SMM

      As the Chinese New Year holiday approaches, demand in the enamelled wire market has remained persistently weak, while the rise in copper prices towards the end of the week has also somewhat dampened downstream customers' enthusiasm for stockpiling. In addition, as non-local workers gradually return to their hometowns earlier than usual, some enamelled wire companies have started to reduce equipment operation. This week, both new orders and machine operating rates in the enamelled wire industry have shown a continued downward trend. According to SMM, most enamelled wire companies are expected to fully suspend production and begin their holiday break starting next Friday, with the industry's machine operating rates likely to decline further next week.