Rio Tinto stock rises after the company indicates a potential bauxite boom driven by Chinese demand

Rio Tinto (RIO) stock is rising 0.07% to $27.55 in afternoon trading on Thursday after the London-based mining company said demand for bauxite, a raw material used to make aluminum and alumina, is expected to gain over the next 15 years because of growing production in China.

Bauxite demand is expected to be so strong that it will outpace the 4% annual increase in aluminum demand in the medium- and long-term.

Chinese aluminum production capacity is set to increase by 3 million tons this year, down from 3.9 million tons last year, Bloomberg reports.

Aluminum and other commodities are expected to still be challenged in the short term, but aluminum prices should improve towards the end of the decade.

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