Alumina Refineries Show Weak Purchase Willingness at High Prices; Imported Bauxite Index Prices Continue to Decline [SMM Bauxite Weekly Review]

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SMM February 20 News:

Domestic Bauxite:

This week, the domestic bauxite market mainly remained stable.

As of today, the transaction price for bauxite with an Al/Si ratio of 5.0 and alumina content of 60% in Shanxi, excluding VAT, for self pick-up at crushing plants, was approximately 640-670 yuan/mt; in Henan, the transaction price for bauxite with an Al/Si ratio of 5.0 and alumina content of 60%, excluding VAT, for self pick-up at crushing plants, was around 570-610 yuan/mt; in Guizhou, the transaction price for bauxite with an Al/Si ratio of 5.5 and alumina content of 58%, excluding VAT, for self pick-up at crushing plants, was 510-550 yuan/mt; in Guangxi, the transaction price for bauxite with an Al/Si ratio of 6.0 and alumina content of 53%, excluding VAT, for self pick-up at crushing plants, was 320-335 yuan/mt.

Imported Bauxite:

According to data from February 14, the total weekly port arrivals of bauxite at domestic ports reached 3.9061 million mt, an increase of 725,200 mt WoW; the total weekly port departures of bauxite from Guinea's main ports reached 3.6248 million mt, an increase of 938,900 mt WoW; the total weekly port departures of bauxite from Australia's main ports reached 470,000 mt, an increase of 26,900 mt WoW.

In terms of prices, alumina refineries in inland areas are generally operating at a loss when purchasing Guinean bauxite at prices above $90/mt, leading to insufficient purchase willingness. The overall offer prices from Guinean bauxite sellers showed a downward trend. According to SMM, some Guinean bauxite holders have lowered their offers to around $95/mt, but no actual transactions have been reported. This week, the SMM Bauxite Index price further declined, currently reported at $96.42/mt, down $1.81/mt WoW. According to SMM, some Australian bauxite bulk cargoes were previously transacted at prices around $90-110/mt, with shipments expected to commence in Q1 2025. This week, SMM Australian bauxite prices saw a supplementary increase. However, in the short term, under the pressure of losses at some domestic alumina refineries, bauxite prices are expected to fluctuate downward.

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