en.Wedoany.com Reported - The China Nonferrous Metals Industry Association released the Q2 2026 Nonferrous Metals Enterprise Confidence Index report, showing the quarterly index at 50.0%, down 1.1 percentage points from Q1, precisely at the 50% threshold, yet still operating within the expansion range. In terms of composition, the current index stood at 50.2%, down 0.8 percentage points quarter-on-quarter; the expectations index was 49.9%, down 1.3 percentage points quarter-on-quarter. Both the current and expectations indices declined, primarily dragged down by weak downstream demand affecting current production and operations, while global macroeconomic uncertainties and increased price volatility led to a more cautious market outlook.

Regarding the current index, it stood at 50.2% in Q2, down 0.8 percentage points quarter-on-quarter. Among the 10 indicators, 5 were at or above the threshold, with 4 indicators declining: unit product selling price, enterprise capital turnover, enterprise profitability, and enterprise operating environment, with decreases of 6.2, 0.5, 3.1, and 1.2 percentage points respectively; 6 indicators rose: new orders, production volume, raw material procurement volume, raw material purchase unit price, number of employees, and downstream industry demand, with increases of 1.7, 0.7, 0.3, 1.6, 0.9, and 2.3 percentage points respectively. The specific breakdown of sub-indicators is as follows: new orders current index at 50.7%, with 29.7% of enterprises reporting an increase, 46.2% unchanged, and 24.1% a decrease; production volume current index at 50.1%, with 28.5% of enterprises reporting an increase, 44.0% unchanged, and 27.5% a decrease; raw material procurement volume current index at 49.9%, with 25.3% of enterprises reporting an increase, 48.4% unchanged, and 26.3% a decrease; raw material purchase unit price current index at 47.4%, with 19.7% of enterprises reporting a decrease, 39.6% little change, and 40.7% an increase; unit product selling price current index at 51.5%, with 38.5% of enterprises reporting an increase, 35.2% little change, and 26.3% a decrease; number of employees current index at 49.3%, with 19.8% of enterprises reporting an increase, 54.9% unchanged, and 25.3% a decrease; enterprise capital turnover current index at 49.7%, with 18.7% of enterprises reporting acceleration, 60.4% little change, and 20.9% deceleration; enterprise profitability current index at 50.7%, with 30.8% of enterprises reporting improvement, 44.0% little change, and 25.2% weakening; downstream industry demand current index at 50.7%, with 27.5% of enterprises reporting an increase, 50.5% little change, and 22.0% a slowdown; enterprise operating environment current index at 50.0%, with 29.7% of enterprises reporting improvement, 40.7% little change, and 29.6% increased pressure.

Table 1 Q2 2026 Nonferrous Metals Enterprise Confidence Index Current Index Table (Unit: %)

Regarding the expectations index, it stood at 49.9% in Q2, down 1.3 percentage points quarter-on-quarter. Among the 10 indicators, 4 were at or above the threshold, with 7 indicators declining. The top three declines were unit product selling price, enterprise operating environment, and downstream industry demand, falling by 2.8, 2.8, and 1.8 percentage points respectively; only 3 indicators rose: raw material purchase unit price, number of employees, and enterprise capital turnover, increasing by 1.4, 0.2, and 0.1 percentage points respectively. The specific breakdown of sub-indicators is as follows: new orders expectations index at 50.5%, with 27.5% of enterprises expecting an increase, 49.5% unchanged, and 23.0% a decrease; production volume expectations index at 50.0%, with 27.5% of enterprises expecting an increase, 45.0% unchanged, and 27.5% a decrease; raw material procurement volume expectations index at 49.9%, with 23.1% of enterprises expecting an increase, 52.7% unchanged, and 24.2% a decrease; raw material purchase unit price expectations index at 49.2%, with 18.7% of enterprises expecting a decrease, 56.0% little change, and 25.3% an increase; unit product selling price expectations index at 49.6%, with 25.3% of enterprises expecting an increase, 46.2% little change, and 28.6% a decrease; number of employees expectations index at 49.6%, with 18.7% of enterprises expecting an increase, 59.3% unchanged, and 22.0% a decrease; enterprise capital turnover expectations index at 50.3%, with 20.9% of enterprises expecting acceleration, 60.4% little change, and 18.7% deceleration; enterprise profitability expectations index at 50.5%, with 27.5% of enterprises expecting improvement, 49.5% little change, and 23.1% weakening; downstream industry demand expectations index at 49.2%, with 19.8% of enterprises expecting an increase, 53.8% little change, and 26.4% a slowdown; enterprise operating environment expectations index at 49.2%, with 24.2% of enterprises expecting improvement, 45.0% little change, and 30.8% increased pressure.

Table 2 Q2 2026 Nonferrous Metals Enterprise Confidence Index Expectations Index Table (Unit: %)

Overall, the Q2 nonferrous metals enterprise confidence index closed at 50.0%, down 1.1 percentage points quarter-on-quarter. The current index remained in the expansion range, with 6 indicators such as new orders and downstream demand slightly recovering, and production showing some signs of warming. However, product selling prices fell sharply, and profitability and capital turnover weakened simultaneously, with volume growth and price declines squeezing enterprise margins. The expectations index fell below the threshold, dragged down by weakening downstream demand, pressure on product prices, and a deteriorating operating environment, with only a few indicators rising slightly. Global macroeconomic uncertainties and metal price volatility heightened market concerns. Looking ahead to the next quarter, the pace of demand recovery is expected to be slow, making it difficult for enterprise profitability to improve quickly, and industry confidence is likely to continue fluctuating at low levels.

Notes:

1. The Nonferrous Metals Enterprise Confidence Index is compiled based on quarterly survey results from key nonferrous metals enterprises and is primarily used to assess the operating conditions of the nonferrous metals industry. This index is released quarterly, with Q1 covering December of the previous year, January, and February; Q2 covering March, April, and May; Q3 covering June, July, and August; and Q4 covering September, October, and November.

2. Calculation method: Sub-indicator data are collected from key enterprises through survey questionnaires. For each individual indicator, a diffusion index is calculated, i.e., the percentage of enterprises with optimistic responses plus half the percentage of those with unchanged responses. The Nonferrous Metals Enterprise Confidence Index is a composite index, consisting of the current quarter index and the next quarter index. Both indices are weighted and calculated from 10 individual indicators, with the indicators and their weights determined based on their leading influence on the economy.

3. The 10 individual indicators and their respective weights are: new orders index (15%), production volume index (10%), raw material procurement volume index (5%), raw material purchase unit price index (10%), unit product selling price index (15%), number of employees index (5%), enterprise capital turnover index (10%), enterprise profitability index (15%), downstream industry demand index (7%), and enterprise operating environment index (8%).