CBIX retreats 2.7% to close at US$46.9/dmt
CBIX retreated 2.7 per cent (US$1.3/dmt) over the week, closing at US$46.9/dmt. The fall signalled the return of some Malaysian bauxite to the Chinese market, which is typically priced lower (on a value-adjusted basis) than cargos from other countries. Malaysia’s return weighed heavily on this week's closing price. Malaysian FOB prices remain unchanged at US$26/dmt for unwashed material, with washed material still selling for US$37/dmt FOB.
Guinean bauxite continues to be exported to China in increasing volumes, with both cape and panamax vessels now routinely arriving in China. Prices do vary, although recent data suggests high-grade Guinean material is currently fetching US$49/dmt CFR, which equates to a CBIX value of US$43/dmt.
Chinese domestic alumina prices are treading water, with the North China domestic alumina price up 1.2 per cent (RMB21/t) to RMB1,712/t (US$258/t including VAT) and the South down 0.3 per cent (RMB5/t) to RMB1,720/t (US$259/t including VAT).
Freight rates again slipped lower, on the back of both lower bunker (ship fuel) prices and vessel charter rates. Australian panamax rates to China are currently estimated at US$4.6/wmt.
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