Continued slow global economic growth is likely to keep growth rates for aluminium low next year as well. We are particularly worried about slowing US demand given the very high premiums. Although aluminium prices have been strong lately, we expect prices to reverse, albeit recognizing that the low inventories may cause price spikes like the one we are experiencing now. The alumina market remains oversupplied, and prices will only recover when capacity utilization is reduced. Hydro’s downstream ....
