Copper Prices Return to the 100,000 Yuan Mark, Operating Rates Pull Back Beyond Expectations [SMM Enamelled Wire Market Weekly Review]

This week (April 10–April 16), the enamelled wire industry's operating rate pulled back sharply by 3.87 percentage points WoW to 82.6%, with the decline exceeding market expectations. During the week, the copper price center rose above the 100,000 yuan/mt high again. Combined with continued weakening demand in the home appliance sector, new orders in the industry declined by 6.79 percentage points simultaneously. End-use demand showed divergence, with only the power and new energy sectors maintaining robust demand, while demand across other end-use sectors generally weakened. Inventory side, affected by the slowdown in downstream cargo pick-up pace and weakening willingness to place procurement orders, the industry's finished product inventory turnover days rose to 8.7 days, with finished product inventories continuing to accumulate. Overall, current home appliance industry demand remained sluggish, with enterprises reporting that air conditioner OEM orders saw a YoY decline exceeding 10%. Combined with copper prices fluctuating at highs further suppressing downstream demand, the enamelled wire industry's operating rate is expected to continue its downward trend next week, falling to 80.73%.