China's Non-Ferrous Sector Downbeat for 2nd Half

China's nonferrous metals industry will remain downbeat in the second half of this year, with rising costs and weak consumption, according to a report by the China Nonferrous Metals Industry Association (CNMIA).

Regarding the prospects of the nonferrous metals industry in the second half of this year, CNMIA estimates that output will continue to grow, with combined production of 10 major nonferrous metals, namely copper, aluminum, lead, zinc, nickel, tin, antimony, mercury, magnesium, and sponge titanium, expected to increase by approximately 15% year-on-year.
 
According to the report, Chinese nonferrous metal producers generally saw their profits slide during the first five months of this year.

Due to a market surplus in the first half of the year, the prices of lead, zinc, aluminum and nickel all suffered falls, but the CNMIA is not optimistic about the situation changing in the second half.

The report indicated that the total volume of imports and exports of nonferrous metals would also continue to slide, while the trade deficit was set to expand.

In addition, according to National Development and Reform Commission (NDRC), combined profit growth for 73 major producers and traders of nonferrous metals in the first four months of this year decreased by 7.25% on an annual basis, and that a growing number of smelters are losing money.

The NDRC is considering taking counter-measures to ease the situation, according to the report.

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