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On Sept. 6, the three-month aluminum price on the British London Metal Exchange rose 1.3% to $2,768 per ton at one point, a high price since the beginning of 2011, before prices fell back on the 7th. Norway's large industrial enterprises Norway Hydro and aluminum products giant Russia Aluminum United shares rose subsequently.
Data show that since this year, the global aluminum prices continue to rise, the cumulative increase this year has been close to 50%. Industry insiders believe that, in addition to the fundamental factors, the recent changes in the situation in Guinea is also an important factor supporting the aluminum prices rose sharply again. Guinea coup soldiers said on the 6th will form a national unity government to promote a smooth transition of power.
Adam, an expert in Guinea's bauxite industry, said the coup is unlikely to have any significant short-term impact on exports, which have generally been at a low point in the cycle in September, and any government would want to ensure that future mine revenues and investments would not be affected by the ripple effect.
The Wall Street Journal reported that Guinea produced 88 million tons of bauxite last year and exported 82.4 million tons of bauxite, making it the all-big bauxite exporter, according to statistics from the country's mining ministry. Almost all of the bauxite is used to extract alumina, which is mainly used to extract aluminum, the report said. Aluminum can be widely used in automobiles, smartphones and energy systems. The bauxite business is a key pillar of Guinea's economy and a major foreign exchange earner. Guinea's good resource conditions have also attracted a lot of overseas investment, according to the Guinean Ministry of Mines.
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