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Quarterly guiding

Ahead of the quarterly results release, we remind you of the relevant publicly available information and guidance for the next quarter.

Business area outlook for Q2 2022 as provided in the Q1 2021 presentation:

Bauxite & Alumina

  • Alunorte production around nameplate capacity
  • Higher raw material prices

Aluminium Metal

  • ~67% of primary production for Q2 priced at USD 3 155 per mt
  • ~59% of premiums affecting Q2 booked at USD ~1 093 per mt 
    • Q2 realized premium expected in the range of USD 850-900 per ton
  • Higher raw material prices

Metal Markets

  • Volatile trading and currency effects


  • Supply chain volatility remains
  • Increased uncertainly due to Russian invasion of Ukraine
  • ~NOK 200 million in extraordinary Covid bonus to employees 


  •  Lower production
  •  Average NO2 spot price 1 736 NOK/MWh in April (01.4.2022 30 .04.2022)
  • Weak hydrology in Southern Norway
  •  Volume and price uncertainty, with continuing price area differences

Additional information

  • The latest available price and currency sensitivities for earnings (as well as information on the price time lags for revenues and costs), are included in the Q1 Investor presentation.

Publicly available information regarding the market prices and currency developments in Q2:

  • The average LME-cash market rate in Q2 was 2882 USD vs USD 3255 in Q1. Realized price in PM lags LME spot with 1-2 months.
  • The average spot PAX alumina price in Q2 was USD 355 vs USD 408 in Q1. Alumina prices in B&A are realized with ca one month lag, in PM with 2-3 months lag
  • The average USD/NOK market rate in Q2 was 9.44 vs 8.85 in Q1
  • The average USD/BRL market rate in Q2 was 4.93 vs 5.23 in Q1
  •  The Nordpool power price for NO2 (where Hydro has ~2/3 of the production) in Q2 was NOK/MWh 1751 vs 1504 NOK/MWh in Q1
  •  The Nordpool power price for NO5 (where Hydro has ~1/3 of the production) in Q2 was NOK/MWh 1630 vs 1491 NOK/MWh in Q1
  • The Nordpool power price for NO3 in Q2 was 235 NOK/MWh vs 207 NOK/MWh in Q1

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