Total bauxite imports in January-February 2024 increased by 4% YoY, with monthly imports in January reaching a record high

Customs data showed that China imported 24.4794 million mt of bauxite in January-February, up 4% YoY.

By country

China imported 13.2019 million mt of bauxite in January, up 11.24% MoM and up 7.15% YoY. Imports by country and their changes in January: Guinea (9.2859 million mt, +12.95% MoM, + 1.52% YoY); Australia (3.4759 million mt, +9.66% MoM, +50.89% YoY); Turkey (170,800 mt); Brazil (102,700 mt); Malaysia (93,100 mt); Côte d'Ivoire (50,900 mt) and Laos (22,600 mt).

China imported 11.2775 million mt of bauxite in February, down 14.58% MoM but up 0.53% YoY. Imports by country and their changes in February: Guinea (8.8903 million mt, -4.26% MoM, +12.51% YoY); Australia (2.0106 million mt, -42.15% MoM, +0.65% YoY); Ghana (123,200 mt); Turkey (113,900 mt); Brazil (60,300 mt); Laos (55,500 mt) and Malaysia (23,700 mt).

Main sources of bauxite imports

China imported a total of 18.1761 million mt of bauxite from Guinea in January-February 2024, accounting for 74.25% of total. The bauxite imported from Guinea in January and February was shipped from mid-November to mid-January. The Guinea oil depot explosion that occurred on December 18, 2023 did not have a major impact on the shipment of bauxite, which is consistent with the SMM survey results.

In January-February 2024, 5.4865 million mt of bauxite were imported from Australia, accounting for 22.41% of all, mainly as production and shipment were affected by rainy season in Australia.

Non-mainstream sources of bauxite imports

From January-February 2024, 816,800 mt of bauxite were imported from Turkey, Brazil, Ghana, Malaysia, Laos and Côte d'Ivoire, accounting for 3.34% of the total.

Overall, China's bauxite imports continued to increase YoY. As China's alumina production grows, the demand for bauxite is increasing. Domestic bauxite output is showing a downward trend, and alumina refineries need more imported ore. There has been no specific resumption plan for bauxite mines in Shanxi and Henan that stopped production before the CNY holidays. Some domestic bauxite mines have been shut down for a long time, triggering the demand for imported bauxite. SMM expects that China's trade of bauxite from non-mainstream sources will remain active in 2024, and as the impact of Australia's rainy season decreases, Australian bauxite shipments may rebound. Guinea is still in the dry season and bauxite shipments are relatively active. Overall, China's total import volume of bauxite may remain stable and improve.

However, there is a clear shortage in domestic bauxite supply as some domestic mines stopped production and have yet to resume. Some refineries increased their use of imported ore to ensure production, and the increase in demand pushed up the prices slightly. As of April 10, the CIF price of imported bauxite from Guinea rose to $71/mt, versus $58/mt from Australia.