Global production of primary aluminum is each expected to outpace consumption in 2006, Norsk Hydro (NHY) said in a statement Tuesday.
"The market for primary metal is expected to remain fairly balanced, with a slight shift toward surplus in 2007," Norsk Hydro said. "The main uncertainties continue to relate to developments in China and in alumina and energy prices," the company added.
World primary aluminum output is seen as rising 6% while consumption is seen up 5% in 2006, Norsk Hydro said.
Norsk Hydro added that the general economic outlook for the fourth quarter of 2006 remains positive, although it pointed to signs of slowing growth in the U.S.
Aluminum market volume developments are expected to remain positive, the company added, but with reduced growth within the rolled products and extrusion sectors. This will reflect "expected developments in overall industrial production," Norsk Hydro said.
Increased aluminum prices continued to have a positive impact on operating results in the third quarter of 2006. Norsk Hydro's realized aluminum price was $2,462 a metric ton in the third quarter, up 39% compared with the third quarter of 2005 and 4% higher than the second quarter of 2006.
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