Norway's non-alloyed aluminium ingot export is estimated to be valued at US$226.8 mln in 2017

The Norwegian economy is regaining confidence after the Trends Indicator showed consistent rise over the last few quarters. The economy was hit badly after oil industry downturn affected Southern and Western Norway in 2015. Since 2016 begining, the situation has been improving. The country with a prominent oil, hydropower and metal industry profile shipped US$89.1 billion worth of goods around the globe last year. Aluminium export (including primary aluminium such as non-alloyed aluminium ingots as well as aluminium casthouse products), which comprises around 3.6 per cent of its total export value also scaled higher in 2016.

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Norway's non-alloyed aluminium ingot exports have been logging a year-on-year growth over the last three years. In 2016, the country exported 93105.59 tonnes of non-alloyed aluminium ingots, up 5.4 per cent from 88284.58 tonnes in 2015. In 2017 (till November), the country is estimated to ship around 10,8383.8 tonnes non-alloyed aluminium ingots, up 16.4 per cent from the corresponding period previous year.

Primary aluminium ingot export-generated revenue growth has also been quite noteworthy for Norway since 2013. The total value of exports of this particular primary aluminium product category totalled US$187.31 million in 2016, up 8.37 per cent from US$204.44 million in 2015. In 2017 (till November), the total value of non-alloyed aluminium ingot exports is estimated to reach US$226.8 million, up around 35 per cent from the same period previous year.

Norsk Hydro is the largest aluminium producer in Norway. The compay's production is based on primary aluminium. It produces remelt ingot- a non-alloyed aluminium metal form which is used to supply foundry alloys in order to optimize production volume. The product is standard quality ingot that finds use in automotive and transport applications. Hydro’s primary aluminium production in the fourth quarter of 2016 totalled 5,26,000 tonnes, up 0.95 per cent from 5,21,000 tonnes in the corresponding period previous year.

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The company holds a positive outlook on the long-term demand of its aluminium ingots in the global market. Commenting on the strong Q4 2016 results, Hydro’s President and CEO, Svein Richard Brandtzæg had said, “Demand for aluminium remains firm and prices have increased, contributing to a solid quarter for Hydro."

The cash-rich aluminium behemoth boasting one of the lowest carbon footprints in the world pins a lot of hope on the light-weight automotive industry for driving the demand for the metal over the next five years. The company insists that a surplus of up to 1.5m tonnes of aluminium in China this year will be offset by a deficit elsewhere in the world and steady demand.