November Copper Wire and Cable Exports Decrease: Has the Overseas Market's Peak Season Passed? [SMM Analysis]

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      According to data from the General Administration of Customs, China exported 222,100 mt of wire and cable in November 2024, down 8.02% MoM but up 9.3% YoY. From January to November, China exported a total of 2.4128 million mt of wire and cable, up 16.69% YoY cumulatively. Among these, copper wire and cable exports totaled 95,000 mt in November, down 14.94% MoM but up 9.12% YoY. From January to November, copper wire and cable exports totaled 1.0613 million mt, up 28.12% YoY cumulatively. After entering November, the growth of overseas orders ahead of Christmas is expected to weaken, impacting China's copper wire and cable exports for the month.

        Specifically, in November, China's copper wire and cable exports covered 198 countries and regions. Among them, Australia, Hong Kong, and the US ranked as the top three destinations with export volumes of 7,557.5 mt, 5,799.3 mt, and 4,928.1 mt, respectively. Notably, in November, the volume of copper wire and cable exported to Hong Kong surpassed that to the US for the first time. According to SMM, Hong Kong has implemented clear plans to achieve its decarbonization goals in recent years, actively promoting various initiatives and strengthening cooperation with mainland China, which has strongly supported domestic copper wire and cable exports. On a YoY basis, Ethiopia showed remarkable growth, highlighting its deepening cooperation with China as a partner in the Belt and Road Initiative. Ethiopia still has development potential in its power system construction, and its collaboration with China is expected to deepen further.

        SMM expects China's copper wire and cable exports to grow MoM in December. According to SMM, many domestic wire and cable enterprises expressed optimism about their December export orders. Against the backdrop of the low base in November due to the pullback in copper wire and cable exports, December is expected to see a rebound in export volumes, though the rebound may be limited. Additionally, SMM learned that domestic wire and cable enterprises are increasingly targeting the Southeast Asian market and Belt and Road countries, actively exploring demand in the overseas power industry. Many enterprises reported stable overseas market demand, with some indicating that their orders have been scheduled for production through February 2025, reflecting optimistic sentiment in the market.