China and the US companies are driving a global boom in demand for bauxite, the main raw material for aluminum production.

Chinalco (Aluminum Corporation of China Limited), a state-owned multinational aluminum company, is developing resources in Suriname, while Alcoa plans to resume bauxite mining in abandoned mining areas in Australia.

Due to supply constraints, demand for bauxite and alumina has surged, and supplies from major producing areas such as Guinea and Australia have decreased.

Bauxite prices have risen by 50%-60% in two years. Alumina prices also surged 140% due to supply disruptions and refinery closures, further pushing up aluminum prices and causing smelters such as RUSAL, a leading global aluminum supplier in Russia, to cut production.