As of July 29, Mysteel's daily assessment for Guinea bauxite (Al:45%,Si:3%) was USD 73 per dry metric tonne (dmt), unchanged from a week ago, but down USD 1 per dry metric tonne from a month ago. The assessment for Australia bauxite (Al:50%,Si:6.5%) remained flat at USD 69 per dry metric tonne.
Seaborne bauxite prices remained flat last week. Despite increasing spot trades, the transaction prices mostly showed no changes in the trend. On the supply side, we observed a visible W-o-W increase in the shipments in Guinea last week. However, it's still at a low level due to the impact of the wet season and the supply disruption in the AXIS mining area. A Chinese-invested mining company in Guinea's AXIS mining area was heard to prepare for resumption of production.
However, according to Mysteel's tracking, the company has not obtained the mining license. Mysteel data showed that Guinea bauxite shipments were 3.15 million tonnes over July 18-24, up 70.3 per cent on week, but still lower than that in June.
On the demand side, China's alumina operating capacity and weekly production were still on the rise. This, combined with the upward trend of alumina prices, continued to provide support to bauxite prices. However, Chinese refineries were reluctant to accept higher bauxite prices, as there were no concerns over supply. China's port stocks continued to pile up last week amid high arrivals and low outflow.
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