[SMM Copper Cathode Rod Flash] This week, the operating rate of copper cathode rod fell by 1.77 percentage points WoW. Copper prices stayed high, suppressing downstream order taking, with only a few clients making supplementary orders on bullish copper price expectations, which did not drive an overall recovery in procurement. Fear of high prices spread across the market, and operating rates of wire & cable and enamelled wire industries weakened simultaneously. Overall demand remained weak.

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【SMM Copper Cathode Rod Flash】This week, the operating rate of copper cathode rod producers edged down 2.13 percentage points. Some producers voluntarily implemented production cuts, lowering current-period operating rates. On Thursday, copper prices fell sharply, prompting downstream companies to concentrate on fixing prices and restocking. Orders doubled, but deliveries were scheduled for next week. Orders for wire & cable and enamelled wire also recovered.

【SMM Copper Cathode Rod News Flash】The operating rate of copper cathode rod producers fell 5.77 percentage points WoW to 60.58% this week. The extended Labour Day holiday and production cuts put pressure on operations. After the holiday, copper prices rose but downstream orders remained stable. Orders in the wire & cable and enamelled wire industries were steady after the holiday, with operating rates pulling back notably.

Customs data showed that China’s aluminum wire and cable exports totaled 53,280 mt in January-February 2026, up 37% YoY from January-February last year.

The operating rate of SMM copper wire and cable enterprises was 59.46% this week, up 0.75 percentage points WoW. Production this week was mainly carried out in an orderly manner based on previously retained orders, with the production pace largely consistent with the previous period and no wild swings observed, indicating strong overall production stability in the industry. By sector, orders from State Grid continued to be released, supplemented by scattered small orders in the market, providing additional support for production. However, copper prices hit another record high towards the end of the week, dampening downstream enthusiasm for cargo pick-up. Coupled with the approaching Chinese New Year holiday and weakening market demand, some enterprises have begun planning early holiday arrangements. Therefore, the operating rate is expected to decline by 2.82 percentage points WoW to 56.64% next week.

【SMM Copper Express】Jiangsu, Zhejiang, and Guangdong Remained Top Three in Copper Wire and Cable Exports in 2025, with a Slight Decrease in Share; Exports Expected to Continue Growing in 2026 Driven by Global Infrastructure Demand and High-End Competitiveness.

Customs data showed that China's aluminum wire and cable exports reached 30,400 mt in December 2025, down 8.7% MoM but up 13.96% YoY. Full-year aluminum wire and cable exports in 2025 totaled 279,000 mt, up 42.91% YoY from 195,000 mt in 2024. In December, aluminum strand exports (including steel-reinforced) reached 20,800 mt, accounting for 69% of the total, while other aluminum strand exports stood at 9,500 mt, making up 31%. For the full year 2025, steel-reinforced aluminum strand accounted for 63% of exports, with other aluminum strands comprising 37%. (HS codes: 76141000, 76149000)

【SMM Copper Wire and Cable Express】Copper wire and cable exports in December covered 31 provinces, with the shares of Jiangsu, Guangdong, and Zhejiang increasing. Looking ahead to January, affected by stockpiling for the Chinese New Year and logistics factors, enterprises are expected to accelerate order deliveries, and "pre-holiday rush shipping" is expected to maintain mild growth in exports.

【Latest data from the General Administration of Customs】In December 2025, China's total exports of wires and cables were 277,400 mt, up 1.38% MoM and up 13.38% YoY. Among them, copper wire and cable exports in December were 140,500 mt, up 2.13% MoM and up 30.8% YoY. In 2025, full-year exports of wires and cables were 2.9936 million mt, up 12.65% YoY cumulatively, among which copper wire and cable full-year exports were 1.441 million mt, up 23.29% YoY cumulatively.