Recently, bidding and annual long-term contract negotiations in the African refined-copper market have heated up. Driven by shifts in the global supply-demand structure, geopolitical tensions and tariff policy shocks, intense bidder competition has pushed the market into an early phase of resource scrambling and contractual bargaining. Especially from Q3 2025 onward, clear signals have emerged — such as upward revisions to FCA long-term contract premium in the DRC and Zambia, and sharp spikes in tender bids for spot lots.

【SMM Analysis: Copper Rod Market Concludes August with a Flat Performance Can the "Golden September" Peak Season a Turn-around? 】According to SMM, China's copper rod production in August totaled 1.0799 million mt, increased 9,900 mt MoM, with a growth rate of 0.93%. Among this, copper cathode rod production reached 923,000 mt, up 24,000 mt MoM, an increase of 2.67%; secondary copper rod production was 156,900 mt, decreased by 14,100 mt MoM, representing an 8.25% decline. In terms of operating rates……

【SMM Analysis: State Grid Intensifies Efforts as the 14th Five-Year Plan Concludes! Wire and Cable Industry Faces New Balance Between Inventory and Demand】September has arrived, yet the traditional "September-October peak season" effect in the wire and cable industry has not yet significantly materialized. The release of peak season demand is experiencing some lag, and market attention to the pace of demand release in the industry continues to rise......

SMM Analysis: According to SMM, China's copper foil enterprises recorded an operating rate of 78.44% in August 2025, up 1.17 percentage points MoM and 9.71 percentage points YoY...

According to SMM, the operating rate of copper plate/sheet and strip producers stood at 65.87% in August 2025, edging up 0.25 percentage points MoM but down 5.36 percentage points YoY. Specifically, the operating rates were 70.32% for large enterprises, 59.29% for medium-sized enterprises, and 62.69% for small enterprises.

SMM data shows the comprehensive operating rate of copper billet producers in August 2025 was 43.87%, down 0.96 percentage points MoM and 6.69 percentage points YoY, exceeding previous expectations. By enterprise scale, large enterprises recorded 48.16%, medium-sized enterprises 39.5%, and small enterprises only 27.79%, reflecting overall weak performance as the industry remains in the adjustment phase of the traditional off-season.  

According to SMM, the comprehensive operating rate of the enamelled wire industry in August was 66.55%, down 0.7 percentage points MoM and 1.13 percentage points YoY. By enterprise size, the operating rates were 64.39% for large enterprises, 70.89% for medium-sized enterprises, and 68.94% for small enterprises.