According to data from the General Administration of Customs, China's copper plate/sheet and strip exports in March 2026 reached 11,612.2 mt, up 38.32% MoM and up 10.14% YoY. From January to March, China's cumulative copper plate/sheet and strip exports totaled 33,241.21 mt, up 16.95% YoY cumulatively.

Indonesia’s state-owned utility Perusahaan Listrik Negara (PLN) expects its LNG requirement to surge to 103 cargoes in 2026, up from 90 in 2025, as the country grapples with a 5.3% annual growth in power demand and declining pipeline gas supplies. While PLN has secured 62 cargoes through long-term contracts with BP, a 41-cargo gap persists, with 32 cargoes anticipated from the Bontang and Tangguh plants and 9 still awaiting government allocation. Despite warnings from upstream regulator SKK Migas regarding potential shortages, Energy and Mineral Resources Minister Bahlil Lahadalia maintains that domestic production will suffice through 2026 without imports.

With utilization rates among Korean battery manufacturers remaining around 50% and reflecting a timing mismatch between demand and supply, utilization is increasingly emerging as a key indicator of cost structure and operational efficiency in a context where capacity expansion has preceded demand realization.

Strong industrial demand and supply constraints are driving both inventory buildup and structural tightness in the copper market.

【SMM Copper Inventory Update】Concentrated arrivals of imported and domestic supplies, with additional cargoes queuing for warehousing, coupled with suppliers actively stocking up driven by delivery requirements, along with persistently weak consumption during the Chinese New Year on the demand side, collectively contributed to a significant inventory buildup. According to SMM data, as of February 24, 2026, social inventory of copper cathode in mainstream domestic areas increased by 154,900 mt during the holiday, reaching a five-year high, with the total volume exceeding 500,000 mt.

[SMM Analysis]ADC12 Prices Accelerated Rise to Hit Highs in January, Center Expected to Pull Back in February