Hydro CEO says no recovery in sight for aluminium price

Norway's Norsk Hydro, one of the world's largest makers of aluminium, does not expect the price of the metal to rebound in the short term, Chief Executive Svein Richard Brandtzaeg told Reuters on Wednesday.

"When you evaluate the development in the market I think one of the most important factors in all commodities markets is the supply-demand balance. And as we now have a one million tonnes surplus in the world, we are not expecting short-terms improvements in prices," Brandtzaeg said.

"I think we will still face challenging markets in the coming quarter, but at the same time we should not forget that aluminium is the fastest-growing metal in the world. The world will need much more aluminium than what we see today," he added.

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