Expectations of growth in aluminium demand are deteriorating, particularly in Europe and North America, and coupled with higher supply from China they will lead to a metal surplus in 2020, Norsk Hydro chief executive officer Hilde Merete Aasheim said on Wednesday October 23.
The Norwegian company estimated that production will outstrip demand by as much as 500,000 tonnes for the year. The combined increase in output from China, Brazil and Canada will more than offset the expected growth in Chinese demand while usage in the rest of the world will be flat in comparison with 2019, she added.This guidance contrasted with a forecast for a 1.0-1.5 million deficit calculated for the full year of 2019."Plants affected by floods or explosions this year are expected to come back in...