European aluminum smelter shutdown supports aluminum prices
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Update time : 2022-08-19 21:22:42
Norway's Hydro has decided to shut down its majority-owned primary aluminum smelter in Slovakia by the end of September due to high electricity costs amid the worsening European energy crisis.
Ole Hansen, head of commodity strategy at Copenhagen-based Saxo Bank, said more news about smelter closures has raised market concerns about tight supply, which supported aluminum prices.
The LME benchmark aluminum was up 0.9% to US$2,413/ton by 1615 GMT this Wednesday.
