SMM

       This week, the operating rate of machinery in the enamelled wire industry was 90.7%, maintaining the same level as last week, while weekly orders dropped 30.77% MoM. The new orders in the enamelled wire industry saw a significant decline this week, mainly due to the sharp drop in copper prices last week, which triggered a surge in orders and significantly raised the base. This week, the center of copper prices stabilized and rose, downstream returned to just-in-time procurement, and order intake returned to normal levels, with overall performance meeting expectations. Companies stated that downstream customers placed concentrated orders at the beginning of last week, consuming some of the subsequent orders in advance. If copper prices stabilize, new orders are expected to remain at the current level until month-end. Although the performance of new orders was poor MoM, enamelled wire companies currently have ample orders on hand and are actively scheduling production, with the industry's machinery operating rate maintained at last week's high level. Regarding tariffs, some companies informed us that downstream customers recently indicated cancellations of orders for air conditioners and power tools exported to the US, and their demand for enamelled wire will subsequently decline. Although the overall order volume in the enamelled wire industry is moderate at this stage, and the impact of tariff policies has not been significantly felt, most customers have significant concerns about orders for May.