Bauxite Supply Gap Pattern Remains Unchanged, Domestic Ore Prices Rise Slightly [SMM Weekly Review]

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SMM, January 2:

Domestic Bauxite:

This week, the domestic bauxite market has seen no significant changes. Spot supply of bauxite remains tight, and bauxite prices have increased.

As of today, the self pick-up transaction price (excluding VAT) at crushing plants for bauxite with an Al/Si ratio of 5.0 and alumina content of 60% is approximately 640-680 yuan/mt in Shanxi, 580-620 yuan/mt in Henan, 510-550 yuan/mt in Guizhou for bauxite with an Al/Si ratio of 5.5 and alumina content of 58%, and 320-335 yuan/mt in Guangxi for bauxite with an Al/Si ratio of 6.0 and alumina content of 53%.

Imported Bauxite:

According to data from December 27, the total weekly port arrivals of bauxite at domestic ports reached 3.66 million mt, an increase of 637,900 mt compared to the previous week. Weekly port departures of bauxite from Guinea's main ports totaled 3.2006 million mt, up by 162,000 mt from the previous week, while weekly port departures from Australia's main ports totaled 1.1807 million mt, an increase of 448,400 mt from the previous week.

This week, imported ore prices mainly fluctuated at highs. However, domestic alumina operating rates remain high, with sustained demand. Additionally, some new alumina projects are expected to commence production in 2025, most of which plan to use imported bauxite as raw material. Driven by the need for raw material stockpiling, the tight supply pattern of imported bauxite in the domestic market remains unchanged, and prices show upward momentum.

SMM Comments: In the short term, domestic bauxite demand is unlikely to decline, while supply growth remains limited. The supply gap for bauxite is difficult to reverse, and spot bauxite prices are expected to mainly fluctuate upward.

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