According to China customs data, China’s bauxite imports in October 2023 stood at 11.1273 million tonnes, reflecting a month-on-month increase of 11 per cent and a year-on-year hike of 23.97 per cent.
Guinea was the highest exporter of bauxite to China in the said month, supplying 7.084 million tonnes, up by 4.61 per cent M-o-M and 60.51 per cent Y-o-Y. Australia was the second largest exporter, providing 3.4229 million tonnes - 26.86 per cent more than the previous month and 3.44 per cent higher than a year ago.
Other significant exporters were Turkey, supplying 226,700 tonnes; Sierra Leone, providing 147,600 tonnes; and Ghana, exporting 104,400 tonnes. Other countries that exported substantial quantities of bauxite to China in October 2023 were Jamaica (45,000 tonnes), Brazil (43,500 tonnes), Malaysia (39,900 tonnes), and Laos (13,400 tonnes).
As the highest exporter, Guinea accounted for 63.66 per cent of China’s bauxite imports in October 2023. Although China’s bauxite imports from Guinea rose M-o-M in October, the growth rate stood less than that of 16.97 per cent, 9.52 per cent, and 6.38 per cent in the same period of 2020, 2021, and 2022, respectively.
The slower growth rate in October this year could be attributed to an extended rainy season in Guinea, which more heavily affected ore shipments than in previous years. There are October bauxite shipments due to arrive in China in late November after 40-45 days at sea, increasing November bauxite imports from Guinea. The imports are expected to rise further in December post-rainy season, but October-November disruptions may limit growth.
According to SMM, Guinean long-term bauxite contracts underperformed in 2023 due to supply disruptions and would probably delay fulfilment in Q1 2024.
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