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%.

[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%.

Since March 4, 2026, secondary copper rod has shifted to a premium of 200-400 yuan/mt against the most-traded futures contract. Meanwhile, the price difference between copper cathode rod and secondary copper rod narrowed sharply from around 1,200 yuan/mt to about 300 yuan/mt

[SMM Copper Express] The correction in copper prices drove enterprises to restock for rigid demand, but enterprises maintained ongoing production scheduling, so days of raw material inventories at major wire and cable enterprises in China fell 0.31 days MoM this week; as for finished product inventories, the correction in copper prices boosted downstream consumption, but when copper prices remained in a high range, they still suppressed end-user purchase willingness, and days of finished product inventories at major wire and cable enterprises in China fell 0.41 days MoM this week.

[SMM Copper Express] This week, the operating rate of SMM copper wire and cable enterprises was 66.59, up 5.69 percentage points MoM. The operating rate steadily rebounded this week, mainly due to a slight correction in copper prices that drove order release, coupled with support from concentrated power grid deliveries, though the current pace of order recovery was still weaker than in the same period last year. SMM expects the operating rate of copper wire and cable enterprises next week to increase by 3.45 percentage points MoM to 70.04, down 4.49 percentage points YoY.

This week (March 6–12), the operating rate of SMM copper wire and cable enterprises was 66.59, up 5.69 points MoM and down 10.62 points YoY. The operating rate steadily rebounded this week, mainly due to a slight correction in copper prices that drove order release, coupled with support from concentrated power grid deliveries, though the current pace of order recovery remained weaker than in the same period last year. By sector, orders from the power segment continued to support enterprise production schedules, orders from the new energy segment also improved, while construction project orders remained weak, dragging on overall operating rates. Inventory side, the correction in copper prices drove enterprises to restock for rigid demand, but as enterprises maintained production schedules, days of raw material inventories fell 0.31 days MoM this week; for finished product inventories, the correction in copper prices boosted downstream consumption, but high copper prices still restrained end-user purchase willingness, so days of finished product inventories fell 0.41 days MoM. Looking ahead to next week, current orders on hand from the power and new energy sectors will continue to provide the main support for production scheduling. SMM expects the operating rate of copper wire and cable next week (March 13–19) to increase 3.45 points MoM to 70.04, down 4.49 points YoY.