| Year | LME aluminium (World Bank) | United States | US as % of LME | China | China as % of LME |
|---|---|---|---|---|---|
| 2016 | $1,604 | $1,909 | 119% | n/a | n/a |
| 2017 | $1,968 | $2,207 | 112% | $2,131 | 108% |
| 2018 | $2,108 | $2,537 | 120% | $2,254 | 107% |
| 2019 | $1,794 | $2,240 | 125% | $1,785 | 99% |
| 2020 | $1,704 | $1,970 | 116% | $1,661 | 97% |
| 2021 | $2,473 | $2,899 | 117% | $2,435 | 98% |
| 2022 | $2,705 | $3,483 | 129% | $2,468 | 91% |
| 2023 | $2,256 | $2,846 | 126% | $2,244 | 99% |
| 2024 | $2,419 | $2,825 | 117% | $2,381 | 98% |
| 2025 | $2,632 | $2,960 | 112% | $2,539 | 96% |
Sources: World Bank Commodity Price Data; UN Comtrade, importer-reported value divided by quantity (HS 7601, unwrought aluminium, alloyed and non-alloyed). China's 2016 line is omitted because Comtrade imputed it. Quantities are marked as estimated by Comtrade for many lines.
Metal is imported above LME, except into China
Nine large importers declared unwrought aluminium at between 91% and 129% of the annual LME average in 2017 to 2025. The gap above LME includes regional premiums, freight and insurance. The United States ran 112% to 129% and Japan 99% to 106%. China declared 91% to 99% in 2019 to 2025, below the other importers, and no explanation was found.
China became a metal importer
China declared 186 to 291 thousand tonnes of unwrought aluminium a year in 2017 to 2019 and 3.55 million tonnes in 2025, 63% of it from Russia.
China's bauxite imports tripled
China declared 68.5 million tonnes of bauxite in 2017 and 201.2 million tonnes in 2025 (2023 is excluded because the Comtrade quantity conflicts with the years either side). Guinea supplied 40% of the 2017 total and 74% of the 2025 total. Indonesian supply fell from 19.0 million tonnes in 2022 to nothing in 2025, and USGS says Indonesia's bauxite production declined sharply following its 2023 ban on bauxite exports.
Alumina and the three products
Declared alumina prices for Canada, Norway, Iceland and Malaysia ran at 90% to 121% of Alcoa's average realised third-party price. Alcoa's figure is one producer's sales mix, so this is a sense check only. China declared $79 per tonne for bauxite, $541 for alumina and $2,539 for unwrought aluminium in 2025: different products, not comparable per tonne.
Related
Frequently asked questions
What was the average LME aluminium price in 2025?
The World Bank's annual average LME aluminium price was $2,632 per tonne in 2025, up from $1,604 in 2016.
Where does China get its bauxite?
Mostly from Guinea, which supplied 74% of China's 201.2 million tonnes of declared bauxite imports in 2025.
Why are aluminium import prices above LME?
They include regional premiums, freight and insurance, and the code covers alloyed as well as non-alloyed aluminium.
Sources
- World Bank Commodity Price Data (the Pink Sheet)
- UN Comtrade database
- USGS Mineral Commodity Summaries 2026: Bauxite and Alumina
- USGS Mineral Commodity Summaries 2026: Aluminum
- Alcoa Corporation annual reports on Form 10-K
Specifications published by index providers are revised over time. Where a figure comes from a pricing notice, confirm the version currently in force with the publisher before you use it in a contract. Corrections are welcome.