This week (May 15-21), the SMM operating rate of copper wire and cable enterprises came in at 66.87%, up 0.97 percentage points WoW and down 15.47 percentage points YoY. Copper prices fell first and then rose during the week. During the price pullback phase, downstream placed orders as needed, briefly boosting a recovery in orders, but order momentum pulled back once copper prices rebounded. On the end-use demand front, some power grid orders were released and some spot orders in the market edged up, while demand in other sectors remained mediocre. Inventory side, raw material inventory increased 3.2% WoW, mainly because enterprises restocked on rigid demand during the copper price pullback. Meanwhile, some downstream enterprises took the opportunity to pick up goods, driving slight destocking, with finished product inventories down 2.51% WoW. Looking ahead to next week, the operating rate is expected to rebound due to production scheduling of new orders. However, enterprises' ability to take orders remains insufficient after copper prices rebounded, limiting overall upside room. Therefore, SMM expects the copper wire and cable operating rate next week (May 22-28) to continue rising 0.89 percentage points WoW to 67.77%.

[Wire and Cable Exports] According to the latest data from the General Administration of Customs, China's wire and cable exports in April 2026 were 265,000 mt, up 21.56% MoM but pulling back slightly by 1.5% YoY. Cumulative wire and cable exports in 2026 reached 987,000 mt, up 7.81% YoY. Among them, copper wire and cable exports were 130,500 mt, up 10.21% MoM but pulling back slightly by 3.85% YoY. Cumulative copper wire and cable exports in 2026 reached 492,000 mt, up 15.99% YoY. (Copper wire and cable HS codes: 85444921, 85444929, 85446012, 85446013, 85446014, 85446019, 85446090)

[Wire and Cable Imports] According to the latest data from the General Administration of Customs, China's wire and cable imports in April 2026 were 12,000 mt, up 2.56% MoM and down 0.22% YoY. Cumulative wire and cable imports in 2026 were 43,000 mt, down 4.03% YoY on a cumulative basis. Among them, copper wire and cable imports were 3,900 mt, up 22.81% MoM and up 21.11% YoY. Cumulative copper wire and cable imports in 2026 were 12,000 mt, up 8.97% YoY on a cumulative basis. (Copper wire and cable HS codes: 85444921, 85444929, 85446012, 85446013, 85446014, 85446019, 85446090)

[Copper Wire and Cable Exports by Country] According to the latest data from the General Administration of Customs, copper wire and cable exports continued their growth trend in 2026. By country, Australia ranked first among China's copper wire and cable export destinations with exports up 7.89% MoM to 12,000 mt; the Philippines ranked second with exports up 41.6% MoM to 65,000 mt; and the US ranked third with exports up 35.3% MoM to 63,000 mt. The three countries combined accounted for 19% of China's total copper wire and cable exports.

[SMM Copper Wire and Cable Operating Rate] This week (May 1–May 7), SMM copper wire and cable enterprise operating rate was recorded at 63.23%, down 2.67 percentage points WoW and down 20.26 percentage points YoY. The decline was mainly dragged down by production cuts and adjusted shutdowns at some enterprises during the Labour Day holiday. Notably, during the same period last year, a concentrated PV installation rush combined with a sharp drop in copper prices boosted demand, resulting in a higher base for operating rates, making this year's YoY performance relatively weak.

[SMM Copper Wire and Cable Operating Rate Outlook] After the holiday, enterprises will gradually resume normal production. Combined with stable orders across sectors, operating rates are expected to rebound. However, rising copper prices after the holiday have intensified downstream wait-and-see sentiment on purchasing, limiting upside. SMM expects the copper wire and cable operating rate next week (May 8–May 14) to continue increasing 3.73 percentage points WoW to 66.96%, down 16.43 percentage points YoY.