Recently, copper prices have continued to fluctuate at highs, with LME copper once hitting a historical peak of $12,960/mt, and SHFE copper also breaking through the key level of 100,000 yuan/mt. However, the rising copper prices have had a significant impact on demand, as domestic copper cathode consumption has shown notable weakness. Through intensive communication with copper processing enterprises, SMM found that the suppressive effect of high copper prices on downstream demand has fully emerged. Operating rates in copper processing sectors such as copper rod, copper plate/sheet and strip, copper pipe & tube, and brass billet have generally declined, order sizes have significantly contracted, and domestic copper cathode social inventory has accelerated its accumulation, continuously highlighting the supply-demand imbalance in the market.

SMM Steel, December 30 — According to SMM statistics, the estimated total resource shipments in mainstream markets this week were 219,800 mt, down 18.71% WoW from last week’s shipment level. By market:

December 29, 2025 (SMM) - From December 22 to December 28, 2025, SMM recorded a total of 35 PV module procurement projects awarded to domestic companies in the current statistical period. The disclosed winning prices were concentrated in the range of RMB 0.67-0.75 per watt. The weighted average winning price was RMB 0.74 per watt, marking a RMB 0.01 per watt decrease compared to the previous period. The total awarded procurement capacity for this period was 361.73 MW, representing a significant decrease of 1,324.65 MW from the previous period.