Alumina prices hit new high due to supply disruption & China’s high demand
Time:Mon, 14 Oct 2024 09:33:01 +0800
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Alumina futures on the Shanghai Futures Exchange (SHFE) surged by 6.4% to a record high since June 2023 last Friday (October 11) due to the continuously tightening markets of major raw materials for aluminum manufacturing caused by global supply disruptions and strong demand from China.
Emirates Global Aluminium (EGA) said later in the day that the customs had suspended bauxite exports from its subsidiary, Guinea Alumina Corporation (GAC). EGA said in a statement to Reuters that it is seeking the reason for the move from customs and is working to resolve the issue as soon as possible.
EGA added that the production at the Al Taweelah alumina refinery continues as normal and it was expected not to be impacted.
Guinea is the second-largest bauxite producer in the world, following Australia.
In addition, China’s alumina consumption has been strong as domestic producers have raised their production due to huge profits. An analyst said alumina prices were supported in the short term due to a bauxite supply shortage in China, high imported bauxite prices, and strong demand.
