SMM is introducing weekly prices for 18μm HVLP1 copper foil premium, deliverd to Consumer Works, VAT included, yuan/tonne and 35μm HVLP1 copper foil premium, Deliverd to Consumer Works, VAT included, yuan/tonne to better serve industry clients and more closely align with the market. These prices will officially launch on the SMM website (smm.cn) on July 24, 2026.
1. SMM HVLP1 Copper Foil premium, deliverd to Consumer Works, VAT included, yuan/tonne Methodology
1.1 SMM Price Assessment Methodology: General Principles
Shanghai Metals Market (hereinafter referred to as SMM) is a completely independent third-party service provider. It does not participate in any actual transactions but maintains close communication with market buyers and sellers as a market observer or organizer, offering relevant services. SMM continuously develops, reviews, and revises its methodology through discussions with industry practitioners, adopting the most commonly used product specifications, trade terms, and trade conditions. It places equal emphasis on all normal transactions that conform to specification standards. SMM reserves the right to exclude any price information deemed less reliable or unrepresentative from its price assessments.
SMM publishes daily metal spot prices (or price indices, covering the Chinese market, markets outside China, and global markets), commonly referred to as SMM prices. SMM has established corresponding methodologies for all published SMM prices (all of which are published on SMM’s official website www.smm.cn for reference). These methodologies specify the methods and procedures by which SMM prices are generated and published, and SMM strictly adheres to them in generating and publishing SMM prices.
To reflect actual spot market conditions, SMM will revise the SMM price methodology when necessary and announce such revisions on its official website www.smm.cn 28 days prior to their effective date. For any questions or suggestions regarding SMM prices and their methodologies, please contact SMM customer service staff (contact details are available on SMM’s official website www.smm.cn).
This document sets forth the standard for determining SMM HVLP1 copper foil premium, deliverd to Consumer Works, VAT included, yuan/tonne. The purpose of establishing this standard is to create a transparent and verifiable mechanism for determining SMM prices. The SMM Benchmark Management Committee also regularly reviews the methodology and its assessment and publication processes. This committee maintains oversight over SMM’s methodology and compilation process, and ensures that the price or index reflects the objective conditions of the physical spot market for the relevant commodity as realistically as possible. If the committee identifies any issues, it will immediately point them out and propose external consultation and revisions to the current methodology or process, thereby improving the quality of the prices or indices published by SMM. The committee can only propose modifications to the methodology and procedures used for future price or index assessments; it cannot alter prices or indices that have already been published.
2. Formation of SMM HVLP1 copper foil premium, deliverd to Consumer Works, VAT included, yuan/tonne
2.1 Significance of the Price Assessment
In recent years, the markets for AI computing servers, high-speed optical modules, and high-frequency copper clad laminates (CCL) have expanded rapidly. Coupled with steadily rising demand from automotive electronics and high-end communication equipment, the overall demand for circuit copper foil has continued to grow, while the industry has been iterating toward higher precision, higher density, and higher reliability. The demand for HVLP copper foil used in low-loss circuits has surged significantly, highlighting structural market differentiation and continuously widening the premium spread among products of different grades. HVLP copper foil premium can clearly reflect the process value-added of products across generations, facilitating cost accounting, risk management, and commercial negotiations for upstream and downstream enterprises. They play an important role in standardizing market transactions and promoting the healthy development of the industry. In view of this, SMM will officially launch weekly price quotations for 18μm HVLP1 copper foil premium, deliverd to Consumer Works, VAT included, yuan/tonne and 35μm HVLP1 copper foil premium, deliverd to Consumer Works, VAT included, yuan/tonne on July 24, 2026. SMM price members will be able to simultaneously access the corresponding historical price data.
2.2 SMM HVLP1 copper foil premium, deliverd to Consumer Works, VAT included, yuan/tonne Price Assessment Methodology
2.2.1 Product Specifications and Standards
Given the wide variety of HVLP copper foil specifications, SMM adopts the 18μm and 35μm thicknesses of HVLP1, which hold a relatively high market share, as the basis for its copper foil premium price quotation.
Product specifications: 18μm, 35μm; Product type: HVLP copper foil for CCL, Rz grade 1. Compliant with the IPC-4562 standard.
2.2.2 Price Terms
Premiums are VAT included delivered prices, quoted in yuan/tonne.
2.2.3 Payment Terms
The prices reflect cash-against-documents payment in the current week of trading. If forward payment or acceptance payment occurs, we will adjust based on prevailing interest rates to align with this standard.
2.2.4 Delivery Time
Within 3 days.
2.2.5 Reference Transaction Volume
Min 10 mt.
2.2.6 Price Publication Time
Weekly, on the last trading day of the week, by 12:00 PM Beijing time.
2.2.7 Price Format
The premium are quoted as a range, indicating the lowest and highest prices, respectively. Example: 35μm HVLP1 copper foil premium, deliverd to Consumer Works, VAT included, yuan/tonne range 50,000-60,000 yuan/tonne, with an average price of 55,000 yuan/tonne.
2.2.8 Price Collection Method
SMM will, in accordance with the price collection confirmation agreement, have price analysts regularly collect price information from copper foil industry price contacts via phone, QQ, WeChat, fax, and email. This price information includes concluded transaction prices, the enterprise's expected most likely pending transaction prices, etc. All instant messaging content, email communications, and any records of face-to-face communications will be archived; details of phone communications will be recorded and entered into the database. SMM analysts must comply with the Compliance System when reporting any forced or threatened communications from market participants, or any induced offers attempting to influence the assessment. Once published, SMM will not revise or adjust the price on the same day.
2.2.8.1 Assessment (Calculation) of Published Prices
Step-1: The final dataset from the previous chapter, which exists as a premium range, is split into several lower limit values and several upper limit values for two different types of enterprise classifications in this methodology version: copper foil producers and downstream end-users. Arithmetic averages are calculated for both sets and rounded to the nearest whole number. Among these:
- When both transaction information and offer/counteroffer information are present, the weight of transaction information is set at 60%, and offer/counteroffer information at 40%.
- When transaction information, offer/counteroffer information, and other information are all present, the weight of transaction information is set at 50%, offer/counteroffer information at 40%, and other information at 10%.
- When only offer/counteroffer information and other information are present, the weight of offer/counteroffer information is set at 90%, and other information at 10%.
Step-2: The two price ranges derived from the previous step, which exist as premium states, are split into two lower limit values and two upper limit values. Weights are applied, and weighted averages are calculated, then rounded to the nearest whole number. In this methodology version, copper foil producers are weighted at 50%, and downstream enterprises at 50%.
Step-3: The relevant calculation coefficients above will be adjusted every six months to ensure timeliness.
2.2.8.2 Data Standardization
Although SMM has standardized definitions for our prices, diversity exists in market transactions. The price of each transaction is influenced by numerous factors, including order size, brand of goods, delivery time, payment terms, etc. SMM will comprehensively consider market offers, bids, and transaction information, aligning them with our standards. Each price datum will be electronically recorded or accompanied by written records. All electronic and paper records must be archived by price collection personnel and retained long-term (at least 5 years) in secure network and physical environments. For details, please refer to the SMM Data Retention Policy.
2.2.8.3 Price Assessment Process
The specific process is as follows:
2.3 Methodology Changes
All markets change, and SMM has a responsibility to ensure that the methodology for market reports evolves with the market. Therefore, SMM will regularly conduct internal reviews of the methodology's appropriateness based on industry feedback. For all substantive but non-urgent potential modifications, SMM will follow a formal external consultation process. Major changes will then be announced with a notice period of at least 28 days, inviting industry comments, unless special circumstances, particularly force majeure (natural disasters, war, exchange bankruptcy, etc.), necessitate a shorter notice period. SMM is committed to carefully considering all comments on proposed methodology changes, but in some cases, it may be necessary to proceed with changes contrary to the wishes of some market participants. Additionally, SMM has a formal methodology consultation process. SMM commits to holding a formal consultation on the methodology every three years. The date of the last consultation and the deadline for the next consultation committed by SMM are located at the top of the methodology document.
2.4 Compliance with SMM Policies
All relevant SMM employees must not only comply with the methodology published by SMM but also adhere to SMM's internal standards and policies. These include: SMM Conflict of Interest Policy, SMM Whistleblower Policy, SMM Error Correction Policy, SMM Methodology Review Consultation and Change Policy, SMM Complaints Policy, etc. Welcome more relevant enterprises in the industry chain to participate and support SMM in better serving related enterprises in the copper foil industry chain.
For inquiries, please contact:
Shanghai Metals Market Copper Research Team, Xinyang Wang
Contact: 021-20707846, +86 15762822325