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In 2013, the global economy experienced a sluggish growth, and the metal mining industry faced a slowdown. Industry experts noted that the previous boom cycle had come to an end, with the sector moving from a high-profit phase back to a more stable and normal condition. This downturn pushed companies to accelerate their transformation and modernization efforts.
China’s mining industry investment growth in 2013 was lower than the overall fixed asset investment growth. From January to October, national mining investments were 7.8% below the societal fixed asset investment growth rate. While iron ore and ten non-ferrous metal outputs increased, the prices of basic metals generally declined.
"The metal mining industry has exited its high-profit era," said Ma Jun, a spokesperson for China Minmetals News, in an interview on the 17th. "The downturn is expected to continue, and enterprises will have to adapt over the next few years."
Despite the challenging environment, China Minmetals achieved operating income of 402.81 billion yuan in 2013, up more than 20% compared to 325 billion yuan in 2012. The total profit reached 7.03 billion yuan, down slightly from 8 billion yuan in 2012, but still significantly higher than the 12.8 billion yuan recorded in 2011.
The year 2013 proved difficult for the industry. Metal prices remained near cost levels, and rising operational costs placed heavy pressure on companies. The global mining sector entered what many called a "cold winter."
For the steel industry, 2013 was particularly tough, marked by environmental pressures and a "fatigue frenzy." By November, the industry's sales revenue margin stood at just 0.48%, the lowest among all industrial sectors, with corporate losses reaching as high as 27.9%.
This period of decline accelerated industry restructuring. Over the past year, various policies aimed at reducing overcapacity were introduced, covering administrative, financial, environmental, and safety measures. These efforts were comprehensive and systematic.
Li Xinchuang, deputy secretary general of the association, emphasized that under severe conditions, companies must move away from low-level competition. He urged enterprises to focus on high-end development, increase original innovation, improve technological content, and enhance value. Environmental protection and transformation were also key priorities.
Jiao Jian, general manager of Minmetals Nonferrous Metals Holding Co., Ltd., highlighted that excess capacity does not equate to backward industries. Market mechanisms should play a decisive role, and enterprises should take the lead in driving industrial upgrades. He stressed the importance of differentiated competition, internal efficiency, and cost reduction to gain a competitive edge.
Looking ahead to 2014, the international economic environment remained uncertain, and China’s mining industry continued to face significant challenges. With pressures from de-capacity, destocking, and de-financing, mining companies would see increased costs and squeezed profit margins.
Experts acknowledged that while the market outlook was not optimistic, there were new opportunities emerging from deep industry adjustments. Overcapacity could bring renewed vitality to the sector. On the global stage, the economy was expected to improve further, while domestically, urbanization and economic growth still created strong demand for metal raw materials.
Ma Jun concluded that the fundamental solution to the industry crisis lies in innovation—especially original innovation in technology, products, organization, business models, and markets. Only through continuous innovation could the metal mining industry usher in a new wave of growth and prosperity.