"2024 is a crucial year for achieving the goals and tasks of the 14th Five-Year Plan. Faced with the complex and severe situation of mounting external pressures and growing internal challenges, enterprises in the non-ferrous metals industry have earnestly implemented the decisions and arrangements of the Party Central Committee and the State Council on stabilizing economic growth, adhered to the principle of seeking progress while maintaining stability, fully, accurately and comprehensively applied the new development philosophy. The industrial structure has been continuously optimized, risk prevention has been carried out in an orderly and effective manner, the cultivation of new quality productive forces has been accelerated, high-quality development has been advanced solidly, and the industry has maintained a sound development momentum." Chen Xuesen, Member of the Standing Committee of the Party Committee, Vice President and Spokesperson of the China Non-Ferrous Metals Industry Association (CNMIA), stated at a press conference on the economic performance of the non-ferrous metals industry in 2024.

Steady Growth in Production and Operation

In response to questions from reporters of China Industry News, Chen Xuesen noted that in 2024, China's non-ferrous metals industry made remarkable progress in key areas including scientific and technological innovation, safe and controllable industrial and supply chains, green, intelligent and high-end development, and the implementation of the "dual carbon" goals. It maintained an upward and positive development trend, presenting an encouraging picture of "the raw materials industry thriving uniquely".

In 2024, China's non-ferrous metals industry achieved steady growth in production and operation, with output of major products and investment both increasing year-on-year, and total profits rising significantly.

The output of ten major non-ferrous metals reached a record high. According to Chen Xuesen, the output of ten major non-ferrous metals stood at 79.19 million tonnes in 2024, up 4.3% year-on-year.

Fixed-asset investment maintained a high growth rate. In 2024, fixed-asset investment in the non-ferrous metals industry rose by 24.7% year-on-year, 12.6 percentage points higher than the growth rate of national industrial investment. Specifically, fixed-asset investment in mining and dressing increased by 26.7% year-on-year, while that in smelting and rolling processing grew by 24.2%.

Foreign trade maintained annual growth with an optimized trade structure. Based on the latest data from the General Administration of Customs, the total import and export volume of non-ferrous metals reached $368.79 billion in 2024, a year-on-year increase of 11.4%. Of this total, imports amounted to $299.85 billion, up 10.4%, and exports reached $68.94 billion, rising by 16.23%.

"In 2024, the import and export volume of major traded non-ferrous metal products continued the growth trend of previous years," Chen Xuesen introduced. The cumulative export volume of aluminum products reached 6.665 million tonnes for the whole year. The import and export volume of new energy metals also grew, including 230,000 tonnes of lithium carbonate imports, up 48% year-on-year; exports of unwrought nickel and industrial silicon reached 120,000 tonnes and 720,000 tonnes respectively, both surging year-on-year; and rare earth exports hit 55,000 tonnes, an increase of 6% year-on-year.

Prices of major non-ferrous metals in the domestic market rose year-on-year, with the annual average prices of copper and lead hitting a five-year high. In 2024, domestic prices of copper, aluminum, lead and zinc all went up, while prices of industrial silicon and battery-grade lithium carbonate declined.

Total profits of industrial non-ferrous enterprises above designated size increased significantly year-on-year. According to data from January to November 2024 provided by the National Bureau of Statistics, total profits of non-ferrous metals industrial enterprises are expected to reach approximately 420 billion yuan in 2024, a year-on-year increase of over 10%.

In addition to the above highlights, breakthroughs were also made in international layout. More than 300 enterprises have made positive progress in overseas mining investment. At present, the equity resources of overseas copper mines exceed 100 million tonnes; bauxite equity resources stand at about 8 billion tonnes, and the shipment volume of Chinese-funded enterprises in Guinea's bauxite is expected to exceed 90 million tonnes in 2024, up 15%; cobalt ore equity reserves reach 8 million tonnes; and lithium equity resources amount to 54.955 million tonnes of lithium carbonate equivalent.

"Chinese non-ferrous metals enterprises have achieved gradual results in overseas physical mining investment, equity acquisitions, market expansion and other dimensions, and their international discourse power has been steadily enhanced," Chen said.

"The 2024 data shows that the non-ferrous metals industry has maintained strong resilience and development vitality despite downward pressure on the macro economy," Chen Xuesen stated.

"The 'new three types' of exports remain the main driver of growth in non-ferrous metals consumption demand, offsetting the decline in non-ferrous metals consumption in the real estate sector," Chen emphasized.

"The success of supply-side reform in electrolytic aluminum, the setting of production capacity ceilings and the control of total electrolytic aluminum output have made the electrolytic aluminum industry the main contributor to economic growth in the non-ferrous metals sector," Chen said.

Furthermore, the introduction of a series of policies under the "Two New Initiatives" has further boosted market demand for non-ferrous metals, driven the growth of the non-ferrous metals industry, and promoted the development of the recycling industry. Notably, the country's vigorous cultivation and development of new quality productive forces have added new impetus to the non-ferrous metals industry, accelerated its transformation toward high-end, green and intelligent development, and brought enormous opportunities for its growth.

Scientific and technological innovation has facilitated industrial upgrading. Through years of continuous scientific and technological research, the non-ferrous metals industry has basically solved "bottleneck" problems in various fields, and high-end materials have basically met the demand for high-performance non-ferrous metals materials from downstream manufacturing industries. The efficient utilization of lateritic nickel ore and technological breakthroughs in lithium salt production from various lithium resources have completely resolved resource bottlenecks for the development of power and energy storage battery industries, and greatly enhanced the international competitiveness and sustainable development capacity of China's non-ferrous metals industry.

The industry has achieved remarkable results in green development. China's non-ferrous metals industry has continued to make efforts in energy conservation, emission reduction and comprehensive resource utilization, and the practice of green development concepts has yielded phased results. By 2024, about 13 million tonnes of electrolytic aluminum production capacity had been transferred to western regions rich in green energy, and the proportion of green power aluminum in China has exceeded 25%. The comprehensive utilization rate of red mud has reached 10%, the highest level in the world.

Guidelines Lead High-Quality Development of ESG Information Disclosure

The Guidelines have fully referenced a series of international and domestic policies, guidelines and standards, taking into account the characteristics of the non-ferrous metals industry and corporate realities. On the basis of the report structure proposed by existing domestic and foreign guidelines, a requirement for key performance indicator tables has been added to improve the usability of reports.

Amid the global pursuit of sustainable development, practicing ESG concepts has gradually become an important yardstick for measuring corporate value. As a key basic raw material industry for national economic development, the non-ferrous metals industry is an important pillar of the modern industrial system and a main battlefield for addressing climate change, reducing carbon emissions and achieving the "dual carbon" goals. Taking "sustainable development" as the goal, actively practicing ESG concepts and integrating responsibility, obligation, innovation and green development into corporate growth have received increasing attention from non-ferrous enterprises.

Duan Shaopu, Director of the Heavy Metals Department (Mineral Resources Office) of CNMIA, introduced at the conference that the disclosure rate of ESG/sustainability/corporate social responsibility reports by listed non-ferrous enterprises has continued to rise in the past three years. As of June 30, 2024, the disclosure rate reached 44%, roughly on par with that of A-share listed companies.

In terms of the environmental dimension, enterprises have gradually increased investment in green development, carbon neutrality and other issues. In 2023, some enterprises actively responded to national policy requirements, carried out green and low-carbon transformation, promoted the construction of a green manufacturing system, and achieved remarkable results in resource recycling and pollution control.

In the social dimension, enterprises have attached greater importance to social issues such as employee rights and interests, community relations and supply chain responsibility. They have fulfilled social responsibilities through public welfare activities, improved employee benefits and supply chain management, enhancing their social influence. Meanwhile, enterprises have contributed to education, poverty alleviation, medical and health care, supporting the goal of common prosperity.

In the governance dimension, with the continuous updating of relevant standards and initiatives and the gradual introduction of disclosure frameworks, more non-ferrous metals enterprises have standardized their governance structures, optimized internal management processes, and strengthened the completeness and accuracy of information disclosure.

"At present, the pain points and challenges of ESG information disclosure in the industry focus on the quality of disclosure," Duan Shaopu emphasized.

Judging from the release and rating of industry reports, the ESG information disclosure rate of non-ferrous enterprises remains low, and the ratings from mainstream rating agencies are unsatisfactory. This is mainly because the construction of the industry's information disclosure system is still in its initial stage with weak guidance for enterprises, leading to the adoption of diverse standards in disclosure, low data quality, and insufficient data comparability and information integrity.

Against this industry backdrop, CNMIA issued the Guidelines for Environmental, Social and Governance (ESG) Information Disclosure of Non-Ferrous Metals Enterprises (hereinafter referred to as the Guidelines), a group standard, on June 27, 2024, which took effect on September 1 of the same year. The Guidelines have fully referenced a series of international and domestic policies, guidelines and standards, taking into account the characteristics of the non-ferrous metals industry and corporate realities. On the basis of the report structure proposed by existing domestic and foreign guidelines, a requirement for key performance indicator tables has been added to improve the usability of reports.

"In the future, CNMIA will continue to develop ESG-related rating and evaluation standards, assurance guidelines and system construction certification to better guide enterprises in the industry to achieve high-quality and sustainable information disclosure," Duan said.

Five Major Development Trends of the Industry

In summary, China's non-ferrous metals industry achieved outstanding results in multiple fields in 2024, showing strong growth momentum, Chen Xuesen concluded. Looking ahead, the industry will continue to focus on high-quality development, promote technological innovation, green transformation and international layout, and maintain a leading position in global competition.

Chen noted that China's economy has shifted from a phase of high-speed growth to high-quality development. In 2025, the non-ferrous metals industry will continue to implement the spirit of the Central Economic Work Conference and fully advance high-quality development of the sector.

The industry will present the following development trends:

First, lead industry development with a high-level 15th Five-Year Plan. 2025 is the final year of the 14th Five-Year Plan and an important year for formulating the 15th Five-Year Plan. Chen revealed that CNMIA is actively participating in the research and formulation of the 15th Five-Year Plan under the guidance of relevant national ministries. Based on the new era, the plan will further deepen top-level design, clarify strategic goals and precise tasks for the next five years and the medium and long term, provide a clear development blueprint for the industry, and promote high-quality development of China's non-ferrous metals industry.

Second, deepen the industry's transformation from raw materials to advanced materials manufacturing. Amid profound global economic transformation, China's non-ferrous metals industry will accelerate the shift from traditional raw material production to high-end and new material manufacturing. The industry will strive to break through key technologies, promote the transition from meeting market demand to leading it, further enhance innovation capacity, and upgrade the entire industrial chain from basic materials to end products. Through continuous scientific and technological innovation and industrial integration, it will maximize the functional value of materials, increase product added value, and drive industrial transformation and upgrading.

Third, practice green and low-carbon development concepts and shape a new image of sustainable industrial development. The industry will further intensify green and low-carbon development, promote circular economy and comprehensive resource utilization. Green manufacturing and green technological innovation will occupy a more important position in industrial development.

Fourth, promote cross-industry cooperation and industrial chain integration to open up new prospects for industrial development. At this stage, there have been typical cases of non-non-ferrous enterprises entering non-ferrous production projects and achieving remarkable economic and social benefits. In the future, with in-depth integration of industrial chains, the non-ferrous metals industry will strengthen cross-border cooperation with steel, chemical and other related industries, promoting in-depth integration of technologies, resources and markets. New cooperation models will be explored through cross-industry joint R&D, shared technology platforms and resource complementarity to enhance the overall competitiveness of the industrial chain.

Fifth, strengthen international layout and enhance global discourse power and resource security capacity. International development will remain an important strategy for China's non-ferrous metals industry. The industry will further expand overseas investment and resource layout, deepen cooperation with countries rich in mineral resources, and strengthen resource acquisition capacity. More proactive measures will be taken to ensure the supply and security of global mineral resources, build a more complete "dual-circulation" development pattern, and provide stronger resource support for the construction of a global green development industrial and supply chain system.

Regarding the development trend of recycled non-ferrous metals in 2025, Li Yusheng, Deputy Secretary-General and Director of the Policy Research Office of CNMIA, pointed out that the release of the Notice on Strengthening and Expanding the Implementation of Large-Scale Equipment Renewal and Consumer Goods Trade-in Policies in 2025 will further expand the supply of recycled non-ferrous metal raw materials, improve the overall level of technical equipment, standardize industrial development order, and accelerate the promotion and application of recycled materials.

"With the launch of the 'Two New Initiatives', the state will continue to expand the scope of scrappage and trade-ins for automobiles and home appliances, accelerate the scrappage and renewal of old operating ships, old operating trucks and agricultural machinery, and implement trade-ins for mobile phones, home decoration and electric bicycles. It is estimated that nearly 500,000 tonnes of non-ferrous metal renewable resources will be newly added," Li predicted.

In summary, China's non-ferrous metals industry achieved outstanding results in multiple fields in 2024, showing strong growth momentum, Chen Xuesen concluded. Looking ahead, the industry will continue to focus on high-quality development, promote technological innovation, green transformation and international layout, and maintain a leading position in global competition.