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.

This week (May 1–May 7), the SMM copper wire and cable enterprise operating rate was 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 shutdown for compensatory rest during the Labour Day holiday. During the same period last year, the concentrated PV installation rush combined with a sharp drop in copper prices boosted demand, resulting in a high base for operating rates, making this year's YoY performance relatively weak. By sector, orders across categories remained stable this week, with State Grid and Southern Grid orders still relatively sluggish, while power orders, construction project orders, and submarine cable orders all remained steady. Inventory side, raw material inventory decreased 4.89% WoW due to consumption of pre-holiday stockpiling; finished product inventories decreased 3.09% WoW as enterprises reduced production schedules during the holiday. Next week, enterprises are expected to gradually resume normal production after the holiday, and with stable orders across sectors, the operating rate is expected to rebound. However, rising copper prices after the holiday have intensified wait-and-see sentiment among downstream purchasers, limiting the upside. SMM estimates that next week (May 8–May 14), the copper wire and cable operating rate will increase 3.73 percentage points WoW to 66.96%, down 16.43 percentage points YoY.

This week (April 24–April 30), SMM copper wire and cable enterprise operating rate was recorded at 65.9%, down 1.09 percentage points WoW. Copper prices hovered at highs this week, compounded by earlier concentrated procurement having front-loaded part of subsequent demand, and wire and cable industry orders continued their weak trend with operating rates declining further. End-use demand showed divergence: power sector orders remained subdued, mainly dragged by earlier demand release; while new energy and construction sector orders were relatively stable. Inventory side, despite the approaching Labour Day holiday, enterprises remained cautious in stockpiling sentiment due to elevated copper prices, with raw material inventory edging up 2.58% WoW; on finished product inventories, some wire and cable enterprises suspended quotations during the Labour Day holiday, and some end-users cautiously picked up goods in advance, driving finished product inventories down 2.42% WoW. Looking ahead, the wire and cable industry operating rate is expected to continue to pull back next week. Most enterprises have relatively short Labour Day holiday periods, with some choosing production cuts or continued production. Therefore, SMM expects next week (May 1–May 7) copper wire and cable operating rate to continue declining 3.12 percentage points WoW to 62.78%.

This week (April 17–April 23), the SMM copper wire and cable enterprise operating rate was 67%, down 2.43 percentage points WoW. Copper prices fluctuated at highs this week, suppressing downstream purchasing enthusiasm, and new orders for wire and cable enterprises weakened overall. By segment, power grid orders remained low with sluggish demand release; the telecommunications sector saw relatively stable orders, providing partial demand support. Notably, as temperatures rebounded and construction conditions improved, orders in the building sector showed a seasonal recovery. Inventory side, enterprises mostly maintained a just-needed pace for raw material procurement, primarily consuming existing raw material stocks, resulting in a 3.14% WoW decline in raw material inventory; on the finished goods side, affected by a slowdown in downstream cargo pick-up and insufficient new orders, inventory accumulated slightly, up 2.79% WoW. Looking ahead to next week, follow-up new orders are expected to remain weak, and copper prices fluctuating at highs are expected to weigh on downstream purchasing sentiment, with operating rates continuing their downward trend. Although the Labour Day holiday is approaching, uncertainty over copper price fluctuations remains high, and enterprises are generally cautious in their stockpiling willingness. Therefore, SMM expects the copper wire and cable operating rate next week (April 24–April 30) to decline 1.62 percentage points WoW to 65.37%.

[Latest Data from the General Administration of Customs] In March 2026, China's copper wire and cable exports covered 30 provinces nationwide, highly concentrated in the coastal areas of east China and south China. Jiangsu Province ranked first with exports of 29,900 mt, followed by Zhejiang Province at 27,200 mt and Guangdong Province at 15,500 mt in second and third place respectively. The combined exports of the three provinces accounted for over 50% of the national total. (Copper wire and cable HS codes: 85444921, 85444929, 85446012, 85446013, 85446014, 85446019, 85446090)