Hydro expects China demand to growth

The European aluminium producer Hydro expects demand from China to support prices of the metal, propelling growth this year and next.
?We will see aluminium prices on a higher level than we would have expected only a few years ago? Eivind Reiten, chief executive officer, said in an interview in Oslo, where the company is based. ?Strong Chinese demand is continuing and that will be the main driver of growth for 2008 and 2009?.
Hydro is expanding aluminium operations, after selling its oil unit last year, to meet rising demand for the lightweight metal in China, the largest user. Curbs on production including power shortages in the Asian country and South Africa will cut 700,000 metric tons of output and push up prices, Reiten said.
Smelters in China, also the world's biggest producer, are unable to keep up with surging demand from local industry, leading to a domestic shortfall, according to analysts.

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