By China’s non-ferrous metals market is showing a mixed price and demand trend across key metals such as aluminium, zinc, nickel and lead.
Aluminium prices remain supported by steady demand from construction, transport and packaging sectors. In the domestic market, aluminium continues to trade above the ¥21,000 per tonne level, while global benchmark prices are hovering around USD 2,850–2,900 per tonne. Output remains firm, supported by stable power supply and controlled capacity growth.
Zinc prices are trending higher due to tight zinc concentrate availability. Smelters are facing rising raw material costs, which is supporting refined zinc prices. On the international market, zinc is trading close to USD 2,500–2,600 per tonne, with further upside possible if concentrate shortages persist.
Nickel remains highly volatile, driven mainly by swings in stainless steel demand and oversupply concerns in the battery-grade segment. Global nickel prices are currently trading near USD 16,000–17,000 per tonne. While short-term demand remains weak, long-term EV-linked demand continues to provide strategic support.
Lead prices are relatively stable amid balanced supply and steady battery-sector demand. Lead is currently trading near USD 2,000 per tonne on global markets. Growth in secondary (recycled) lead production in China is helping to keep supply aligned with demand.
Due to low processing margins and overstock threats, leading Chinese smelters for time-being will limit the expansion of copper, lead, and zinc refining capacity.
China’s non-ferrous market remains supported by selective supply tightness and steady industrial demand.
For traders, manufacturers and recyclers in the UAE and GCC, aluminium and zinc continue to offer the strongest near-term momentum, while nickel and lead remain range-bound with moderate volatility.
