Post-Holiday Consumption Recovery Remains Sluggish, Spot Discounts Under Pressure

Published: Feb 26, 2026 14:45

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On Thursday this week, the average spot price of copper cathode in Shandong Province was at a discount of 470 yuan/mt. After the holiday, downstream copper processing enterprises gradually resumed operations, but the recovery in consumption was relatively slow. Enterprises were still digesting pre-holiday inventory, resulting in sluggish procurement. Smelters faced significant shipment pressure after delivery, and weak supply-demand conditions drove discounts lower. It is expected that next week, as enterprises fully resume operations, demand will rebound to some extent. However, under the pressure of high social inventory, the room for spot discount recovery will be limited.

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