Demand Outside China Supported Stronger Exports, and Copper Cathode Rod Increased MoM, January-February

In January and February, exports of copper cathode rod (HS codes 74081100 and 74081900) continued to strengthen, showing growth both MoM and YoY. The detailed data were as follows:

According to customs data, in terms of total exports of copper wire rod, total exports of copper cathode rod (HS codes 74081100 and 74081900) in January increased 51.19% MoM and rose 83.78% YoY. In February, total exports of copper cathode rod increased 19.73% MoM and rose 160.07% YoY.

In January 2026, exports of copper wire rod (HS codes 74081100 and 74081900) rose MoM, mainly due to weak domestic demand for copper rod in China, coupled with a concentrated release of power infrastructure demand in Southeast Asia, which together drove a sharp increase in copper wire rod exports. By specific export trade mode, processing trade with imported materials accounted for 66.3% of total copper wire rod exports in January 2026, processing trade with supplied materials accounted for 22.37%, Entrepot Trade by Customs Special Control Area accounted for 7.5%, and Ordinary Trade accounted for 2.81%.

In February 2026, exports of copper wire rod (HS codes 74081100 and 74081900) continued to grow MoM, mainly driven by concentrated demand release from power grid upgrades and the new energy sector in Southeast Asia. Coupled with weak downstream demand in China during the Chinese New Year holiday, enterprises stepped up export efforts. By specific export trade mode, in January 2026, exports under processing trade with imported materials accounted for 50.95% of total exports, processing trade with supplied materials 38.73%, Entrepot Trade by Customs Special Control Area 8.46%, and Ordinary Trade 1.82%.

By country, from January to February, copper wire rod was mainly exported to Thailand, Saudi Arabia, Vietnam, India, the Philippines, and Malaysia, with combined exports accounting for more than 70% of the national total.

In summary, copper wire rod exports continued to grow from January to February, mainly benefiting from robust demand in the power grid and new energy sectors in Southeast Asia, coupled with weak downstream operating rates in China, prompting enterprises to actively expand into markets outside China to broaden demand. Although copper prices pulled back significantly in March, demand in the Middle East weakened due to geopolitical conflicts. In addition, as the main export destinations for China’s copper wire rod are concentrated in this region, and ocean freight rates have risen, copper wire rod exports were expected to be in the doldrums in March.