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Resilient demand and historically low inventories could support aluminium prices despite increasingly negative market sentiment, according to analysts cited in the report. Their outlook puts the metal at $3,625 per tonne in 2027.
The assessment follows Norsk Hydro's third-quarter results. The Norwegian producer reported EBITDA of 9.1 billion Norwegian kroner, up 52% year on year and 2% from the previous quarter, but 6% below analysts' consensus estimate.
Higher aluminium prices supported earnings, while costs and exchange-rate movements weighed on performance. Analysts reduced their 2026 EBITDA forecast for Hydro by 4% to 34.9 billion kroner, highlighting the contrast between near-term earnings pressure and the longer-term metal-price outlook.