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China

According to customs data for the first 11 months of 2023, China’s imports of recycled copper and brass raw materials climbed 9.45% year on year to 1.7858 million tons while value increased by 2.7% year on year to US$ 13.017 billion. In the same period, imports of recycled casting aluminium alloy raw materials jumped 15.08% to 1.597 million tons while overall value was 3.43% higher at US$ 3.142 billion.

In November, imports of recycled copper and brass raw materials amounted to 182,900 tons for increases of 13.21% year on year and 17.75% month on month. For recycled cast aluminium alloy raw materials, the November import total was 176,200 tons and the value US$ 342 million, representing growth of, respectively, 39.19% and 38.07% year on year and 14.36% and 14.76% month on month.

According to the Customs Tariff Commission of the State Council, China removed the 30% export tariff rate on aluminium of 99.995% purity with effect from January 1 this year,  adding refined copper cathodes with a Cu content greater than 99.9935% to the new items carrying a 30% export duty.

Following last June’s US$ 5.6 billion investment agreement between Saudi Arabia’s Ministry of Investment and Chinese electric vehicle manufacturer Human Horizons, CYVN Holdings - an investment vehicle controlled by the government of Abu Dhabi - has signed a US$ 2.2 billion funding agreement with Chinese electric vehicle manufacturer Nio with the goal of exploring more international markets.

According to latest data, Chinese vehicle manufacturer BYD set a record of over 3 million car sales in 2023, including 1.57 million battery electric vehicles and 1.44 million hybrids, for a 62% increase over 2022.