2026 SMM Chinese New Year Break Survey for Copper Plate/Sheet and Strip Processing Enterprises [SMM Analysis]

       As the extended Chinese New Year holiday approaches, SMM conducted a survey of 12 domestic copper plate/sheet and strip enterprises (with a combined annual capacity of 1.441 million mt): In 2026, the duration of the Chinese New Year break for copper plate/sheet and strip enterprises is mainly flat or increased, with clear overall industry break characteristics and core driving factors, as detailed below: 

       This year, copper plate/sheet and strip enterprises saw holiday durations that were "mostly flat with some increases" compared to previous years, with a significant variation in the number of days off among enterprises—ranging from as few as 3 days to as many as 26 days. From the perspective of enterprise scale, differentiation was evident: large enterprises mostly adhered to statutory holiday arrangements, with holiday durations basically flat compared to previous years, while small and medium-sized enterprises generally extended their holidays, with significantly longer durations than large enterprises.

       The core reasons for the flat or increased holiday durations are mainly twofold: first, copper prices fluctuated sharply, with extreme market conditions catching the market off guard, leading to cautious order placement and weak stockpiling willingness among end-users. Coupled with the weaker order-taking capacity of small plate/sheet and strip enterprises themselves, this significantly heightened their willingness to take holidays early. Second, the impact of policies related to recycling led to widespread difficulties in procuring recycled raw materials and a substantial increase in production costs, further prompting some enterprises to choose early holidays to adjust production plans and alleviate operational pressure.

       Looking ahead, the industry overall adopts an attitude of "cautious optimism": enterprises hold certain expectations for post-holiday orders, and stable demand from end-user sectors such as power, electronics, and new energy supports industry orders. However, copper price fluctuations remain a core uncertainty, and some enterprises maintain a cautious stance. In the short term, the Chinese New Year holiday is expected to lower the industry's capacity utilization rate in February, while the strength of post-holiday demand recovery will depend on copper price trends and the actual release of end-user orders.