This week (March 20–26), the operating rate of SMM copper wire and cable enterprises was 70.77, up 0.24 percentage points MoM and down 2.09 percentage points YoY. Overall operating performance was stable, while market performance was relatively mediocre. During the week, the pullback in copper prices suppressed the release of new orders, but ample orders on hand and pending delivery orders supported basically stable production. By segment, new orders across downstream sectors were generally weak, with demand in the home decoration segment particularly mediocre due to rising plastic raw material prices. Industry production still mainly relied on orders on hand from the power and new energy sectors. Inventory side, the earlier pullback in copper prices drove concentrated restocking by enterprises, and raw material inventory fell 2.7% MoM this week as raw materials were mainly consumed from prior stockpiling. As for finished product inventories, the pullback in copper prices restrained downstream cargo pick-up, and finished product inventories therefore edged down 2.65% MoM. Looking ahead to next week, continued fluctuations in copper prices are expected to keep disturbing end-user procurement sentiment, while rising plastic prices will bring cost pressure. However, existing orders will continue to support enterprises’ baseline production schedules, leaving limited downside room for the operating rate. SMM expects the operating rate of copper wire and cable enterprises next week (March 27–April 2) to fall 1.54 percentage points MoM to 69.23, down 5.99 percentage points YoY.

[Weekly Operating Rates in the Aluminum Processing Industry: China's Aluminum Processing Sector Sees Modest Growth Amid Peak Season Demand] This week, the weekly operating rate of leading downstream aluminum processing enterprises in China edged up 1 percentage point WoW to 62.9%.

[SMM Tin Midday Review: Macro and Fundamental Bearish Factors Resonated, and the Most-Traded SHFE Tin Contract Once Fell Below the 370,000 yuan Mark]

SMM March 13: This week, China’s domestic tungsten market exhibited high-level oscillations with intensified supply-demand competition. Multiple mines put products up for auction during the week, but transactions were bleak.As of March 13, tungsten prices remained largely stable, yet market sentiment became extremely divided.

This week, China's manganese-based battery materials market showed a differentiated operating trend: battery-grade Mn3O4 prices dropped back slightly, EMD prices edged up slightly, and LMO remained in a weak balance amid the tug-of-war between sellers and buyers. Although the three major products showed different trends, all were supported by the cost side......

[SMM Aluminum Morning Briefing: Middle East Situation Remains Deadlocked, Aluminum Prices Hold Up Well] Overall, macro geopolitical risks are providing support at the bottom of prices, while the continued buildup in China’s social inventory is weighing on aluminum prices. However, the geopolitical situation in the Middle East remains unclear. If the conflict persists, expectations for tighter global aluminum supply will remain strong, and aluminum prices will still have solid upward momentum. In the short term, aluminum prices are still expected to hold up well.