End-Use Demand Orders Gain Steadily, April China's Copper Foil Operating Rate Is Expected to Exceed 90% [SMM Analysis]

SMM April 7 News:

According to SMM, the operating rate of China's copper foil enterprises was 89.59% in March 2026, up 5.33 percentage points MoM and up 17.77 percentage points YoY. Among them, the operating rate was 93.78% for large enterprises, 70.00% for medium-sized enterprises, and 73.82% for small enterprises. By segment, the operating rate of electronic circuit copper foil was 85.88%, up 5.55 percentage points MoM and up 9.31 percentage points YoY; the operating rate of lithium battery copper foil was 91.53%, up 5.2 percentage points MoM and up 22.15 percentage points YoY. The overall operating rate of the copper foil industry is expected to rebound to 90.72% in April 2026.

China's Copper Foil Enterprise Operating Rate Reached 89.59% in March 2026

After the Chinese New Year, downstream demand recovered rapidly. In March, both production, sales of lithium battery copper foil and electronic circuit copper foil climbed, and the overall industry operating rate had approached 90%. Demand side, the power battery and ESS sectors maintained strong momentum, with orders growing steadily. The traditional consumer electronics industry transitioned smoothly into the peak season, while AI-related orders remained robust, supporting optimistic demand for copper foil across specifications.

Copper Foil Shipments Increased in March

In March, the finished product inventory/output ratio of the copper foil industry fell 0.9 percentage points MoM to 10.67%, and the raw material inventory/output ratio fell 0.39 percentage points MoM to 15.23%. Overall copper foil shipments in March increased 6.88% MoM, including lithium battery copper foil (up 6.11%) and electronic circuit copper foil (up 8.53%). Overall shipments are expected to grow 1.59% MoM in April.

China's Copper Foil Industry Operating Rate Is Expected to Rise to 90.72% in April 2026

SMM expects the overall operating rate of copper foil enterprises to be 90.72% in April 2026, up 1.13 percentage points MoM and up 19.21 percentage points YoY. The operating rate of lithium battery copper foil is expected to be 92.17% in April, up 0.63 percentage points MoM and up 23.22 percentage points YoY. The operating rate of electronic circuit copper foil is expected to be 87.96% in April, up 2.09 percentage points MoM and up 11.48 percentage points YoY. SMM expected end-use industry sentiment to remain relatively strong in April. In the power battery segment, demand expectations were optimistic, driven by commercial vehicles and some new car models with large battery packs. In the ESS sector, some downstream projects were in the order delivery cycle. Battery production schedules in Q2 are expected to maintain steady growth. Coupled with the traditional peak consumption season, the operating rate of copper foil enterprises is expected to exceed 90% in April 2026, reaching a new high in recent years.