November 29, 2018 / 8:24 AM / 5 months ago

CORRECTED-UPDATE 1-Norsk Hydro sees weaker aluminium demand growth in 2019

(Corrects last paragraph to take out erroneous reference to Alcoa results)

OSLO, Nov 29 (Reuters) - Norwegian metals maker Norsk Hydro expects global primary aluminium demand to grow by 2-3 percent in 2019, down from the 4 percent seen for 2018, it said on Thursday.

Trade sanctions and tariffs are impacting global flows of aluminium and increasing uncertainty on economic growth.

Hydro expects a continued deficit in the global primary aluminium market in 2019 despite the slower economic growth expectations.

Long-term, Hydro kept its view of global aluminium demand to grow by 2-3 percent per year over the next 10 years, with semis demand estimated at 3 percent and recycling at 3-4 percent per year over the same period.

The company still has no firm timeline for the restart of full output at its key Brazilian alumina plant, which has been operating at half capacity since February following a spill of untreated water.

“We are aiming to establish a common platform with authorities and the court system to have an aligned way forward towards full production, utilizing the best available technology,” Chief Executive Svein Richard Brandtzæg said in the statement.

Alunorte, the world’s largest alumina refinery, has a capacity of about 6.3 million tonnes of alumina per year.

Hydro shares were up 1.2 percent in a broadly firmer metals sector following U.S. producer Alcoa’s 7.7 percent rise on Wednesday. ($1 = 8.5368 Norwegian crowns) (Reporting by Camilla Knudsen, Ole Petter Skonnord; Editing by Jan Harvey and Emelia Sithole-Matarise)

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