Norwegian metals maker Norsk Hydro said on Thursday it expects global primary aluminum demand growth to slow next year, and that the company was being impacted “heavily” by an output slowdown at a key alumina plant in Brazil.
Hydro sees aluminum demand growth slowing to 2-3 percent next year from an expected 4 percent in 2018. Trade sanctions and tariffs are impacting global flows of aluminum and increasing uncertainty over economic growth.
The company sees the primary aluminum market deficit continuing in 2019 despite slower growth forecasts. It kept its view for global aluminum demand to grow 2-3 percent a year over the next decade, with semis demand growth seen at 3 percent and recycling at 3-4 percent per year.
Hydro shares were down 1.3 percent, having opened up 1.2 percent in a broadly firmer metals sector following U.S. producer Alcoa’s 7.7 percent rise on Wednesday.
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