JPM-EMEA Metals Mining Weekly Wrap Chinas anti-involution drive-20250725

We are hosting a webinar Monday 28 July (13.00 BST / 8.00 EST) to discuss therecently announced ‘anti-involution’ drive announced by Chinesepolicymakers, and the potential implications for China’s domestic metalsindustries, as well as the Global Metals & Mining sector Please reach out to theteam for registration details.

The MSCI Europe M&M index outperformed the broader MSCI Europesignificantly by ~6% last week. Commodities were broadly stronger with Met coal+9% WoW driven by prospects of mine supply cuts in China while iron ore +2%WoW and >$100/t since mid-July. Most notably, China’s Central Commission forFinance & Economic Affairs called for curbing overcapacity and ‘involution’practices in certain sectors in order to promote rational competition earlier thismonth, including the steel industry (link).