According to customs statistics, imports of recycled cast aluminium alloy raw materials jumped 59.65% year on year to 1.388 million tons in January-November 2022. At the same time, Chinese imports of recycled copper and brass raw materials climbed 6.61% to 1.632 million tons, with the largest overseas source being the USA which provided 297,000 tons or 18.2% of the total.
Imports of recycled copper and brass raw materials fell 32.44% month on month in October, but rose to exceed 160,000 tons in November. Recycled cast aluminium alloy raw material imports declined in the fourth quarter but amounts remained above 120,000 tons.
According to the analysis of the Recycled Metal Subcommittee, import volumes for recycled copper and aluminium raw materials remained high in last year’s final quarter, mainly due to: the large number of new projects in the domestic metal recycling industry and an insufficient supply of local raw materials, with imports filling the demand gap.
Supported by government policies, 27.02 million auto units were produced during 2022 for a year-on-year increase of 3.4%; sales rose by 2.1%.
With most companies closing for Chinese New Year celebrations between January 21 and 27, many consumers are slowing their trading activities.
China’s zero-COVID policy has been slowing the world’s second-largest economy since the beginning of the pandemic. Therefore, its recent dismantling is paving the path for an economic recovery; cities and provinces are setting aggressive growth targets for 2023, some as high as 5%.