SHANGHAI, Aug. 3 (SMM) – Utilization rate at major Chinese wire & cable makers dropped 2.74 percentage points on the month in July to 75.74%, 4.11 percentage points lower than a year ago, SMM’s most recent survey indicates.
China Electricity Council announced investment in power generation projects grew 7.6% in the first half of the year to 132.1 billion yuan ($21.2 billion), and power grid project investment dropped 0.8% to 163.6 billion yuan. Orders for copper wire & cable declined in response.
Some large wire & cable companies reported bright performance in H1, such as Far East Cable, TBEA, and Qingdao Hanhe Cable. However, wire & cable business was no longer major contributor of their earnings this year. SMM understood that poor copper wire & cable sales have forced some of these companies to switch to other businesses, including aluminum alloy wire & cable development and new energy-related operations.
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