[SMM Analysis: Copper Wire Rod Exports in July Pulled Back Nearly 30% MoM, High Copper Prices and High Premiums Dampened Foreign Demand] In July, total exports of copper wire rod (HS codes 74081100 and 74081900) decreased MoM but increased YoY. The specific data are as follows:......

[Vietnam] Vietnam’s steel market remained largely stable, with construction steel prices holding at around 531 USD/tonne EXW and HRC at approximately 515–522 USD/tonne CFR Ho Chi Minh City. Buyers and sellers are largely taking a wait-and-see approach ahead of the next price announcements from major mills, expected next week before the September 2 Independence Day holiday, with the new offers likely to provide a clearer signal for near-term price direction. Domestic project-linked demand remains supportive as major infrastructure projects move toward the September 2 inauguration, while the market awaits the next wave of infrastructure investment in Hanoi. Meanwhile, discussions between steel industry participants and the Ministry of Industry and Trade regarding Taiwan’s anti-dumping investigation have intensified, with the government urging affected companies to submit company profiles and relevant information to the Taiwanese authorities and actively cooperate with the investigation.

Vietnam’s steel market remained relatively stable, with construction steel prices holding at around 531 USD/tonne EXW and HRC at approximately 515–522 USD/tonne CFR Ho Chi Minh City. Project-linked sales largely settled ahead of the September 2 inauguration of major public infrastructure projects in Ho Chi Minh City. The market is now awaiting the next wave of infrastructure investment in Hanoi, where the city is still developing its project plans. In overseas markets, growing trade-remedy measures continue to weigh on demand, with Taiwan’s anti-dumping investigation into Vietnamese cold-rolled stainless steel adding further pressure on exports. To support the manufacturing companies, preferential lending programs from more than 10 banks, alongside accelerating infrastructure investment, are expected to improve financing conditions and provide additional support for domestic construction steel demand.

More than 10 Vietnamese banks have announced lending-rate cuts and preferential credit packages since August, with several programs targeting SMEs, manufacturing and import-export businesses. Interest-rate reductions range from around 0.5% to 2.5% per year, while major banks including Agribank, BIDV, Vietcombank and VietinBank have launched preferential packages of VND50–70 trillion for priority sectors. The measures are expected to lower financing costs, improve cash flow and support working capital for steel producers and downstream businesses, particularly those involved in construction, manufacturing, exports and national infrastructure projects, providing additional support for domestic steel demand.

According to SMM statistics, both mill inventories and social inventories rose to varying degrees in the current period. The total inventory of construction steel stood at 8.543 million tons, rising by 64,200 tons month-on-month, a month-on-month increase of 0.76%, with the inventory accumulation pace picking up slightly.

Mali says it could leverage revenues from its 2023 mining sector reforms to raise up to 500 billion CFA francs (approximately $883.1 million) for energy, water, and transport infrastructure projects, according to the country's finance minister. The move marks the first clear signal of how Mali's government plans to channel windfall mining revenue into infrastructure financing, following a 2023 mining code overhaul that raised royalties and increased state stakes in mining projects reforms that have sparked disputes with international operators. A government audit reported in December recovered 761 billion CFA francs in alleged arrears from mining companies. Finance Minister Alousseni Sanou said Mali's Energy, Water and Transport Infrastructure Development Fund, created in 2023 and funded exclusively by mining permit holder contributions, had mobilized 109.14 billion CFA francs between January 2025 and June 2026. The fund draws 1% of quarterly turnover and 10% of ad valorem taxes during a mine's first five years, rising to 2% thereafter, generating at least 50 billion CFA francs annually a base Sanou said could be leveraged into significantly larger financing. Infrastructure and Transport Minister Dembele Madina Sissoko said proposed projects include railway development, road construction, boat acquisitions, and initiatives tied to state-owned Mali Airlines. SMM View: Mali's approach reflects a broader shift among African resource producers seeking greater domestic value from mining revenues echoing Ghana's use of mineral income to fund its "Big Push" infrastructure programme. As mining linked capital increasingly funds public infrastructure, it could reshape investment conditions and state-operator dynamics across West Africa's critical minerals sector.

Benefiting from the explosion of demand from AI intelligent computing centres, the "East Data, West Computing" initiative, and transoceanic submarine cables, the upstream optical fibre preform expansion cycle takes 18-24 months, leaving industry capacity supply tight, and fibre optic prices have been continuously raised significantly in 2026. Hollow-core fibre and ultra-low-loss G.654E high-end fibre are rigid demand for computing power backbones, and top-tier players have locked in orders through long-term agreements until 2028.

In June, total exports of copper wire rod (HS codes 74081100 and 74081900) increased both YoY and MoM. The specific data are as follows: According to customs statistics, China's total exports of copper wire rod were 32,600 mt, up 7.44% MoM and up 96.1% YoY. Exports of copper cathode wire rod with a cross-section size above 6 mm totaled 23,000 mt, up 17.47% MoM and up 134.24% YoY. Monthly exports of other copper cathode wire rod stood at 9,600 mt, down 10.84% MoM but up 41.01% YoY. In June 2026, exports of copper wire rod (HS codes 74081100 and 74081900) rebounded significantly, mainly driven by the continued release of demand from overseas power infrastructure construction and new energy projects, coupled with the accelerated pace of scheduled production and delivery by domestic enterprises and the concentrated execution of long-term contracts, which jointly boosted exports in the month. In terms of trade mode, China's copper wire rod exports in June 2026 remained dominated by processing trade. Specifically, processing trade with imported materials accounted for 54.50% and processing trade with supplied materials for 39.83%, together totaling 94.33%; in addition, Entrepot Trade by Customs Special Control Area exports represented 2.96% and Ordinary Trade 2.57%. By country, in June 2026, China's top five copper wire rod export markets were Saudi Arabia, Malaysia, Indonesia, Thailand, and Vietnam, together accounting for over 70% of total exports. Among them, Saudi Arabia, affected by PV, power grid, and other infrastructure projects entering a concentrated construction and stockpiling phase, saw its local copper rod capacity struggle to meet demand. Compounded by the concentrated execution of long-term contracts, import demand was significantly released, driving China's copper rod exports to Saudi Arabia up 87.03% MoM and making it the largest export market. In contrast, affected by factors such as demand being overdrawn by earlier concentrated procurement, China's copper rod exports to Thailand fell 48.25% MoM in June, with its ranking pulling back to fourth place. In summary, China's copper rod exports performed well in June 2026, with overseas demand maintaining relatively high momentum and overall demand remaining stable. Meanwhile, domestic processing enterprises actively took on export orders, and downstream enterprises accelerated their long-term contract procurement, all of which jointly drove a MoM increase in copper rod exports. Since the start of July, as foreign trade gradually entered the off-season and imported copper costs continued to rise, enterprises raised their processing fee quotes for overseas orders, and downstream purchase willingness weakened. Copper wire rod exports are expected to pull back slightly in July.

[SMM Copper Cathode Rod Flash] In June 2026, China's copper wire rod exports mainly flowed to Saudi Arabia, Malaysia, Indonesia, Thailand, and Vietnam, together accounting for over 70% of the total export volume. Infrastructure projects in Saudi Arabia concentrated stockpiling, boosting import demand, and China's exports to it surged, making it the top export market. Affected by the previous over-purchasing, exports to Thailand dropped significantly, and its ranking pulled back to fourth.

This week, the ferrous metals sector rebounded slightly overall, with divergence among products: iron ore and hot-rolled coil/rebar performed relatively strong, while coke was relatively weak. Early in the week, affected by sluggish end-use consumption in the off-season and continued pressure on steel mill profits, futures for all products consolidated and weakened; mid-week, driven by the combined effects of rumors of a BHP worker strike, the repeated US-Iran geopolitical conflicts, and rising expectations of environmental protection-driven production restrictions in Tangshan, iron ore and hot-rolled coil/rebar spot and futures prices saw a period of stabilization and rebound. However, from a fundamental perspective, the off-season characteristics on the demand side remained......