First, the output of non-ferrous metals maintained steady growth
In January-February 2014, China's ten non-ferrous metals production was 6.56 million tons, an increase of 6.1% over the same period last year. Among them, the production of refined copper, primary aluminum, lead and zinc were 1.58 million tons, 3.77 million tons, 677,000 tons and 802,000 tons respectively, up 6.7%, 7.2%, 6.6% and 1.1% respectively. In terms of processed materials, the output of copper and aluminum was 2.138 million tons and 5.17 million tons, respectively, an increase of 5.8% and 17.7% over the same period last year. The content of six kinds of concentrate metals such as copper, lead, zinc, tungsten, tin and antimony was 1.159 million tons, down 2.2% from the same period of last year. The alumina output was 7.36 million tons, an increase of 8.1% over the same period last year.
Second, the price of non-ferrous metals continued to decline year on year.
Affected by the sluggish demand from domestic and overseas markets and the oversupply of the market, the prices of non-ferrous metals continued to fluctuate downward. In January-February, the average spot prices of domestic copper, aluminum, lead and zinc were 51,109 yuan/ton, 13,504 yuan/ton, 14012 yuan/ton and 15,336 yuan/ton, respectively, down 11.9%, 9.4% and 6.0% respectively. 6.0% and 1.2%. With the gradual release of new capacity of electrolytic aluminum, aluminum prices are expected to remain low, but due to the lack of competitive enterprises to start production, aluminum prices are not expected to be lower than the March price.
Third, import and export trade continues to grow
In January, China's non-ferrous metal import and export trade totaled 15.42 billion US dollars, an increase of 10.86%. The import value was 10.494 billion US dollars, an increase of 17.35% year-on-year, and the export value was 4.927 billion US dollars, down 0.83% year-on-year. With the replenishment of enterprises after the end of 2013, and the increase in trade volume caused by fluctuations in international market prices, China imported 220,000 tons of unwrought copper and copper in January-February this year, up 41.2% year-on-year; 6.96 billion US dollars, an increase of 29.7%. In January-February, the import volume of copper concentrate was 1.8 million tons, up 25.3% year-on-year; the value of imports was 3.44 billion US dollars, up 14.4% year-on-year.
Fourth, the downward pressure on corporate benefits
In January-February 2014, 9325 non-ferrous metal industrial enterprises above designated size achieved a revenue of 736.3 billion yuan (including gold and rare earths, the same below), a year-on-year increase of 6.9%; a profit of 20.3 billion yuan, down 11.6% year-on-year. Among them, the profit of non-ferrous metal mining and smelting and rolling industry was 7.6 billion yuan and 12.7 billion yuan respectively, down 13.2% and 10.5% respectively. The only loss was aluminum smelting, with a loss of 2.93 billion yuan, an increase from the previous year. 2 billion yuan, its China and holding losses of 2.43 billion yuan, with the decline in aluminum prices in March, the loss will further increase.
V. Continuous adjustment of industry structure adjustment
In the first two months of this year, China's non-ferrous metal industry (excluding independent gold enterprises) completed fixed assets investment of 33.96 billion yuan, an increase of 6.0% over the same period of last year, an increase of 21.1 percentage points over the same period of last year. Among them, non-ferrous metal mining, smelting and rolling processing completed 5.12 billion yuan, 9.50 billion yuan and 19.34 billion yuan, respectively, an increase of -17.9%, -2.3% and 20.2%, accounting for 15.1% of the investment, respectively. 28.0% and 56.9%, mining investment projects continue to decrease, and with the transformation of the development mode of enterprises and the promotion of industrial transformation and upgrading, the extension of the industrial chain and the investment in rolling processing projects with higher attachment value have further increased.
Overall, in 2014, China's non-ferrous metal industry production continued to grow steadily, and the output of ten non-ferrous metals is expected to increase by about 8%. With the gradual introduction of domestic steady growth measures, the domestic market consumption fundamentals will gradually improve. On the expectation of US economic growth and the recovery of the EU market, the domestic and international non-ferrous metals market will be basically the same as in 2013. The prices of major non-ferrous metals are still in a low range, but the price trends of various metal varieties may be differentiated. Non-ferrous metals The pressure on companies to achieve profit recovery is still relatively large.
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