Report
Andrew Lane
EUR 101.80 For Business Accounts Only

We’ve Raised Our Near-Term Alumina Price Forecast but Foresee Materially Lower Prices Ahead

Alumina prices have risen considerably in recent months, exceeding our prior expectations. The cost curve for alumina production has shifted higher due to elevated bauxite and caustic soda prices. These factors have driven a material increase in the marginal cost of alumina production. Although the alumina cost curve has shifted upwards, alumina spot prices have been driven higher still, well above the marginal cost of production, due to the perceived impact of supply-chain disruptions in China....
Underlying
Norsk Hydro ASA

Norsk Hydro is an aluminium group based in Norway. Co. is engaged in the supply of aluminium and aluminium products. Co. supplies casthouse products, such as extrusion ingots, sheet ingots and foundry alloys. Co's customers are active in sectors such as the packaging, lithographic, building, automotive and transport sectors. In addition, Co. is engaged in the production of power in Norway. Its business is divided into six operating segments: Bauxite & Alumina, Primary Metal, Metal Markets, Rolled Products, and Energy and Other and Eliminations.

Provider
Morningstar
Morningstar

Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.

Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.

We have operations in 27 countries.

Analysts
Andrew Lane

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