With the National Day approaching, an SMM survey of 14 large, medium, and small copper plate/sheet and strip enterprises, with a total annual capacity of 1.691 million mt, reveals the following holiday arrangements. Except for a few enterprises, most small and medium-sized factories will have holidays of about 0-3 days, similar to 2023. In October, the traditional off-season for the copper plate/sheet and strip industry will pass, and orders will increase to some extent MoM. Most enterprises will maintain normal production during the National Day holiday, with some resuming normal operations after a 2-3 day break. However, due to the recent rapid rise in copper prices, procurement costs have increased, and end-users are cautious. A few enterprises have chosen to extend their holiday by one day to reduce inventory pressure.
According to ChinaIOL terminal data, the 2024 domestic NEV production schedule continues to grow steadily. Although unit consumption has decreased due to technological innovation, overall demand remains strong. Looking ahead, SMM understands that the operating rate in the copper plate/sheet and strip industry will increase slightly compared to last year. Under the favourable macro front, the negative cycle in the real estate industry has eased somewhat. From an overall perspective, the "red copper increases, brass decreases" situation continues. Based on the survey sample, production is expected to increase by 1.9% YoY and 1.6% MoM.
