》Check SMM metal quotes, data, and market analysis
》Subscribe to view historical price trends of SMM metal spot cargo
The operating rate of copper pipe & tube enterprises was 81.76% in May
According to SMM data, the operating rate of copper pipe & tube enterprises was 81.76% in May, down 1.96 percentage points MoM and 1.56 percentage points YoY. The actual operating rate of copper pipe & tube in May was higher than expected. After the Sino-US tariff negotiations, orders that were originally destined for North America but had been stalled gradually resumed, with the operating rates of large enterprises and copper pipe & tube enterprises in Southeast Asia exceeding expectations. According to feedback from equipment suppliers to home appliance enterprises, the operating rate of factories in Southeast Asia increased by 30% YoY recently. In terms of domestic sales and exports, in the leap June of 2025, the hot summer has not yet arrived. Although the production schedule for air conditioners is still increasing slightly YoY, the actual sales performance has declined significantly compared to last year. In particular, there is currently a large amount of finished product inventories at air conditioner factories, and delivery dates have been extended, leading to a slowdown in the demand for picking up copper pipe & tube.
The raw material inventory ratio of copper pipe & tube enterprises was 3.72% in May
The raw material inventory ratio of copper pipe & tube enterprises was 3.72% in May, down 0.96 percentage points MoM. Spot premiums jumped initially and then pulled back in May. With the decline in orders, copper pipe & tube factories reduced their stockpiling of raw materials, with days of inventories at only 1.15.
The operating rate of copper pipe & tube enterprises is expected to be 80.22% in June
According to SMM data, the expected operating rate of copper pipe & tube enterprises in June 2025 is 80.22%, down 1.54 percentage points MoM and up 3.45 percentage points YoY. The domestic sales schedule for household air conditioners in June 2025 is 13.66 million units, up 29.3% from the actual domestic sales performance in the same period last year; the export schedule is 6.84 million units, down 18.3% from the actual export performance in the same period last year. Overall, the export schedule in June will drag down the operating rate of copper pipe & tube enterprises. However, with relatively high domestic sales schedules currently, the operating rate of copper pipe & tube enterprises in June will also increase YoY. In the future, with the arrival of the off-season, domestic sales schedules will decline significantly, and the operating rates of copper pipe & tube suppliers mainly serving the domestic market will show a seasonal decline. The export market will also not continue to jump, even though high tariffs are currently suspended, there is currently no significant high expectation for overseas demand. It is expected to fall below 80% in July and may only be 70%-75% in August.
》Check the SMM metal industry chain database
