The US-China trade truce announced on May 12 has brought cautious optimism to China’s non-ferrous metals markets, signaling a possible shift in global trade. Starting May 14, the removal of additional tariffs has impacted sectors like battery raw materials, minor metals and base metals such as zinc and nickel, with mixed reactions. While the improved sentiment has lifted futures prices and trade activity, the long-term effects remain unclear due to challenges like supply-demand pressures and export controls.
May 13, 2025
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By Carrie Shi, Dylan Duan, Sally Zhang, Sybil Pan, Chay Chye Leng, Shiyue Zhao, Zihao Li, Venus Wang, Nico Zhang, Eva Qi
Insights