Hydro's extrusion production down 50% on cyber- attack; bearish for US & European premiums (billet, P1020) and LME prices

In its latest update, issued Friday afternoon, Norsk Hydro said that it continues to make progress toward recovering from the cyber-attack suffered early this week. However, there is no exact timeline yet for fully restoring normal operations. Extrusion operations continue to run at about 50% of normal capacity, no significant change from yesterday, while rolled products unit now reported as “running as normal, with higher degree of manual operation.” Any significant reduction in extrusion production negatively impacts demand for billet and P1020 in the US and Europe, which is bearish for premiums of these products.

More details in full report.