China

Green-power aluminium is at the forefront of decarbonization efforts in China, the world’s largest aluminium producer. A related assessment and transaction guide was issued on March 1 and a more detailed announcement on this subject is expected in the coming month. Key will be defining the difference between the concepts of green-power aluminium and green aluminium.

A modest 5% GDP growth target was set for 2023 during the National People’s Congress annual meeting in early March. Renewable energy is under the spotlight in lieu of traditional infrastructure growth planning, and some base metals are expected to benefit.

In January, the domestic auto sector was negatively impacted by Chinese New Year shutdowns and the end of government subsidies, with both sales and production dropping over 30% year on year. Electric vehicle sales performed even worse at close to 50% lower on a month-on-month basis. However, auto exports saw almost no impact, with a 1.1% increase month on month to 83,000 units.

The China Nonferrous Metals Industry Association Recycling Metal Branch (CMRA) led a visit by 70 professionals to Malaysia in late February and early March, involving meetings with scrap processing industrial park and smelter owners. An 11-day trip has also been scheduled by the CMRA to meet many US scrap processors and consumers during April’s ISRI Convention in Nashville.