China in search of more bauxite
China is on the look out for more bauxite supplies, with concerns over a
possible export ban from Indonesia, according to Platts.
Indonesia is a
major supplier of bauxite to China, accounting for 70-80% of the country's total
imports.
In May 2012, Indonesia tightened export policies and imposed an
export tax of 20% on bauxite, in a move to encourage more foreign investment in
its local industry.
Indonesian bauxite prices are also high now pegged at
$50-55/mt CIF China basis, up from $43-45/mt in first half of 2012 before the
country's export policy changed.
The higher prices in turn affect alumina
refiners, China is turning to other Asian and African countries to lock in
supply.
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