China

The domestic non-ferrous scrap market is currently experiencing significant price volatility, driven by a surge in copper demand and shifting government policies aimed at decarbonisation and resource self-sufficiency. China’s copper imports have decelerated markedly, dropping 25% year on year in the first two months of 2026 as domestic smelters have increased their exports to take advantage of high global prices. 

China is aggressively restructuring its non-ferrous sector to prioritise recycling over primary production expansion. Beijing has slashed its annual output growth target for major non-ferrous metals (including copper and aluminium) to 1.5% for 2025/26 - down from the previous 5%.

In March 2026, China’s retail passenger car sales continued their multi-month decline in dropping 15% year on year to 1.65 million units. Whereas domestic demand remains soft owing to economic headwinds and reduced electric vehicle incentives, exports have surged significantly and are acting as the primary growth engine for Chinese car makers. Passenger car exports jumped 74% in March to 695,000 units, with the total for new energy vehicles more than doubling year on year to 349,000 units.