The benefits of the non-ferrous metals industry grew steadily in H1, with the growth rate of value-added industrial output above designated size in the non-ferrous metals sector increasing by 7.6% YoY.

On July 29, the China Nonferrous Metals Industry Association (CNIA) held a press conference on the operational performance of the nonferrous metals industry in the first half of 2025 (H1) through a combination of offline and online methods. Chen Xuesen, Member of the Standing Committee of the CPC Committee, Vice President, and Spokesperson of the CNIA, briefed the media on the operational performance of China's nonferrous metals industry in H1 and answered questions from media reporters and enterprise representatives alongside relevant department heads.

Chen Xuesen stated that, as a crucial support for the development of new quality productive forces, China's nonferrous metals industry operated steadily overall in H1, with reasonable production growth, double-digit investment growth, and increased revenue and profits for enterprises above designated size compared to the same period last year. The imports of major resources also increased compared to last year. Despite the pullback in new energy metal prices compared to the same period last year, the domestic market prices of major metal varieties and rare metals such as gold remained strong.

Firstly, nonferrous metal production maintained overall growth. According to data from the National Bureau of Statistics (NBS), in H1, the growth rate of the added value of the nonferrous metals industry above designated size increased by 7.6% YoY, 1.2 percentage points higher than the growth rate of the added value of the national industry above designated size, demonstrating strong resilience on the basis of a good start in Q1. In H1, the production of ten commonly used nonferrous metals reached 40.319 million mt, up 2.9% YoY. Among them, the production of copper cathode was 7.363 million mt, and the production of aluminum was 22.379 million mt, increasing by 9.5% and 3.3% YoY, respectively. These two were the main drivers of the growth in the production of ten commonly used nonferrous metals. The content of six mine metals was 3.155 million mt, up 5.5% YoY; the production of alumina was 45.151 million mt, up 9.3% YoY; the production of copper semis was 11.765 million mt, up 3.7% YoY; and the production of aluminum semis was 32.768 million mt, up 1.3% YoY. According to statistics from relevant branches of the CNIA, among new energy metals, the production of silicon metal was 2.183 million mt, down 5.5% YoY; the production of refined nickel was 173,000 mt, down 2.1% YoY; the production of refined cobalt was 94,000 mt, up 16.1% YoY; and the production of lithium carbonate was 386,000 mt, up 29.0% YoY.

Secondly, fixed asset investment maintained rapid double-digit growth. In H1, fixed asset investment in the nonferrous metals industry increased by 16.1% YoY, achieving further growth on the basis of a relatively high base in the same period last year, with the growth rate being 5.8 percentage points higher than the growth rate of national industrial investment. Among them, the cumulative growth of fixed asset investment in the mining and beneficiation industry was 46.2%, and the cumulative growth of fixed asset investment in the smelting and pressing industry was 9.1%. At the same time, the vitality of private investment was fully released. In H1, private fixed-asset investment in China's non-ferrous metals sector increased by 12.1% YoY. Among this, private investment in the non-ferrous metals mining and dressing industry increased by 32.1% YoY, while private investment in smelting and pressing industries increased by 7.6% YoY.

Thirdly, the total volume of foreign trade maintained growth. In H1, despite an 11% decline in the trade volume of non-ferrous metal products and articles between China and the US, the total import and export volume of non-ferrous metals still reached US$192.49 billion, up 2.4% YoY. Among this, the import value was US$151.92 billion, down 3.0% YoY, while the export value was US$40.57 billion, up 29.1% YoY. The growth in export value was mainly driven by gold products. Among the main imported and exported products, the imports of copper ore concentrate and its concentrate reached 14.754 million mt, up 6.4% YoY; the physical content of bauxite imports reached 103.25 million mt, up 33.6% YoY; the imports of unwrought copper and copper semis reached 2.633 million mt, down 4.6% YoY; the exports of unwrought aluminum and aluminum semis reached 2.918 million mt, down 8.0% YoY. The import and export volumes of major new energy metals maintained growth, with lithium carbonate imports reaching 1.18 million mt, up 10.7% YoY; the exports of unwrought nickel reaching 91,000 mt, doubling YoY; the exports of silicon metal reaching 341,000 mt, down 6.6% YoY; and the exports of rare earth reaching 33,000 mt, up 11.9% YoY.

Fourthly, the prices of base metals increased, while the prices of new energy non-ferrous metals hovered at low levels. In H1, the market performance of common non-ferrous metals and new energy non-ferrous metals diverged significantly. The prices of most non-ferrous metals continued to rise, with the average domestic spot prices of copper and zinc reaching a three-year high. In the domestic spot market, the average price of copper was 77,613 yuan/mt, up 4.2% YoY; the average price of aluminum was 20,312 yuan/mt, up 2.6% YoY; the average price of lead was 16,952 yuan/mt, down 0.5% YoY; the average price of zinc was 23,305 yuan/mt, up 5.4% YoY; influenced by the demand for hedging, the average domestic price of gold was 725.6 yuan/g, up 46.8% YoY. The prices of new energy non-ferrous metals, however, were in a bottom-shaking phase. In the domestic spot market, the average price of silicon metal was 10,000 yuan/mt, down 28.7% YoY; the average price of battery-grade lithium carbonate was 71,000 yuan/mt, down 31.9% YoY; the average price of nickel was 126,000 yuan/mt, down 8.5% YoY; and the average price of cobalt was 207,000 yuan/mt, down 7.3% YoY.

Fifthly, the revenue and profit of non-ferrous enterprises above designated size continued to grow. Driven by the expansion of policies such as the "program of large-scale equipment upgrades and consumer goods trade-ins" and "implement major national strategies and build up security capacity in key areas", the fundamental economic growth of the non-ferrous metals industry remained unchanged. In H1, non-ferrous metal industrial enterprises above designated size achieved an operating revenue of 4.79325 trillion yuan, up 14.9% YoY; and a total profit of 217.85 billion yuan, up 15.0% YoY. Among them, the non-ferrous metal mining and dressing industry achieved a total profit of 59.55 billion yuan, up 40.3% YoY; the smelting and pressing industry achieved a total profit of 158.31 billion yuan, up 7.8% YoY. The operating profit margin of non-ferrous metal industrial enterprises above designated size was 4.55%, showing a slight increase YoY. Among them, the operating profit margin of the non-ferrous metal mining and dressing industry was 30.03%, up 5.53 percentage points YoY; the operating profit margin of the smelting and pressing industry was 3.45%, down 0.22 percentage points YoY. The asset profit margin was 6.98%, up 0.61 percentage points YoY. The asset-liability ratio was 59.86%, down 0.63 percentage points YoY.

Chen Xuesen provided an outlook on the industry's annual performance, considering the international and domestic environments and operational characteristics of the non-ferrous metal industry in H1. From an international perspective, the environment is complex and severe, with multiple risks overlapping and causing disturbances; commodity price fluctuations have intensified, putting pressure on enterprise operations; and uncertainties in Sino-US trade friction will further exacerbate the industry's pressure on trade with the US and re-export trade, industry chain and supply chain layout, investment, and stable operation. From a domestic perspective, the domestic economy has demonstrated resilience, with endogenous drivers supporting demand; the "PV, lithium-ion battery and NEV" and innovation-driven strategies provide support for market growth. The China Nonferrous Metals Industry Association believes that in 2025, the growth rate of added value in the non-ferrous metal industry will be around 5%, and the YoY growth rate of production for ten commonly used non-ferrous metals will be between 2% and 3%; prices for commonly used non-ferrous metals such as copper and aluminum will hover at highs, while prices for silicon metal and lithium carbonate will remain at the bottom; imports of copper concentrates and bauxite will maintain YoY growth, while exports of aluminum semis and aluminum products will decline YoY; revenues and profits of non-ferrous metal enterprises above designated size are expected to maintain growth compared to the same period last year, but the growth rate may narrow.