In September, China's copper semis production increased by 4.5% MoM, expected to decline in October [SMM Analysis]

According to the latest data from the NBS, China's copper semis production in September 2024 was 2.0127 million mt, up 4.5% MoM, and down 0.1% YoY, nearly flat.

China's copper processing industry continues to develop in regional clusters. By region, Jiangxi, Zhejiang, Jiangsu, Guangdong, and Anhui ranked as the top five provinces in copper semis production in September, accounting for 24%, 15%, 14%, 11%, and 6% respectively, with these five provinces contributing 71% of the total production.

Specifically, China's copper semis production in September increased by 4.54% MoM, rising from 1.9253 million mt in August to 2.0127 million mt. By provinces and cities, most regions saw an increase in copper semis production in September, with only Henan and Tianjin experiencing declines, producing 87,500 mt and 60,100 mt respectively. Additionally, Shandong and Jiangsu produced 48,100 mt and 278,700 mt in September, up 17.89% and 9.17% MoM, leading the growth among other provinces and cities.

SMM has been closely monitoring the consumption dynamics and operating rate of producers in the copper semis market. Recent surveys indicate that high copper prices have somewhat suppressed consumption. After the National Day holiday, the consumption of copper semis did not meet expectations. Coupled with the impact of the long holiday, the operating rate of the copper semis industry in October is expected to decline both YoY and MoM, with copper semis production also expected to decrease accordingly.