In May, the surplus pattern of bauxite continued, with inventory buildup of bauxite both in alumina refineries and ports.

SMM May 30 Report:

In terms of domestic bauxite supply, according to SMM calculations, China's bauxite production in May 2025 (31 days) increased by 5.0% MoM and 19.1% YoY. It is understood that in the coming period, some mines are undergoing environmental protection inspections, which may subsequently have some impact on bauxite production.

In terms of inventory, according to SMM data, in May 2025, the total inventory of bauxite raw materials at domestic alumina refineries increased, up 7.2% MoM and 4.8% YoY. As of May 30, SMM statistics showed that the total bauxite inventory at nine ports was 21.56 million mt, with port bauxite inventory increasing by 1.37 million mt compared to the previous month-end. Fundamentals side, bauxite continues to maintain a surplus pattern, with inventory buildup occurring at both ports and within alumina refineries.

SMM Brief Commentary:

Regarding domestic bauxite, recently, some major domestic bauxite-producing provinces have successively carried out inspections, which may impact bauxite production. Continuous follow-up is required.

Regarding imported bauxite, as June approaches, the operating capacity of alumina is expected to rebound, and the demand for bauxite is also expected to increase. However, the supply of imported bauxite is expected to remain at a high level for the year. It will still take some time for the impact of the Guinea bauxite incident to be transmitted domestically. In the short term, bauxite is expected to continue to maintain a surplus pattern, and bauxite inventory is expected to continue to build up.