Up +24% YoY, stocks at Chinese ports reached 32.4Mt last week, the highest level since 2022, and remain on a solid upward trend. Even now, stocks are still -20% below their 5-year high of 39 Mt.
Meanwhile, Guinea 45% bauxite prices rose +1$/t WoW to 69.5$/t CFR China, yet inventories suggest the market remains well supplied. Beyond short-term market conditions, the build-up may also reflect a structural shift within China’s aluminium supply chain. Domestic bauxite mining faces rising costs and declining competitiveness as the workforce ages and the economy moves towards higher-value manufacturing. Larger stockpiles may therefore be needed to support growing import dependency and strengthen supply security.
This comes as China’s aluminium sector benefits from competitive power costs and disruptions to Middle Eastern smelting capacity. Exports of unwrought aluminium and semis rose +15% YoY to 0.63Mt in May’26.
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