This week, the weekly operating rate of China's leading aluminum downstream processing enterprises pulled back 0.5 percentage points WoW to 64.7%. The industry continued its weak recovery pattern, with divergence among segments intensifying.

Xinya Cable (001382) disclosed its annual report on April 20. In 2025, the company achieved operating revenue of 2.947 billion yuan, up 4.00% YoY; net profit attributable to the parent company was 100 million yuan, down 25.57% YoY; basic earnings per share were 0.26 yuan. The company proposed a cash dividend of 0.75 yuan per 10 shares (tax inclusive). The decline in net profit attributable to the parent company was mainly due to the following reasons: first, intensified competition in the wire and cable market and the sustained rise in raw material prices of copper and aluminum put the company's comprehensive gross margin under pressure; second, the expansion of the company's accounts receivable led to an increase in credit impairment loss provisions.

【SMM Copper Cathode Rod News Flash】Geopolitical conflicts and logistics disruptions were the main factors behind the weakening of copper wire rod exports in March. As geopolitical tensions eased in April and shipping and ex-China demand gradually recovered, copper wire rod exports are expected to see a MoM rebound.

In March, total exports of copper wire rod (HS codes 74081100 and 74081900) weakened, showing a MoM decline but YoY growth. The specific data are as follows: According to customs data, in terms of total copper cathode wire rod exports, total exports of copper cathode wire rod (HS code 74081100, 74081900) in March were down 1.27% MoM but up 73.71% YoY. Among them, exports of refined copper wire with a maximum cross-section dimension >6mm were 13,600 mt, down 21.73% MoM but up 100.86% YoY. Exports of other refined copper wire were 11,900 mt per month, up 40.79% MoM and up 50.47% YoY. In March 2026, exports of copper wire rod (HS code 74081100, 74081900) declined MoM, primarily due to chain reactions triggered by escalating geopolitical conflicts, compounded by a cyclical pullback in the prior export pace. The escalation of geopolitical conflicts disrupted international shipping and drove up logistics costs, significantly increasing the difficulty and cost of exports. This, combined with the onset of the off-season following the concentrated release of earlier orders, collectively dragged down exports. By specific trade mode, in March 2026, processing trade with imported materials accounted for 58.55% of total copper wire rod exports, processing trade with supplied materials accounted for 26.9%, Entrepot Trade by Customs Special Control Area accounted for 11.83%, and Ordinary Trade accounted for 2.71%. By country, in March, copper wire rod was mainly exported to Thailand, the Philippines, Malaysia, Vietnam, and India, with combined exports accounting for over 70% of the national total. Notably, Saudi Arabia's ranking pulled back sharply from first to seventh place, with exports plunging 87.4% MoM. This was mainly due to the continued geopolitical tensions in the Middle East, which weakened domestic demand in Saudi Arabia and slowed down the procurement pace in infrastructure, power grid, and other sectors. Compounded by disruptions in regional shipping, logistics, and customs clearance, trade flows were hampered, leading to a decline in exports. In summary, copper wire rod exports pulled back MoM in March, mainly due to the continued escalation of geopolitical conflicts and periodic disruptions in shipping logistics. Overseas trade channels were obstructed, shipping schedules were extended, and transport capacity was tight, causing the export pace to slow down significantly. Entering April, as geopolitical tensions gradually eased, shipping and trade conditions improved. Combined with the gradual recovery of downstream procurement demand outside China, overall copper wire rod exports in April are expected to rebound MoM.

[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)

[Latest Data from the General Administration of Customs] In March 2026, China's copper wire and cable exports rose 8.37% MoM to 118,000 mt, covering 201 countries and regions. Among them, exports to the UK surged 1,466% MoM to 17,000 mt, surpassing Australia to rank first. Australia and Vietnam ranked second and third, with exports of 11,000 mt and 6,000 mt respectively. (Copper wire and cable HS codes: 85444921, 85444929, 85446012, 85446013, 85446014, 85446019, 85446090)

[Latest Data from the General Administration of Customs] In March 2026, China's wire and cable exports totaled 218,000 mt, down 2.63% MoM and down 7.22% YoY. Of this, copper wire and cable exports were 118,000 mt, up 8.37% MoM and up 9.38% YoY. (Copper wire and cable HS codes: 85444921, 85444929, 85446012, 85446013, 85446014, 85446019, 85446090)

According to data from the General Administration of Customs, China's copper enamelled wire exports in March 2026 totaled 11,502.65 mt, down 8.04% YoY but up 12.33% MoM. From January to March 2026, China's cumulative copper enamelled wire exports reached 33,794.95 mt, up 5.48% YoY. (HS code 85441100)

According to data from the General Administration of Customs, China's copper enamelled wire exports totaled 11,502.65 mt in March 2026, down 8.04% YoY and up 12.33% MoM. From January to March 2026, China's cumulative copper enamelled wire exports reached 33,794.95 mt, up 5.48% YoY.

The copper scrap market this week operated under the impetus of a strong macro-driven rally in copper prices. Futures and spot prices rose in tandem, but the intensifying divergence in sentiment and behavior between upstream and downstream participants along the industry chain lent the market a complex character best described as "price-driven transactions amid an unchanged weak supply-demand landscape.