China releases plan to stabilize industrial growth for nonferrous metals

Seven Chinese government departments including the Ministry of Industry and Information Technology (MIIT) jointly issued a work plan targeting the steady growth of the nonferrous metals industry, aiming to achieve a year-on-year industrial increase of 5.5% in 2023 and a further rise of more than 5.5% in 2024.

The work plan sets a major industrial target of maintaining the steady growth for metals including copper and aluminum with the average annual growth for 10 nonferrous metals to reach around 5% from 2023 to 2024. The work plan stressed the need to realize positive progress in the development of domestic resources such as copper and lithium and a further improvement in the supply of deep-processing metal products. In addition, the plan aims to cut energy consumption per unit of smelted products such as copper and lead by over 2% annually on average.