The Economic Benefits of Secondary Copper Rod Continue to Drive the Reduction of Finished Product Inventories [SMM Weekly Review of Secondary Copper Rod]

게시됨: Mar 28, 2025 11:08

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【SMM Analysis: Continued Economic Benefits of Secondary Copper Rod Drive Finished Product Inventory Reduction】Copper prices rose and then fell this week, with a mere increase of 10 yuan/mt by Thursday's close. However, bare bright copper prices in Guangdong showed strong performance, rising by 400 yuan/mt, with Thursday's transaction prices ranging from 74,400 to 74,600 yuan/mt. Suppliers of secondary copper raw materials still insisted on large-scale shipments only when copper prices reached 83,000 yuan/mt, hence, they generally chose to maintain firm offers during the pullback in copper prices...

SMM March 28: Copper prices rose initially and then fell this week, with only a 10 yuan/mt increase by Thursday's close. However, bare bright copper prices in Guangdong showed strong performance, rising by 400 yuan/mt, with Thursday's transaction prices ranging from 74,400 to 74,600 yuan/mt. Suppliers of secondary copper raw materials still insisted on large-scale shipments only after copper prices reached 83,000 yuan/mt, so when copper prices pulled back, suppliers generally chose to maintain firm offers for shipments.

According to inventory data of secondary copper raw materials from sampled secondary copper rod enterprises, raw material inventory this week was 5,700 mt, up 1,600 mt WoW. As copper prices jumped initially and then pulled back mid-week, after placing orders in the early session, secondary copper rod enterprises accelerated the transportation and settlement of copper raw materials to factories. Despite the decline in copper prices, the purchase volume of secondary copper rod enterprises exceeded last week's level. This indicates that suppliers have some concerns about potential inventory depreciation due to continuous declines in copper prices.

On the import side, according to feedback from Ningbo import traders, adverse weather will affect vessel arrivals and customs clearance time, but the impact is expected to be no more than two days, so the impact on secondary copper raw material imports is negligible. However, the volume of imported secondary copper raw materials remains low, and traders expect this situation to persist for some time.

Looking ahead to next week, as high copper prices continue to affect end-user purchasing sentiment, even a slight pullback in copper prices is unlikely to bring significant order increases. The operating rate of secondary copper rod is expected to be 36.45%, almost flat with this week.

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