight physical market to maintain good aluminum prices,” Chief Executive Officer Svein Richard Brandtzaeg said in an interview today in Oslo. “There’s been too much capacity for too many years, which has given low profitability in this sector. We don’t wish to contribute to that.”
At $2,099 per metric ton, the cash price of primary aluminum moved up 0.7% on Thursday, November 27, making it the day’s biggest mover on the LME. On the LME, the aluminum 3-month price inched up 0.3% to $2,065 per metric ton. Following two days of rising prices, the Indian aluminum cash price dropped 0.1% to INR 128.10 ($2.07) per kilogram.
Chinese aluminum closed mixed yesterday. The Chinese aluminum cash price fell 0.1% to CNY 13,720 ($2,235) per metric ton. Chinese aluminum scrap held its value yesterday at CNY 11,900 ($1,939) per metric ton. The price of Chinese aluminum billet held steady at CNY 14,000 ($2,281) per metric ton. The price of Chinese aluminum bar was unchanged at CNY 14,200 ($2,313) per metric ton.
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