Building on a solid start in the first quarter, the non-ferrous metals industry continued to demonstrate resilience in the first half of 2026. Production grew steadily, revenue and profitability saw significant year-on-year increases, and the industry maintained a positive overall development trend.

On July 29, at a press conference hosted by the China Nonferrous Metals Industry Association (CNIA), Chen Xuesen—a member of the Party Committee and Vice President of the CNIA—outlined the economic performance of the non-ferrous metals industry for the first half of 2026.

Growth Across Multiple Key Indicators

Data shows that the total output of ten major non-ferrous metals reached 41.513 million tonnes in the first half of 2026, a year-on-year increase of 3.3%. During this six-month period, the production and sales of traditional bulk metals saw steady growth: refined copper output reached 7.608 million tonnes (up 5.2%), alumina output hit 45.772 million tonnes (up 3.3%), and primary aluminum output stood at 23.188 million tonnes (up 3.8%). Production capacity for lithium carbonate—a critical metal for new energy—expanded significantly, with output reaching 563,000 tonnes, a substantial year-on-year rise of 33.9%.

"Production and sales of traditional bulk metals saw steady growth, while output trends for key new energy metals diverged," Chen Xuesen said. Specifically, industrial silicon output stood at 2.231 million tonnes, up 2.5% year-on-year; lithium carbonate saw significant capacity release, with output reaching 563,000 tonnes, a year-on-year rise of 33.9%.

Industry-wide profitability achieved a substantial leap. The 12,362 non-ferrous metal enterprises above designated size recorded a combined operating revenue of RMB5.76968 trillion, up 21.7% year-on-year, while total profits reached RMB418.39 billion yuan, a 94% increase.

Chen Xuesen noted that the profit structure across the industry chain was characterized by "smelting leading the way, mining following up, and processing remaining relatively weak." He added, "By product type, the aluminum industry played the most prominent role in driving growth; the benefits of supply-side structural reform in the electrolytic aluminum sector continued to materialize, and with global supplies tightening due to geopolitical disruptions, aluminum prices remained strong."

Additionally, fixed-asset investment saw modest growth in the first half of the year, with particularly robust investment activity in the mining and beneficiation sectors. Foreign trade volume surged, with gold products serving as the primary engine for trade growth.

In the first half of the year, the total value of imports and exports of non-ferrous metal products reached US$347.13 billion, a year-on-year increase of 68%. Gold products accounted for 41.8% of the industry's total trade value, playing a significant role in driving overall foreign trade growth. Emerging Industries Drive Inelastic Demand for Critical Minerals

In the first half of this year, driven by the accelerated construction of global AI computing infrastructure, demand for non-ferrous metals such as copper, aluminum, tin, tantalum, and indium surged, leading to significant price increases.

Data shows that the prices of three key minor metals—tin, tantalum, and indium—rose by over 40%, 158%, and 60% respectively during the period, while prices for major metals like copper and aluminum remained at high levels.

"Emerging industries such as artificial intelligence and new energy vehicles are generating inelastic demand for critical minerals. Coupled with the sustained effects of supply-side structural reform in the electrolytic aluminum sector and an influx of capital seeking a geopolitical hedge, non-ferrous metal prices have remained high. This has driven simultaneous growth in industry revenue and profits, while accelerating the sector's transformation toward high-end, intelligent, and green operations," said Chen Xuesen.

In the first half of the year, the growth rate of copper processing exports exceeded initial industry expectations. Cumulative exports of copper rods and wires reached 177,900 tonnes (up 89.9% year-on-year); copper strips and sheets totaled 71,300 tonnes (up 18.1%); and copper foil exports amounted to 93,000 tonnes (up 31.4%).

In the computing sector, core components for intelligent computing centers—such as liquid-cooling copper pipes and high-voltage copper busbars—require large quantities of high-precision processed copper materials. In the energy storage sector, demand for lithium-battery copper foil and associated cabling is rising rapidly. Meanwhile, global efforts to upgrade power grids and China's record-breaking penetration rate for new energy vehicles are creating stable demand for processed copper products like cables and strips.

"The driving logic behind global copper demand has shifted from traditional infrastructure to the AI ​​and new energy industries; in the first half of the year, demand growth from overseas AI computing infrastructure and energy storage sectors significantly exceeded market forecasts," said Duan Shaofu, Deputy Secretary-General of the China Nonferrous Metals Industry Association. He noted that my country possesses a complete, reliable, and resilient copper processing supply chain, along with outstanding comparative advantages in high-end manufacturing, making it a core source for global procurement of processed copper materials.

Advancing High-Level, Systematic Energy Conservation and Carbon Reduction in Electrolytic Aluminum

Recently, the National Development and Reform Commission and other departments jointly issued a Notice on Launching a Three-Year Action Plan for Energy Conservation and Carbon Reduction Retrofitting in Key Industries. The document outlines the overall requirements and key targets—to be achieved by the end of 2028—for retrofitting key industries, focusing on nine sectors such as iron and steel, electrolytic aluminum, and cement, while detailing specific retrofitting tasks.

Liu Hua, Director of the Science and Technology Department at the China Nonferrous Metals Industry Association, stated that the nonferrous metals industry will focus on advancing high-level, systematic energy conservation and carbon reduction in electrolytic aluminum production. The goal is to accelerate the industry's green and low-carbon transformation while ensuring stable operations.

A series of measures—including vigorously implementing technical upgrades for energy conservation and carbon reduction, accelerating the green transition of the energy mix, optimizing industrial structure, tackling key green and low-carbon technologies, and refining green and low-carbon standard systems—are driving the industry toward a win-win outcome of improved quality, increased efficiency, and reduced carbon emissions.

"Moving forward, the Association will provide targeted services and establish platforms to help enterprises overcome technical challenges, foster collaborative carbon reduction across the industry, tackle core technologies, accelerate the demonstration and large-scale adoption of advanced low-carbon technologies, and refine green and low-carbon standard systems," Liu said. "We will also accelerate the construction of industry-wide green and low-carbon public service platforms and carbon emission databases, continuously enhance the industry's carbon management capabilities and its voice in setting international rules, and effectively respond to international green trade barriers." (Source: Xinhuanet)

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