Imported Bauxite Prices
As of May 25, 2026, SMM overseas bauxite prices were generally stable with slight upward movement. Supported by rising energy and seaborne freight costs, prices of some imported bauxite cargoes edged up. However, domestic alumina refineries maintained relatively high raw material inventories, while downstream acceptance of high-priced resources remained limited. Market transactions were mainly driven by rigid demand. Among them, the SMM Imported Bauxite CIF Index (converted to 45/3 grade) stood at $67.61/mt, up $0.09/mt MoM, with the monthly price range at $67.52-67.85/mt.
By product, Guinea bauxite FOB price (converted to 45/3 grade) stood at $38/mt, flat MoM, with prices remaining largely stable since the beginning of May. Guinea bauxite CIF price (converted to 45/3 grade) stood at $68/mt, up $0.05/mt MoM, with the monthly price range at $67-68/mt. Australia bauxite CIF price (49-50/6-7 grade) stood at $62/mt, while Australia high-temperature bauxite CIF price (51-52/8-10 grade) stood at $56.50/mt, both flat MoM. Türkiye bauxite CFR price (54/6 grade) stood at $78.50/mt, up $2.50/mt MoM, rising from $76/mt to $78.50/mt during the month. Malaysia bauxite CIF price (37-41/5-6 grade) stood at $52/mt, Malaysia washed bauxite CIF price (37-41/5-6 grade) stood at $62.50/mt, and Ghana bauxite CIF price (47-51/5-6 grade) stood at $78/mt, with prices remaining stable during the month.
Bauxite Imports and Exports
According to customs data, China imported 19.743 million mt of bauxite in April 2026, down 9.4% MoM and 4.6% YoY. From January to April 2026, China’s cumulative bauxite imports reached 77.728 million mt, up 14.7% YoY.
By country, China imported 16.423 million mt of bauxite from Guinea in April 2026, down 9.4% MoM and 1.9% YoY. From January to April 2026, China’s cumulative bauxite imports from Guinea reached 62.964 million mt, up 18.5% YoY. Guinea remained the major source of China’s bauxite imports.
In terms of shipments, as of May 22, the average daily bauxite shipment volume from major Guinean ports fell to 559,000 mt/day, down around 21.8% MoM. Taking into account the shipping schedule transmission period, domestic bauxite arrivals are expected to gradually decline from late June, with a relatively significant decrease in domestic bauxite arrivals expected in July.
Market Impact Factors
In May 2026, overseas bauxite prices were mainly affected by three factors: expectations surrounding Guinea’s export policy, rising energy and seaborne freight costs, and the restraint on procurement appetite caused by high bauxite inventories at domestic alumina refineries.
First, Guinea’s bauxite export quota policy remained a key market focus. Earlier, market rumours suggested that the Guinean government might implement a bauxite export quota policy around the May Day holiday, which could support Guinea bauxite prices by restricting shipment volumes. However, as the relevant policy has yet to be officially implemented, its marginal impact on market sentiment has weakened. Market participants have also become less active in pricing and stockpiling based on this factor.
Second, rising energy and seaborne freight costs provided some support for overseas bauxite prices. Affected by geopolitical disruptions, international oil prices remained at high levels, pushing up mine land transportation, seaborne freight, and production operating costs. According to SMM survey, freight rates from Guinea to China rose from around $34/wmt in April to $36-37.5/wmt during May, significantly lifting shipment costs for mines and traders. Against the backdrop of increasing cost pressure, some mines and traders saw weaker shipment enthusiasm, while the market also observed a slowdown in shipment pace.
Third, raw material inventories at domestic alumina refineries remained relatively high, limiting their acceptance of high-priced imported bauxite. Currently, bauxite inventories at domestic alumina refineries generally remain above three months. Downstream procurement is mainly based on rigid demand, while willingness to chase high-priced resources remains weak. Although some long-term contract prices for Guinea-to-China cargoes were around $70/mt in May, SMM survey showed that some downstream alumina refineries’ intended procurement prices for spot cargoes were still concentrated around $65-67/mt, indicating that the price gap between buyers and sellers remained significant.
Price Outlook
On the supply side, energy and seaborne freight costs remain high, providing certain support for overseas bauxite prices. Meanwhile, the phased decline in shipment volumes from major Guinean ports may gradually transmit to China’s arrival volume. On the demand side, bauxite inventories at domestic alumina refineries remain relatively sufficient, and the likelihood of a sharp increase in their procurement price expectations in the short term is limited. The price negotiation between buyers and sellers remains relatively evident.
SMM expects overseas bauxite prices to fluctuate at high levels in the short term. Going forward, attention should be paid to changes in Guinea shipments, seaborne freight trends, the pace of inventory consumption at domestic alumina refineries, and changes in procurement sentiment.
![[SMM Analysis] May 2026 Bauxite Review: Cost Support Persists, Downstream Acceptance of High Prices Remains Limited, Ex-China Bauxite Prices Fluctuate at Highs](https://imgqn.smm.cn/usercenter/mcZkL20251217171654.jpg)
