05 JULY 2016The Bauxite Index
CBIX nudges higher (+2.4%), mixed messages from Malaysia
Edited by : AL CIRCLE
2 min read
CBIX rose over the week, up 2.4 per cent (US$1.1) to US$46.9/dmt on the back of higher ViU-priced Guinean material, partially offset by lower ViU-adjusted prices from other regions. Malaysian FOB prices continue to hold their ground, quoted at US$25/dmt to US$26/dmt for unwashed material, with washed material fetching around US$37/dmt FOB.
Reports out of Malaysia over the week quoted stockpiles as high as 5.4 Mt at or near the port of Kuantan. Our own intel suggests stockpiles of around 1.5 to 2 Mt at or near the port, with exporters ready to resume operations as soon as the ban is lifted. Larger miners have mostly taken the measures necessary to conform with new environmental requirements and are now waiting for the ban to be lifted. When it is, exports are likely to resume quickly. Exports have also begun from Malaysia’s Johor region in the south, as miners seek to diversify away from Kuantan.
Chinese domestic alumina prices were largely directionless over the week, with prices in the North down 0.4% (RMB8/t) to RMB1,904/t (US$287/t including VAT) and the South unchanged on RMB1,840/t (US$277/t including VAT).
Freight rates were up slightly for both Panamax and Capesize vessels on the back of slightly higher shipping fuel prices and vessel charter rates.
Reports out of Malaysia over the week quoted stockpiles as high as 5.4 Mt at or near the port of Kuantan. Our own intel suggests stockpiles of around 1.5 to 2 Mt at or near the port, with exporters ready to resume operations as soon as the ban is lifted. Larger miners have mostly taken the measures necessary to conform with new environmental requirements and are now waiting for the ban to be lifted. When it is, exports are likely to resume quickly. Exports have also begun from Malaysia’s Johor region in the south, as miners seek to diversify away from Kuantan.
Chinese domestic alumina prices were largely directionless over the week, with prices in the North down 0.4% (RMB8/t) to RMB1,904/t (US$287/t including VAT) and the South unchanged on RMB1,840/t (US$277/t including VAT).
Freight rates were up slightly for both Panamax and Capesize vessels on the back of slightly higher shipping fuel prices and vessel charter rates.
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