China's 2023 aluminum output reached a record high, but growth rate slowed, with a 3.7% increase. The steel output also saw a flat year-over-year figure, stabilizing after two consecutive years of decline. Meanwhile, copper production rose by 7.1% to a record high in 2023. However, the dollar's strength and expectations of China's economic data contributed to a dip in London copper prices. Chinese refiners are actively booking crude oil cargoes for low prices, anticipating stronger fuel demand in the second half of 2024.

China's 2023 Metals Output