Quotation of SMM gold leaf copper rod and copper wire on September 25th

[SMM Brass bar Flash] In July, the brass bar industry was in the traditional consumption off-season. Procurement by traditional downstream end-users of brass, such as plumbing valves and hardware sanitary ware, remained weak. Downstream enterprises mostly restocked based on demand, while the willingness to actively stockpile was weak. Overall, brass bar transactions were mediocre.

[SMM Brass Bar Flash] By enterprise size, large enterprises in the sample recorded an operating rate of 51.74% in July, still maintaining strong production resilience relying on long-term contracts and raw material channels, but had pulled back from June; medium-sized enterprises had an operating rate of 33.82%, and small enterprises only 22.96%. In July, the operating rates of large, medium, and small enterprises all moved down in tandem. The impact on small and medium-sized enterprises was significantly greater than on top-tier players, and the polarization trend in the industry persists.

[SMM Brass Bar Alert] According to the latest SMM data, the composite operating rate of China's copper bar enterprises recorded 44.26% in July, down 1.83 percentage points MoM and 0.56 percentage points YoY. Industry production continued to stay at low levels, and the divergence between large and small enterprises persisted.