Weekly bauxite price index in China up 2.3% closing at US$47.2/dmt

CBIX rose 2.3 per cent (US$1/dmt), closing at US$47.2/dmt for the week on the back of higher priced cargos from Brazil and Australia (ViU-adjusted). Also of note last week was another cargo arriving in China from Montenegro, illustrating the continuing push from Chinese refiners to diversify alternative supply sources.

Malaysian bauxite continues to trickle into China, ahead of the full removal of the mining ban, which we expect next month. Malaysian FOB prices were unchanged at US$26/dmt for unwashed material, with washed material is still priced at approximately US$37/dmt FOB.

Chinese domestic alumina prices were unchanged over the week, with the North on RMB1,756/t (US$265/t including VAT) and the South at RMB1,780/t (US$268/t including VAT).

Freight rates for both Panamax and Capesize class vessels increased due to higher charter rates combining with a slight rise in bunker (fuel) prices.

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