China’s copper semis output is estimated at 1.97 million mt in May, up 3.9% month-on-month and 9.26% year-on-year. Operating rates in the copper semis industry stood at 78.45% in May, up 3.3 percentage points month on month and 10.60 percentage points year on year.
Buying on the dip accounted for the larger-than-expected rise in the overall operating rates in May. Operating rates rose across most copper semis plants, with the biggest growth in the copper rod industry using copper cathode as raw material. Copper pipe plants (90.08%)>copper plate/sheet and strip plants (77.34%)> copper cathode rod plants (76.4%). The weather in summer is expected to be extremely hot this year, and domestic air-conditioning consumption has far exceeded expectations, growing orders for the copper pipe industry. Operating rates in the copper plate/sheet and strip industry fell slightly due to sluggish orders of computer, communication and consumer electronic products as well as weak demand from house decoration. Operating rates of the copper rod industry using copper cathode saw the largest increase due to noticeable growth in orders from cable plants, increased downstream consumption driven by a narrower price difference between copper cathode and copper scrap as well as aggressive dip buying.
Overseas demand continued to fall in May. According to Customs data, China’s export value in May was $283.5 billion, a month-on-month decrease of 4.03%. The export volume of mobile phones, lamps and lighting continued to decline. In terms of domestic demand, some end-user companies place orders aggressively when copper prices plunged, helping domestic demand to rebound in May.
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