In January and February, exports of copper cathode rod (HS codes 74081100 and 74081900) continued to strengthen, showing growth both MoM and YoY. The detailed data were as follows: According to customs data, in terms of total exports of copper wire rod, total exports of copper cathode rod (HS codes 74081100 and 74081900) in January increased 51.19% MoM and rose 83.78% YoY. In February, total exports of copper cathode rod increased 19.73% MoM and rose 160.07% YoY. In January 2026, exports of copper wire rod (HS codes 74081100 and 74081900) rose MoM, mainly due to weak domestic demand for copper rod in China, coupled with a concentrated release of power infrastructure demand in Southeast Asia, which together drove a sharp increase in copper wire rod exports. By specific export trade mode, processing trade with imported materials accounted for 66.3% of total copper wire rod exports in January 2026, processing trade with supplied materials accounted for 22.37%, Entrepot Trade by Customs Special Control Area accounted for 7.5%, and Ordinary Trade accounted for 2.81%. In February 2026, exports of copper wire rod (HS codes 74081100 and 74081900) continued to grow MoM, mainly driven by concentrated demand release from power grid upgrades and the new energy sector in Southeast Asia. Coupled with weak downstream demand in China during the Chinese New Year holiday, enterprises stepped up export efforts. By specific export trade mode, in January 2026, exports under processing trade with imported materials accounted for 50.95% of total exports, processing trade with supplied materials 38.73%, Entrepot Trade by Customs Special Control Area 8.46%, and Ordinary Trade 1.82%. By country, from January to February, copper wire rod was mainly exported to Thailand, Saudi Arabia, Vietnam, India, the Philippines, and Malaysia, with combined exports accounting for more than 70% of the national total. In summary, copper wire rod exports continued to grow from January to February, mainly benefiting from robust demand in the power grid and new energy sectors in Southeast Asia, coupled with weak downstream operating rates in China, prompting enterprises to actively expand into markets outside China to broaden demand. Although copper prices pulled back significantly in March, demand in the Middle East weakened due to geopolitical conflicts. In addition, as the main export destinations for China’s copper wire rod are concentrated in this region, and ocean freight rates have risen, copper wire rod exports were expected to be in the doldrums in March.

【SMM Copper Flash】In January-February 2026, China’s copper wire rod was mainly exported to Thailand, Saudi Arabia, Vietnam, India, the Philippines, and Malaysia. Combined exports to these six countries accounted for more than 70 of the nation’s total exports, with power infrastructure and new energy demand in Southeast Asia serving as the main boosting factors.

【SMM Copper Flash】In January-February 2026, China’s exports of copper wire rod (HS codes 74081100 and 74081900) rose consecutively MoM. In January, exports were mainly under processing trade with imported materials, accounting for 66.3%, while processing trade with supplied materials accounted for 22.37%; in February, the share of processing trade with imported materials pulled back to 50.95%, while the share of processing trade with supplied materials rose to 38.73%, and the shares of Entrepot Trade by Customs Special Control Area and Ordinary Trade were relatively small.

Against the backdrop of a constantly evolving global economic landscape, the export market for copper cathode rods is undergoing profound changes. On November 15, 2024, the Ministry of Finance and the State Taxation Administration announced the "Announcement on Adjusting Export Tax Rebate Policies," which, effective December 1, 2024, eliminated export tax rebates for copper semis, covering 34 tariff codes. This policy adjustment has had a significant impact on the export market for copper cathode rods. According to SMM, starting from the end of November 2024, the export market for copper wire rod has gradually shifted from Ordinary Trade to processing trade. Under the policy pressure of the elimination of export tax rebates, enterprises have actively adjusted their trade strategies, with processing trade becoming the mainstream method for copper cathode rod exports. Currently, amid fluctuating US tariffs and a volatile global trade landscape, the export market environment for copper cathode rods has become more complex. While enterprises are adjusting their trade modes to expand export markets, they are also facing multiple challenges such as insufficient understanding of policies, raw material supply, and market competition. Against this backdrop, the 2025 SMM Processing Trade Export Training Conference, organized by SMM (an international non-ferrous metal spot quotation platform, hereinafter referred to as SMM), will be held in Suzhou on May 22, 2025. The forum will cover topics including but not limited to: changes in export policies and an introduction to trade modes, the application and implementation process for processing manuals, and an analysis of the current situation in the copper rod export market. 2025 SMM Processing Trade Export Seminar (Phase II) Conference Agenda 13:00-13:30 Registration 13:30-13:40 Opening Remarks by the Host 13:40-14:20 Introduction to Policy Changes and Trade Modes 1. Structural Transformation under Policy Changes 2. Differences between Ordinary Trade and Processing Trade – Understanding Changes in Tax Rebates 3. Implementation of Processing Trade – Detailed Explanation of the Application Process for Processing Manuals and Customs Clearance Guest Speaker: Tongxu Zhang, Senior Analyst at SMM Information & Technology Co., Ltd. 14:20-14:40 Q&A Session 15:30-15:40 Mid-Session Break 16:30-17:00 Analysis of the Current Situation in the Copper Rod Export Market 1. Sharing of Recent Copper Prices and Market Trends for Copper Rods – Detailed Analysis of Export Data 2. Prospects and Risk Points for Copper Rod Exports under the Current International Situation 3. Calculation of Processing Fees for Copper Rod Exports – Importance of Long-Term Contracts for Imported Copper, Hedging, and Currency Locking Guest Speaker: Tongxu Zhang, Senior Analyst at SMM Information & Technology Co., Ltd. The 2025 SMM Processing Trade Export Seminar (Phase II) is an important component of SMM's efforts to align with industry trends and invest more in services to assist industries in opening up channels for going global. Building on the successful experience of the first seminar, this conference will focus on industry pain points and invite industry experts and enterprise representatives to jointly explore strategies for coping with copper rod processing trade exports. Looking back at the first seminar, over 50 representatives from multiple copper rod enterprises across the country gathered at Shanghai Aurora Tower to engage in in-depth discussions on cutting-edge topics such as changes in export policies, transformation of trade models, practical operations for applying for processing manuals, overseas market trading strategies, and LME RMB trading pathways. The representatives of participating enterprises expressed that they had gained a lot, developed a deeper understanding of processing trade policies, and mastered practical risk prevention and financing skills. The upcoming second seminar promises to be equally impressive. This conference will delve into the current challenges and opportunities facing copper rod exports, analyze the prospects and risk points of copper rod exports in the current international situation, and provide a detailed interpretation of the application process for processing manuals, customs declaration, and clearance, among other contents. We have established an efficient platform for resource matching and experience sharing to help enterprises break free from the dilemma of working alone and promote collaborative development across the upstream and downstream of the industry chain! SMM sincerely invites industry peers to gather in Suzhou to jointly discuss and deliberate on the development plan for copper rod exports, collaborate to address challenges, and explore new growth opportunities. We believe that through this seminar, enterprises will gain an in-depth understanding of market dynamics, stay abreast of the latest policies, expand their business perspectives, inject new vitality into the copper rod export business, and promote the healthy development of the copper rod industry! For more information about the 2025 SMM Processing Trade Export Seminar (Phase II), please contact: De'an Xu: 166-0190-0090

According to SMM, after copper wire rod exports shifted towards processing trade this year, monthly exports stabilized. However, as the tariff relief period approaches its end, there has been a certain decline in export orders for copper wire rod. Meanwhile, the processing fees for copper cathode rod exports have also declined. The future export market still awaits the outcome of negotiations between the US and more countries, as well as growth in local consumption in Southeast Asia.

According to SMM, after copper wire rod exports shifted towards processing trade this year, monthly export volumes stabilized. However, as the tariff relief period approaches its end, there has been a certain decline in export orders for copper wire rod. Meanwhile, the processing fees for copper cathode rod exports have also decreased. The future of the export market still hinges on the outcomes of negotiations between the US and more countries, as well as the growth of local consumption in Southeast Asia.

On the afternoon of May 12, the day after the conclusion of the Sino-US Geneva Economic and Trade Talks, both sides issued the "Joint Statement on the Sino-US Geneva Economic and Trade Talks", reaching a consensus to mutually suspend the 24% tariffs for 90 days while maintaining the 10% tariffs. Secondly, they simultaneously revoked two executive orders imposing additional tariffs, including Executive Order 14259 and Executive Order 14266 signed by the Trump administration on April 8 and 9, respectively. China also announced in response the cancellation of the additional tax measures against the US, as outlined in Announcement No. 5 and No. 6 of 2025 by the Customs Tariff Commission, which means the cancellation of the 91% additional tariffs imposed as a countermeasure on US goods. With the easing of Sino-US tariff policies, how has the export market for copper cathode rods responded? Has there been a rush in exports? Below is a detailed analysis:

On November 15, 2024, the Ministry of Finance and the State Taxation Administration jointly issued the "Announcement on Adjusting Export Tax Rebate Policies," which comprehensively canceled the export tax rebate policy covering 34 tax codes for copper semis, effective from December 1. The introduction of this policy was like a boulder thrown into a calm lake, stirring up waves in the copper rod export market. According to SMM, since the end of November 2024, the copper wire rod export market has accelerated its transition from Ordinary Trade to processing trade, and now processing trade has become the mainstream mode for copper cathode rod exports. At the same time, the international market environment has become increasingly complex. The unpredictable US tariff policies and the continuous turbulence in the global trade landscape have further exacerbated the uncertainty in the copper cathode rod export market. Domestically, the shadow of severe overcapacity in the copper rod industry has always loomed over the sector. Many enterprises, in their quest for survival, have turned their attention to overseas markets, attempting to break through the predicament by expanding global orders. However, the sudden tightening of the export tax rebate policy has not only significantly compressed corporate profit margins but also forced companies to quickly adjust their trade strategies. The transition from Ordinary Trade to processing trade is fraught with challenges. In the process of exploring new trade models, enterprises have generally encountered multiple challenges, including insufficient policy interpretation, unstable raw material supply chains, and intense international market competition. Under the dual pressures of policy and market, how can copper rod enterprises accurately grasp policy directions, innovate trade models, and ultimately break through the overcapacity dilemma! It is against this industry backdrop that on April 18, the 2025 SMM Processing Trade Export Training Conference, organized by SMM, was successfully held in Shanghai. More than fifty representatives from numerous copper rod enterprises across the country gathered at the Aurora Building. Participants engaged in in-depth discussions on cutting-edge topics such as export policy changes, trade model transformation, practical operations of processing manual applications, overseas market trading strategies, and LME RMB trading paths, jointly analyzing the new trends in the copper rod export market and exploring directions for the industry to break through. The successful hosting of the 2025 SMM Processing Trade Export Training Conference can be considered a milestone event in the development of the copper rod export industry! It is not only a "timely rain" for the industry under the dual pressures of policy turbulence and overcapacity but also a "lighthouse" guiding enterprises through the fog. In the severe situation of the cancellation of export tax rebates and the complex and ever-changing trade environment, this training conference is like a treasure trove of wisdom, deeply analyzing the underlying logic of policies and deconstructing the practical difficulties of processing trade, enabling enterprises to move from "policy confusion" to "precise response." By sharing practical strategies for overseas market trading and innovative paths for LME RMB trading, it has opened up new avenues for enterprises to reduce costs, increase efficiency, and enhance international competitiveness. This training conference brought together industry authoritative experts and practical elites, establishing an efficient platform for resource对接 and experience sharing, breaking the dilemma of enterprises working in isolation, and promoting协同破局 across the industry chain. It not only addressed urgent issues for enterprises such as processing manual applications and raw material supply chain optimization but also, with a forward-looking vision, guided enterprises to seize new opportunities in the restructuring of the global trade landscape, helping them achieve transformation and upgrading in the red ocean market of overcapacity and抢占国际市场先机. The successful hosting of this grand event will undoubtedly accelerate the copper rod industry's journey out of困境,迈向高质量发展的新征程,重塑行业竞争新格局! For more conference information and details about the 2025 SMM Processing Trade Export Training Conference, please contact: De'an Xu: 166-0190-0090

On April 22, at the CCIE 2025 SMM (20th) Copper Industry Conference & Copper Industry Expo - Electric Power Transmission and Distribution Industry Forum, hosted by SMM Information & Technology Co., Ltd., SMM Metal Trading Center, and Shandong Aisi Information Technology Co., Ltd., Long Huachen, Senior Copper Analyst at SMM, analyzed the copper wire rod market in 2025 and provided an outlook for its future.

The March import and export customs data has been released. How did the copper wire rod export market perform? Did it first achieve stable growth? The following is a detailed analysis: