04 JULY 2024AlCircle.com
China’s demand for Guinea bauxite fuels Capesize market surge
Edited by : Rupankar Majumder
3 min read
Capesize rates have recently surged past the $30,000 a day mark, largely driven by record-breaking bauxite shipments from West Africa to China. Bauxite, the primary source of aluminium, is a significant minor bulk commodity typically transported on Capesize vessels.
According to the US Geological Survey, Guinea holds the largest bauxite reserves in the world. In the second quarter of this year, Greek broker Intermodal reported an "unprecedented surge" in bauxite exports from Guinea, reaching a new record, with the majority of these exports destined for China.
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