Bauxite prices higher on Australian cargos

CBIX lifted 3.3% (US$1.5/dmt) over the week, on the back of higher ViU-priced cargos from Australia. This was despite Brazilian material being sold at record low prices into China. Higher Australian prices are no surprise, given the recent rally in alumina prices and the link between bauxite and alumina prices. Brazilian prices are a surprise, given the typical quality and grade of Brazilian bauxite.

Malaysian FOB prices remain unchanged, despite the resumption of small tonnages through Kemamanport. Prices are still quoted in the range US$25/dmt to US$27/dmt (unadjusted) for unwashed material and US$37/dmt for washed material.

Developments in Guinea continue at breakneck speed, with the SMB/Winning Group moving quickly to establish a second barge-loading facility opposite its existing facility. When fully commissioned (targeting October), SMB will have the capability to load around 20 MTPY.

Chinese domestic alumina prices fell with the North down 1.2% (RMB23/t) to RMB1,975/t (US$300/t including VAT) and the South falling 0.8% (RMB15/t) to RMB1,865/t (US$284/t including VAT).

Bunker (ship fuel) prices edged higher over the week, however a drop in Panamax daily charter saw overall Panamax freight rates drop slightly, while a rise in Capesize daily charter saw overall Capesize freight rise.

(CBIX is a 30 day rolling, value in use, trade weighted, average price of a representative sample (50% Reacting Alumina; 5% Reacting Silica; and 10% Moisture) of bauxite imports into China over the period – an independent and impartial assessment of China’s imported bauxite market compiled and published by CM Group.)

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