Guinea Customs Suspends Bauxite Exports of EGA Subsidiary GAC

Published: Oct 14, 2024 11:56

Source: SMM

Save

On October 11, EGA announced that its subsidiary, Guinea Alumina Corporation (GAC), had its bauxite exports suspended by customs.

On October 11, EGA announced that its subsidiary, Guinea Alumina Corporation (GAC), had its bauxite exports suspended by customs. EGA is currently unclear about the reasons for this action but stated normal production at the Al Taweelah alumina refinery. If the issue is resolved in the coming weeks, it is expected not to affect alumina supply. In 2023, GAC exported 14.1 million mt of bauxite, and the Al Taweelah alumina refinery produced 2.48 million mt of alumina. Driven by supply concerns and strong demand, on October 11, SHFE alumina futures prices rose 6.4% from the previous day to 4,630 yuan/mt and soared to 4,778 yuan/mt at the night session, marking the highest level since the contract was listed in June 2023. Meanwhile, an SMM survey found that on October 11, the latest FOB price for alumina in Eastern Australia reached $652/mt, up 21% from the same period last month.

Market review

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM‘s internal database model. They are for reference only and do not constitute decision-making recommendations.

For any inquiries or to learn more information, please contact: lemonzhao@smm.cn

For more information on how to access our research reports, please contact:service.en@smm.cn

Related News

17 hours ago

Fed Governor Milan Pushes for Over 100 Basis Points Cut, Contradicts Barkin on Caution

Federal Reserve Governor Milan pointed out that it is necessary for the US Fed to cut interest rates by more than 100 basis points this year. At the same time, he is very much looking forward to the performance of Kevin Warsh as Fed Chairman. However, Richmond Fed President Barkin emphasized that monetary policy must remain cautious until inflation fully pulls back to the target level, thereby ensuring the stability of the labour market.

17 hours ago

Democratic Senators Demand Delay in Fed Nomination Amid Criminal Investigation

All 11 Democratic members of the US Senate Banking Committee jointly sent a letter to the committee's chairman, Tim Scott, requesting that all nomination processes for the prospective Fed Chairman, Kevin Warsh, be postponed until the criminal investigation into current Fed Chairman Powell and other board members is concluded. However, Scott stated that Warsh's confirmation was a done deal.

17 hours ago

Fed to Keep Large Banks' Capital Levels Unchanged, Postpones Stress Test Reforms Until 2027

The US Fed has announced that it will maintain the capital levels of large banks unchanged during the upcoming stress test cycle (corresponding to the 2026 cycle). At the same time, the US Fed is planning multidimensional reforms to this annual test, aiming to enhance its transparency. The US Fed's Vice Chair for Supervision, Bowman, revealed that adjustments to the stress capital buffer requirements for large banks will be postponed until 2027. This move is intended to provide the US Fed with sufficient time to evaluate potential flaws that may be exposed in its testing models when assessing banks' financial conditions under simulated economic downturn scenarios.

17 hours ago