Glencore Backs $1.4B Bid for 40% Stake in Eurasian Resources Group

This week (February 27–March 5), the post-holiday recovery in the enamelled wire industry accelerated, with the weekly operating rate rising sharply by 31.14 percentage points MoM to 81.07%, rapidly shifting into the peak season. In particular, solid order releases in the home appliance sector provided the core boost; coupled with the pullback in copper prices at the beginning of the week that dispelled downstream wait-and-see sentiment and the full resumption of work by end-users after the Lantern Festival, weekly new orders surged 90.24% MoM. However, a fear-of-price-declines sentiment emerged in the market, order placements pulled back toward the end of the week, and some enterprises were concerned about the sustainability of orders in the latter part of the month.

[SMM Copper Flash] This week, the operating rate at major domestic wire and cable enterprises increased by 33.17 percentage points MoM to 60.90%. This was mainly because earlier power grid orders gradually entered the concentrated delivery date, prompting enterprises to speed up production and stockpiling. In addition, after the Lantern Festival, as end-users gradually resumed work, engineering and market orders were gradually released, providing some support for orders. SMM expected that next week the operating rate of wire and cable enterprises would further increase by 5.21 percentage points MoM to 66.1%.

The Fourth Session of the 14th National People’s Congress opened at the Great Hall of the People, where Premier Li Qiang of the State Council delivered the government work report, with multiple details adjusted. The economic growth target became more pragmatic, lowered from “around 5” to 4.5–5.0. In terms of incremental funding, the deficit-to-GDP ratio for 2026 was 4, with a deficit 규모 of 5.89 trillion yuan, an increase of 230 billion yuan YoY.