Investor Presentaiton
ALUMINA MARKET
III
SOUTH32
Changing market dynamics and growing Chinese dependence on
imported bauxite (+31% to 54% in the last decade)
Inducement cost projects expected to be built outside of China
due to declining bauxite self-sufficiency and environmental policy
China alumina by regional source
(Mt)
Alumina prices
(US$/t)
90
In the next decade, rising global alumina demand
expected to be met by refinery projects ex-China
The share of domestic bauxite in alumina from
China declined from 69% to 46% in the last decade
800
Rusal sanction
80
700
40
30
20
10
2 82322
70
60
50
600
500
400
300
M
Concurrent supply
disruptions inside
and outside of China
Russia-Ukraine
conflict
200
2000
2005
2010
2015
2020
Apr-18
Domestic bauxite
Imported alumina
Imported bauxite
Ex-China supply
Apr-19
Platts FOB Australia
Apr-20
Apr-21
Platts China Shanxi Ex-works (CFR Equivalent)
Apr-22
Apr-23
Source: CRU, IAI, South32 Analysis
Source: Platts, South32 Analysis
SLIDE 32View entire presentation