[SMM Aluminum Flash News] Citi Downgrades Norsk Hydro to Neutral as Aluminum Rally Boosts Outlook

Published: May 22, 2026 09:43

Save

Citi Research downgraded Norsk Hydro to “neutral” from “buy” after the company’s shares rose about 25% since February, driven by stronger aluminum prices. Citi also raised its target price from NKr105 to NKr110. Aluminum prices have climbed around 20% this year, outperforming copper’s 12% gain. Citi said Middle East geopolitical disruptions have removed about 3 million tones of aluminum production capacity from the market, supporting prices. As a result, Citi raised Hydro’s 2026 EBITDA forecast to NKr37 billion and estimated that every 10% increase in aluminum prices could add around NKr7.3 billion to group EBITDA.

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM's internal database model. They are for reference only and do not constitute decision-making recommendations.

For any inquiries or for more information, please contact: lemonzhao@smm.cn

For more information on how to access our research reports, please contact:service.en@smm.cn

Related News

33 mins ago

SHFE: Cast Aluminum Alloy Warrants Up 268 mt to 36,682 mt on June 16

[SMM Flash News] SHFE data showed that on June 16, total registered warrants for cast aluminum alloy stood at 36,682 mt, an increase of 268 mt from the previous trading day. Among them, Shanghai had 3,406 mt (up 509 mt), Guangdong 6,346 mt (down 211 mt), Jiangsu 7,867 mt (up 61 mt), Zhejiang 12,331 mt (down 31 mt), Chongqing 5,887 mt (down 60 mt), and Sichuan 845 mt (unchanged).

33 mins ago

1 hour ago

Data: SHFE, DCE market movement (Jun 16)

The following table shows the ferrous and nonferrous metals movement on the SHFE and DCE on 16 Jun , 2026

1 hour ago

2 hours ago

SMM ADC12 Price Drops to 24,100 Yuan/mt Amid Weak Aluminum Market and Tight Scrap Supply

[SMM Aluminum Alloy Daily Review] The SMM ADC12 average price was reported at 24,100 yuan/mt today, down 100 yuan/mt from the previous trading day. During the day, both aluminum futures and aluminum prices weakened, dragging on the ADC12 price to some extent. However, structural issues such as tight tax invoices and difficulties in purchasing compliant aluminum scrap have not eased, keeping enterprises' production costs under continuous pressure and providing some support to spot ADC12 prices. Overall, the current ADC12 market presents a pattern of "strong cost support, weak demand follow-up". In the short term, the downside room for prices is limited, but there is also a lack of sufficient driving force for an upward breakout. Prices are expected to move sideways.

2 hours ago