The once second-largest real estate developer China Evergrande Group filed for bankruptcy in New York in mid-August. Concerns over another major Chinese real estate developer Country Garden then further weakened market optimism, to be followed by yet another developer - Sunac - filing a petition for Chapter 15 protection with the US bankruptcy court.
Data indicate that China’s copper scrap imports softened in July to a little shy of 150,000 tons - down around 12.1% month on month and 3.9% year on year. The stainless market has also been impacted by weakening demand and pessimistic forecasts. The 14.5% decrease in the value of China’s export sales in July is one of the factors depressing raw material consumption at present.
Also on the metals front, the new joint venture between China Rare Earth and Xiamen Tungsten is targeting further development of high-quality and stable raw materials to meet increasing market demand.
Data for the first half of 2023 show that China’s automotive sector produced 13.25 million units for a year-on-year increase of 9.3%, with electric vehicle production recognized as a major contributor to the total.
The China Nonferrous Metals Industry Association Recycling Metal Branch (CMRA) will be holding its convention in Foshan on November 7-9, with many overseas suppliers and traders expected to attend the event.