China’s demand for Guinea bauxite fuels Capesize market surge
Capesize rates have recently surged past the $30,000 a day mark, largely driven by record-breaking bauxite shipments from West Africa to China. Bauxite, the primary source of aluminium, is a significant minor bulk commodity typically transported on Capesize vessels.
According to the US Geological Survey, Guinea holds the largest bauxite reserves in the world. In the second quarter of this year, Greek broker Intermodal reported an "unprecedented surge" in bauxite exports from Guinea, reaching a new record, with the majority of these exports destined for China.
China, a key player in the global market, has set a record in primary aluminium production. The significant growth in the first five months of 2024, compared to the same period in 2023, has led to a surge in demand for bauxite and aluminium. This surge, in turn, has directly contributed to the spike in Capesize rates, further highlighting China's pivotal role in the global aluminium supply chain.
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