Norsk Hydro

J.P. Morgan has cut Norsk Hydro from "Overweight" to "Neutral" and placed the stock on "Negative Catalyst Watch" ahead of Q3 results, saying uncertainties over the natural gas supply to the Alunorte refinery in Brazil could weigh on EBITDA. The price target was lowered from 116 to 97 NOK; the stock fell about 3% following the move. The bank sharply reduced its EBITDA and EPS forecasts for 2026/2027 and warns that higher costs in Q3 could lead to further downgrades to consensus. » More on de.investing.com

Norsk Hydro's shares fell about 3% in Oslo after a preliminary US‑Canada trade agreement could cut US tariffs on Canadian primary aluminium from 50% to around 25%, weighing on the Midwest premium, which was last at $2,371/tonne. RBC estimates that a premium decline of $300/tonne would reduce Hydro's EBITDA by roughly NOK 240m through lower recycling margins; there would also be a one‑off inventory write‑down of about NOK 150m, totalling around NOK 400m (~1% of consensus EBITDA 2026). Direct effects on Hydro are limited because primary exports to the US are small, but a lower premium could dampen demand in US end markets for extrusion products while making a volume recovery through 2027 easier. » More on de.investing.com

Norsk Hydro has cut production at the Alunorte alumina refinery in Brazil to 50% after the gas supplier reported disruptions. The move heightened supply concerns, pushed aluminium prices higher and triggered share gains in Chinese and Japanese aluminium stocks. LME inventories have fallen to their lowest level since November 1990, and Norsk Hydro warned that a sustained trade stoppage through the Strait of Hormuz could significantly widen the global supply deficit. » More on de.investing.com