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First-Quarter Performance of the Nonferrous Metals Industry
2022-05-27
In the first quarter of 2022, the nonferrous metals industry continued the favorable performance trend that began in 2021, characterized by stable production and rising prices.
I. Production Remained Stable. In the first quarter, output of ten major nonferrous metals totaled 16.17 million tonnes, up 0.9% year on year. Specifically, copper, lead, and zinc production reached 2.644 million tonnes, 1.811 million tonnes, and 1.655 million tonnes, respectively, representing year-on-year increases of 6.1%, 1.2%, and 0.7%. Electrolytic aluminum output stood at 9.633 million tonnes, down 0.4% from the same period last year. Alumina and aluminum‑product output were 18.624 million tonnes and 13.937 million tonnes, respectively, down 3.5% and 0.5% year on year. Copper‑product output amounted to 4.825 million tonnes, up 5.7% year on year.
II. Prices Remain at High Levels. In the first quarter, prices for major nonferrous metals stayed elevated, with spot average prices of copper, aluminum, lead, and zinc at RMB 71,672/tonne, RMB 22,187/tonne, RMB 15,440/tonne, and RMB 25,548/tonne, respectively—up 14.4%, 37%, 0.6%, and 15.6% year on year. Driven by growing demand from the new‑energy sector and tight supply of lithium resources, domestic average prices for nickel, cobalt, and battery‑grade lithium carbonate in the first quarter were RMB 190,000/tonne, RMB 525,000/tonne, and RMB 421,000/tonne, up 43.2%, 54.4%, and 456% year on year, respectively.
III. Both imports and exports posted year-on-year growth. On the export front, in the first quarter, China’s exports of unwrought aluminum and aluminum products totaled 1.628 million tonnes, up 26.7% year on year, with a value of US$6.48 billion, an increase of 65% over the same period last year. In terms of imports, copper concentrate imports reached 6.35 million tonnes, up 6.7% year on year, valued at US$13.83 billion, a rise of 12.7%; imports of unwrought copper and copper products amounted to 1.473 million tonnes, up 2.6%, with a value of US$12.17 billion, up 22.2%. Bauxite imports stood at 32.702 million tonnes, an increase of 20.4% year on year. Imports of lead concentrate, zinc concentrate, and refined zinc were 214,000 tonnes, 950,000 tonnes, and 42,000 tonnes, respectively, down 20%, 8.7%, and 68.6% year on year.
— Reprinted from the “Henan Nonferrous Metals Industry Brief,” Issue 4, 2022.
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