April Copper Plate/Sheet and Strip Operating Rate Hit 5-Year High

According to SMM, the operating rate of the copper plate/sheet and strip industry in April 2026 was 77.95%, up 0.7 percentage points MoM and up 4.14 percentage points YoY. Among them, the operating rate of large enterprises was 87.48%, medium-sized enterprises 62.39%, and small enterprises 66.66%.

In April, the copper plate/sheet and strip industry continued its high prosperity, with the operating rate rising to a four-year peak for the same period and strong production momentum. On one hand, market demand was released in a concentrated manner in March, with enterprises taking significantly higher volumes of orders, resulting in ample orders on hand awaiting delivery and sufficient order visibility, effectively supporting enterprises in maintaining a high production schedule pace in April. On the other hand, overall end-use demand continued its positive trend, with order intake from core downstream sectors such as power, new energy, and electronics remaining generally stable. In particular, end-use demand from semiconductor lead frames, NEVs, energy storage, and power transformers remained robust, further supporting industry prosperity to stay high.

Inventory side, affected by concentrated delivery of prior orders and tight delivery pace, finished product inventories of copper plate/sheet and strip enterprises stayed low, with some specifications seeing tight supply and tight spot cargo. According to SMM data, days of inventories of finished products in the copper plate/sheet and strip industry fell to 4.77 days in April, with overall inventory remaining in a low range.

According to SMM, as rising copper prices drove heightened wait-and-see sentiment in the market, downstream procurement demand pulled back somewhat, and new orders for copper plate/sheet and strip enterprises weakened notably MoM. Some manufacturers' orders on hand awaiting delivery were gradually consumed, and the previously tight supply situation eased somewhat. Despite weak new orders, supported by previously accumulated orders on hand, most enterprises' production schedules for May will remain in a relatively saturated state. Overall, the operating rate of the copper plate/sheet and strip industry in May is expected to pull back slightly to 76.79%, down 1.16 percentage points MoM, but still up 4.67 percentage points YoY.