Development and Reform Commission: Non-ferrous metals industry should resolve overcapacity

In a recent announcement by the website of the Industry Coordination Department of the National Development and Reform Commission, it was revealed that in the first half of 2013, the non-ferrous metal industry experienced steady growth in production and operations. However, despite this positive trend, prices continued to decline, and overcapacity along with falling economic efficiency remained key challenges for the sector. One of the main highlights was the steady increase in production. From January to June, China produced 19.47 million tons of ten major non-ferrous metals, reflecting a year-on-year growth of 10%. Specifically, copper output reached 3.23 million tons, an increase of 12.8%; aluminum production hit 10.58 million tons, up 8%; lead and zinc outputs were 2.27 million tons and 2.57 million tons respectively, with increases of 12.4% and 9.1%. Despite the rise in production, economic performance showed a downward trend. Between January and May, large-scale non-ferrous metal enterprises generated total revenue of 180.3 billion yuan, a 16.6% increase from the previous year. However, profits dropped by 7.3%, totaling 48.6 billion yuan, with a sales profit margin of just 2.7%. Investment growth also slowed down. Fixed asset investment in the non-ferrous metal industry reached 284.6 billion yuan from January to June, marking a 19.3% year-on-year increase. However, this growth rate fell by 3.3 percentage points compared to the previous year. While investment in processing projects surged by 44.5%, investments in aluminum smelting projects declined by 8.5%. Prices for key metals like copper, aluminum, lead, and zinc saw significant drops in June. The average domestic prices were approximately 51,600 yuan/ton for copper, 14,700 yuan/ton for aluminum, 13,900 yuan/ton for lead, and 14,800 yuan/ton for zinc—each showing declines of 6%, 9%, 10%, and 3% respectively. This reflects a broader downward trend in market prices. Imports and exports of non-ferrous metals also faced a downturn. From January to June, imports totaled 48.9 billion U.S. dollars, down 8.7% year-on-year, while exports amounted to 13.9 billion U.S. dollars, declining by 3.8%. Imports of raw materials such as copper concentrates, bauxite, and nickel ore continued to rise, while imports of smelting products like copper and aluminum decreased. Several new issues emerged during the period. First, the industrial structure remains imbalanced, with excessive smelting capacity but insufficient resource supply and limited high-value processed products. Second, overcapacity in electrolytic aluminum remains a problem, especially in western regions, where rising electricity costs and falling prices have led to severe losses. Third, the reliance on imported bauxite is increasing, posing a challenge for the aluminum industry. Finally, international trade disputes are intensifying, making it more difficult to export non-ferrous metal products. To ensure sustainable development, the industry should focus on several key areas in the second half of 2013. These include strictly controlling overall production to address overcapacity, promoting the development of advanced non-ferrous metal materials, expanding the application of deep-processing products, enhancing domestic and overseas resource exploration, encouraging technological innovation, and using international trade rules to manage trade conflicts.

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