SHANGHAI, Nov 14 (SMM) – Operating rates across Chinese manufacturers of copper plate/sheet, strip and foil averaged 70.35% in October, down 0.27 percentage point from a month ago and 4.17 percentage points from a year ago, showed an SMM survey.
This year, Chinese copper plate/sheet, strip and foil producers kept their operations slower than the same period a year earlier, as demand from the major consuming sector—power—remained sluggish.
Shipments of copper plate/sheet, strip and foil to state grid operators failed to pick up as expected last month. This, together with colder weather that will affect outdoor operations in the north, indicated a disappointing quarter ending December that had previously been anticipated to see a demand recovery from power.
There was no demand improvement seen in transport, either, last month. The China Association of Automobile Manufacturers (CAAM) reported earlier this week that China’s sales of passenger vehicles declined 5.8% year on year to 1.93 million units in October.
The average operating rate at copper plate/sheet, strip and foil producers is expected to slightly recover to 70.5% in November.