[SMM Copper Wire and Cable Operating Rate] The operating rate of SMM copper wire and cable enterprises was 70.77% this week, up 0.24 percentage points MoM. 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 enterprises had ample orders on hand and pending delivery, supporting basically stable production. New orders across downstream segments were generally weak, with demand in the home decoration sector particularly mediocre due to rising plastic raw material prices.

[SMM Copper Flash News] Inventory at wire and cable enterprises this week: earlier pullbacks in copper prices drove concentrated restocking by enterprises, and raw material inventory mainly went toward consuming stockpiled materials this week, so raw material inventory fell 2.7% MoM. As for finished product inventories, the pullback in copper prices restrained downstream cargo pick-up, so finished product inventories edged down 2.65% MoM.

[SMM Copper Inventory] 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 operating rates. SMM expects the operating rate of copper wire and cable to fall 1.54 percentage points MoM to 69.23% next week, down 5.99 percentage points YoY.

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.

This week, the weekly operating rate of leading downstream aluminum processing enterprises in China rebounded 1.1 percentage points MoM to 64%.

On March 26, the Shanghai International Energy Exchange issued a notice on adjusting the trading limit for newly listed contracts of Containerized Freight Index (Europe Service) futures. Notice on Adjusting the Trading Limit for Newly Listed Contracts of Containerized Freight Index (Europe Service) Futures To All Relevant Parties: In accordance with the relevant provisions of the Detailed Rules of the Shanghai International Energy Exchange on Risk Control Management and other applicable rules, it was decided after deliberation that, effective from the time the Containerized Freight Index (Europe Service) futures EC2703 contract is listed, the maximum number of intraday opening trades by non-futures company members, overseas special non-broker participants, and clients in such contract shall be 50 lots. The maximum number of intraday opening trades for account groups under the same actual control relationship shall be implemented in accordance with the standard for a single client. The number of opening trades for hedging transactions and market-making transactions shall not be subject to this limit. Hereby notified. Shanghai International Energy Exchange Mar 2026

[Cumulative Copper Wire and Cable Exports in January-February] According to data from the General Administration of Customs, in January-February 2026, China's cumulative wire and cable exports totaled 503,800 mt, up 22.52% YoY. Of this, cumulative copper wire and cable exports in January-February reached 243,500 mt, up 34.9% YoY.

[Latest Data From the General Administration of Customs] In February 2026, China exported 109,300 mt of copper wire and cable, down 18.56% MoM and up 48.96% YoY. Wire and cable exports totaled 224,100 mt in February, down 19.88% MoM and up 47.5% YoY. (HS codes: 85444921, 85444929, 85446012, 85446013, 85446014, 85446019, 85446090)

Based on China’s 2025 aluminum wire and cable export data to the Middle East, Saudi Arabia was the largest export destination in the region, with annual exports of 9,426.752 mt, accounting for 31.88 of the Middle East total

[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%.