Copper price pullback boosts restocking of rigid demand; industry operating rates edge up [SMM Enamelled Wire Market Weekly Review]

Published: Nov 05, 2026 18:14 (GMT+8)

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This week (10.30-11.05), operating rates of enamelled wire producers rose 0.93 percentage points WoW to 76.27%. During the week, copper price centers pulled back in phases, driving an increase in downstream restocking demand, with weekly order intake up 5.37% WoW. The pace of downstream cargo pick-up accelerated simultaneously, and combined with proactive inventory control by some enterprises, finished product inventory days fell to 8.5 days. Overall, this week's order recovery was mainly supported by restocking demand triggered by the copper price pullback, with industry order intake seeing some repair. However, spot premiums stayed high, providing limited boost to downstream purchases. Meanwhile, some enterprises still cut production proactively due to high raw material prices, with cost pressure continuing to weigh on operations and end-user demand remaining mild overall. SMM expects operating rates of enamelled wire producers to edge up to 76.87% next week.

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