SMM Analysis: Early 2025 Copper Cathode Rod Operating Rates and Inventory Impacted by Price Fluctuations and Holiday Effects

[SMM Analysis: Operating Rate and Inventory of Copper Cathode Rods at the Beginning of 2025 - A Duet of Copper Price Fluctuations and Festive Effects]

According to SMM, the operating rate of copper cathode rod producers in January 2025 was 56.74%, down 15.87 percentage points MoM and 6.49 percentage points below the expected value. On a YoY basis, due to differences in the span of the Chinese New Year on the lunar calendar, the operating rate of copper cathode rods increased by 14.69 percentage points. Among them, the operating rate of large enterprises was 64%, medium-sized enterprises 44.66%, and small enterprises 53.3%.