SMM7, April 24: Hydro (Norsk Hydro) of Norway cut its forecast for aluminum demand growth in 2019 for the second time this year, predicting that aluminum demand will grow by 1% to 2% in 2019, down from the 1% to 3% expected in April.
Although production at the Alunorte alumina plant in Brazil, owned by Hydro in Norway, is increasing, and after the Brazilian federal court approved the full resumption of production at Alunorte in May, the plant's production capacity has now returned to 80% to 85%, but it is still unable to meet the original annual target.
The annual production capacity of Alunorte alumina is 6.3 million tons.
Norwegian Hydro is not the first company to cut its global aluminum demand forecast this year. Alcoa (Alcoa) also cut its demand forecast twice in March and now expects global aluminum demand to grow by 125% to 2.25% in 2019, down from the previous forecast of 2% to 3%.
On the supply side, Alcoa had previously expected a global aluminium shortage of 1.7 million to 2.1 million this year, before shrinking to 1.5 million to 1.9 million.
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