According to the General Administration of Customs of China, in August 2024, China imported 15.546 million mt of bauxite, up 3.64% MoM and up 34.23% YoY, setting a new monthly import record. From January to August 2024, China imported a total of 107.8974 million mt of bauxite, up 11.8% YoY. (HS code: 26060000)
By country:
In August, imports from Guinea were 11.0036 million mt, up 4.90% MoM and up 50.79% YoY; imports from Australia were 3.6275 million mt, down 6.67% MoM and down 0.70% YoY; imports from Turkey were 330,600 mt, from Brazil 145,600 mt, from Laos 138,400 mt, from Ghana 126,100 mt, from Malaysia 123,500 mt, and from Côte d'Ivoire 50,600 mt.
Regarding major bauxite import sources:
In August, the total volume of bauxite imported from Guinea saw a slight MoM increase and a significant YoY increase of over 50%, setting a new monthly import record. SMM analysis indicates that, on one hand, bauxite shipments from Guinea were concentrated before the rainy season, with shipments in June up MoM; on the other hand, the reduction in domestic bauxite arrivals was mainly in the last week of August, so the impact on August imports was relatively small. From January to August 2024, the total volume of bauxite imported from Guinea was 77.7997 million mt, up 12.56% YoY, accounting for 72.11% of total imports. Starting at the end of August, the impact of Guinea's rainy season on bauxite became more apparent in domestic arrivals, with the focus of bauxite arrivals shifting downward. It is expected that China's bauxite imports from Guinea in September will decrease compared to the previous period. In August, the total volume of bauxite imported from Australia saw a slight decrease both MoM and YoY. From January to August 2024, the total volume of bauxite imported from Australia was 25.2513 million mt, up 15.75% YoY, accounting for 23.40% of total imports.
Regarding non-major bauxite import sources:
In August 2024, bauxite imports from countries such as Turkey, Brazil, Laos, Ghana, Malaysia, and Côte d'Ivoire totaled 914,900 mt, accounting for 4.49% of total imports in August. From January to August 2024, cumulative imports were 4.8464 million mt, an increase of 1.0935 million mt compared to the same period in 2023, with a growth rate of 29.14%.
SMM Brief Comment: In August, both imports from Guinea and non-major import sources increased, pushing the monthly bauxite import volume to a new high. However, starting at the end of August, the focus of domestic bauxite arrivals shifted downward, and the impact of Guinea's rainy season on bauxite shipments continued. Imports from Guinea in September may decrease compared to the previous period. Fundamentals side, bauxite supply remains tight, and bauxite prices are expected to fluctuate upward in the short term.
