Bauxite Prices, Monitor, Analysis & Demand

North America

In the fourth quarter of 2023, the Bauxite market in the North American region experienced a significant price hike amidst several significant factors that influenced prices. Firstly, the US spot market experienced a rise in Bauxite prices due to increased demand from the automotive industry and positive macroeconomic factors. Despite the Federal Reserve's hawkish stance on potential rate hikes, a positive trading environment prevailed. Limited supply from key mining nations like Guinea, Brazil, and Australia, along with hope for mine expansions, contributed to the price hikes.

In December, Bauxite prices continued to rise due to lower overseas supply rates caused by disruptions in trade routes through the Red Sea and Panama Canal. Attacks by Houthi rebel groups further impacted supply. Additionally, Australian mines saw increased prices amid interest rate cuts and economic strengthening, supporting the US Bauxite market.

Growing demand from the automotive industry, fueled by a shift towards electric and hybrid vehicles to reduce carbon footprint, further boosted prices. Despite challenges, the market remained resilient, driven by strong positive sentiment, and increasing demand. The quarter ended with a price of USD 53/MT for Bauxite (Jamaica) CFR Texas in the USA.

Asia-Pacific

In the APAC region, the Bauxite market in the fourth quarter of 2023 witnessed several significant factors that influenced prices. Firstly, In October, global Bauxite prices rose due to a shift in overseas supply and a modest international price increase caused by reduced global supply. ALCOA faced challenges, implementing layoffs at Australian mines, affecting Bauxite output. Australia aimed to redefine 'critical minerals,' including Bauxite, aligning with defense needs. ABx Group sought to increase output from its DL130 Bauxite Project in Tasmania. Despite obstacles, robust demand from aluminum refineries contributed to a slight price increase in the Australian spot market. Chinese spot market demand also rose, supported by the government's plans for battery foil projects. In November, Bauxite prices in the Chinese spot market increased due to limited supply from major mining nations. Guinea's mining rate declined, and reports of significant deposits in Suriname attracted attention. Despite trade challenges, downstream Aluminum industry demand remained strong. In December 2023, Bauxite prices in the Chinese spot market rose further due to lower supply and increasing demand. Houthi rebel offensives depleted overseas mine stocks, and the US bauxite market saw a rise in demand from the automotive industry, driven by a shift to electric and hybrid vehicles. The latest price of Bauxite CFR Qingdao in China for this quarter is USD 74/MT.

Europe

In the fourth quarter of 2023, the European Bauxite market experienced a bullish trend, driven by a combination of factors. Firstly, In October, global Bauxite prices remained high due to a decrease in worldwide supply, with ALCOA's Australian mines facing operational challenges and seeking government support. Australia planned to redefine 'critical minerals,' including bauxite, aligning with defense needs. The ABx Group aimed for increased production in Tasmania. Strong demand from aluminum refineries led to a slight uptick in the Australian spot market, while in Germany, demand from the battery foil industry and government plans for new battery foil projects fueled price increases. In November, the German spot market saw rising Bauxite prices due to restricted supply from key mining nations, including Guinea, Brazil, and Australia. Guinea's reduced mining activity and significant deposits in Suriname garnered attention. In December, German spot market Bauxite prices notably rose due to lower supply rates from overseas mines, affected by geopolitical conflicts and trade route disruptions. The demand increased further, driven by the downstream automotive industry's shift towards electric and hybrid vehicles, aligning with residents' goals to reduce carbon footprint. The latest price of Bauxite CFR Hamburg in Germany for the fourth quarter of 2023 is USD 55/MT.

South America

In the fourth quarter of 2023, the Bauxite market in the South American region experienced a significant hike in its price amidst a lack of supply rate. In October, the Brazilian Bauxite market experienced a price increase due to low global supply and sluggish mining rates. Major market players foresaw continued uncertainty and soft extrusion markets in Europe and North America, leading to lower sales volumes. ALCOA planned layoffs, contributing to reduced output from Brazilian mines. Despite this, demand remained steady from domestic and foreign industries, driven by Alumina refineries. In November, Bauxite prices in the Brazilian spot market rose due to decreased supply and heightened global demand, with environmental concerns impacting mining operations. Suriname's bauxite gained interest from global players. Supply disruptions through the Panama Canal increased freight charges, extending shipment times. Strong demand from downstream aluminum industries worldwide, including China and India, elevated prices. December witnessed further Bauxite price increases in Brazil due to rising demand domestically and internationally. Limited inventory and trade disruptions from the Houthi attacks in Yemen led to restricted shipping. Optimism in economic factors and COP28's emphasis on electric vehicle production fueled demand. As a result, the Bauxite prices in Brazil reached USD 61/MT, FOB Santos, by the end of the quarter.

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MEA

In the MEA region, the Bauxite market in the fourth quarter of 2023 was influenced by several key factors. Firstly, In October, global Bauxite prices remained elevated due to a decrease in overseas supply, with ALCOA's Australian mines facing layoffs affecting Bauxite output. Operational challenges led ALCOA to seek government support, and Australia is redefining 'critical minerals,' including bauxite. Despite challenges, strong demand from aluminum refineries contributed to a slight price increase in the Australian spot market, and the German spot market saw rising demand from the battery foil industry, with plans for 17 new battery foil project plants. In November, Guinea's Bauxite prices increased due to lower supply and rising demand, impacted by disruptions in Chinese state-owned Chalco's mining operations. Supply disruptions through the Panama Canal increased freight charges, affecting shipment times. In December, Guinean Bauxite prices surged as a major oil accident in Conakry led to casualties, deaths, and fears of fuel shortages, affecting raw material supply. Previous disruptions and increased demand from global downstream aluminum industries, along with the COP28 meeting's focus on electric and hybrid vehicles, influenced the metal industry positively. Despite stable orders from the US and Europe, global market players anticipate rising prices in the coming months due to supply concerns and increased demand. In terms of price comparison, the Bauxite price in Guinea for the last quarter, ending in December, is USD 52/MT. This represents a 30% increase compared to the same quarter last year. Moreover, there is a 16% increase in price compared to the previous quarter of 2023.

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