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In 2013, the global economy experienced a slow growth, and the metal mining industry saw a noticeable slowdown. Industry experts noted that the previous boom cycle in the sector had come to an end, with companies moving from high-profit periods back to more stable and normal conditions. This downturn pushed many firms to accelerate their transformation and modernization efforts.
China’s mining industry investment growth in 2013 lagged behind the overall fixed asset investment growth. From January to October, the national mining sector's investment was 7.8% lower than the societal fixed asset growth rate. While iron ore and ten non-ferrous metal outputs rose, basic metal prices generally declined, reflecting weak demand and oversupply.
"The metal mining industry has left its high-profit phase behind," said Ma Jun, a spokesperson for China Minmetals News, during an interview on the 17th. "The industry downturn is expected to continue, and companies will have to adapt to this new reality for several more years."
Despite the challenging environment, China Minmetals reported operating revenue of 402.81 billion yuan in 2013, up over 20% compared to 325 billion yuan in 2012. Total profit reached 7.03 billion yuan, slightly down from 8 billion yuan in 2012, but still significantly higher than the 12.8 billion yuan recorded in 2011.
For the steel industry, 2013 was particularly tough, marked by environmental pressures and a “fatigue frenzy.†Sales margins dropped to just 0.48% from January to November, the lowest among all industrial sectors, with losses reaching as high as 27.9%. The sector faced immense pressure, entering what many called a “cold winter.â€
Industry adjustments accelerated in response to the downturn. Over the past year, various policies aimed at reducing excess capacity were introduced, covering administrative, financial, environmental, and safety measures. These efforts reflected a comprehensive and systematic approach to addressing overcapacity.
Li Xinchuang, deputy secretary general of the association, emphasized that under difficult conditions, enterprises must move away from low-level competition and focus on high-end development, innovation, and increased technological value. Environmental protection and transformation became 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 in absorbing surplus production, while enterprises should focus on internal efficiency, cost reduction, and improved management to gain competitive advantages.
Looking ahead, the international economic landscape remained uncertain in 2014. China’s mining sector continued to face significant challenges, including de-capacity, destocking, and de-financing pressures. Mining costs were expected to rise, further squeezing profit margins.
Experts noted that despite the bleak outlook, there were emerging opportunities amid the deep adjustment. Overcapacity could lead to renewed vitality, especially as the global economy showed signs of improvement. Domestically, urbanization and economic development still created strong demand for metal raw materials, ensuring long-term growth potential for the sector.
Ma Jun stressed that the fundamental solution to the industry crisis lies in innovation—particularly original innovation in technology, products, organization, business models, and markets. Only through continuous innovation can the metal mining industry trigger a new wave of growth and prosperity.