SMM May 20 News:
According to the General Administration of Customs of China, China imported 20.684 million mt of bauxite in April 2025, up 25.62% MoM and 45.44% YoY, hitting a record high. From January to April 2025, China's cumulative bauxite imports reached 67.77 million mt, up 34.3% YoY.
Regarding mainstream import sources of bauxite:
In April, China imported 16.732 million mt of bauxite from Guinea, up 28.72% MoM and 59.62% YoY, setting a new monthly import record. Although the average weekly shipment volume in March decreased compared to February, it surged MoM in April. The shipment volume of bauxite from Guinea in April is expected to exceed 17.5 million mt. The total volume of bauxite imported from Guinea by China in May and June is expected to continue to see a significant YoY increase.
In April, China imported 2.68 million mt of bauxite from Australia, up 5.7% MoM mainly due to the waning impact of the rainy season, but down 14.41% YoY. From April to mid-May, bauxite prices showed a downward trend, with few spot transactions of Australian bauxite bulk cargoes, mostly executed under long-term contracts. It is reported that some Australian bauxite has been diverted to countries other than China, and Australia's bauxite imports may see a YoY decline.
Regarding non-mainstream import sources of bauxite:
In April 2025, China imported bauxite from 14 countries, including Turkey, Ghana, Laos, Malaysia, Sierra Leone, and Jamaica, with a cumulative total of 1.272 million mt, up 109.1% YoY, accounting for 6.15% of the total imports.
SMM Commentary:
In May, maintenance and production cuts in the alumina sector intensified in south China. However, as the alumina industry's profits turned from losses to gains, production resumptions in the alumina sector are expected, with the total operating capacity expected to remain flat or rebound slightly compared to April, and bauxite demand is expected to recover somewhat. However, as the supply of imported bauxite is expected to remain high, bauxite is expected to maintain a surplus situation.
In the short term, due to the high shipment volume of bauxite from Guinea in the early period and the influence of shipping schedules, the supply of imported bauxite in China is expected to remain high in the next two months. However, as supply disruptions of bauxite from Guinea have occurred, market sentiment has turned cautious, with some bauxite suppliers intending to refuse to budge on prices, and low-price offers disappearing from the market. The subsequent price trend of bauxite needs continuous monitoring of the development of supply disruptions of bauxite from Guinea, changes in the shipment volume of bauxite from Guinea, and the supply situation of bauxite from other sources.
