Copper Plate/Sheet and Strip Operating Rate Beat Expectations in March; Can It Remain at Highs in April?

According to SMM, the operating rate of the copper plate/sheet and strip industry was 77.25% in March 2026, up 35.27 percentage points MoM and up 8.11 percentage points YoY, 2.96 percentage points above the expected operating rate. Among them, the operating rate of large enterprises was 86.39%, that of medium-sized enterprises was 61.74%, and that of small enterprises was 68.2%.

After entering March, the traditional peak season in the copper plate/sheet and strip market began as scheduled, with overall end-use demand improving. Demand from the power sector was the most robust, with orders for transformers and cable shielding strips increasing significantly, becoming the core boost factor; demand from industries such as new energy, electronics, and home appliances also recovered in tandem, providing strong overall end-use support. In addition, copper prices fluctuated at highs before the holiday, and downstream players generally maintained low inventory. As the center of copper prices pulled back, coupled with recovering demand, low inventory and demand recovery resonated, driving a concentrated release of orders, leaving plate/sheet and strip enterprises with full order books and tight deliveries. Meanwhile, affected by adjustments to secondary copper policies, some small plate/sheet and strip enterprises in Jiangxi saw weaker production willingness, further concentrating orders toward large-scale enterprises. Under the resonance of multiple factors, the overall performance of the copper plate/sheet and strip industry in March far exceeded expectations.

Inventory side, driven by the concentrated release of downstream orders, inventory at copper plate/sheet and strip enterprises was drawn down rapidly, and finished product inventories at some enterprises had fallen to historical lows. According to SMM data, days of finished product inventories in the copper plate/sheet and strip industry decreased by 4.09 days MoM to 4.97 days in March, with the overall inventory level remaining in a low range.

The operating rate of the copper plate/sheet and strip industry is expected to remain highly prosperous in April. Enterprise feedback showed that although the pace of new orders has slowed somewhat recently, supported by the concentrated surge in orders in March, enterprises' current production schedules remained full, and some enterprises had already fully booked their April orders. SMM expects the operating rate of the copper plate/sheet and strip industry to increase by 0.61 percentage points MoM to 77.86% in April, 4.06 percentage points higher compared to the same period last year.