According to SMM data, the operating rate of copper foil enterprises in January 2024 was 58.50%, dropping to only 42.22% in February. In contrast, the operating rate for January 2025 is projected to reach 72.55%. On one hand, overall terminal orders remain strong, with the power sector continuing the robust rush for installations seen in Q4 2024, driven by the trade-in policy. The overall demand for pre-holiday stockpiling and post-holiday replenishment downstream of copper foil is relatively optimistic. On the other hand, the rebound in the overall center of copper foil processing fees from year-end to the beginning of the year is also a key factor supporting high operating levels for enterprises.
Looking ahead to 2025, the demand outlook for lithium battery copper foil remains positive. According to CAAM data, in 2024, NEV production and sales reached 12.888 million units and 12.866 million units, respectively, up 34.4% and 35.5% YoY. NEV sales accounted for 40.9% of total new car sales, an increase of 9.3 percentage points compared to 2023. NEV sales in 2025 are expected to reach 16 million units, up 24.4% YoY. Downstream sectors of the electronic circuit copper foil industry, such as automotive electronics and the server industry, are maintaining strong growth under national support, while the development of the AI industry adds a bright spot to the sector. However, for the copper foil industry, the severe surplus caused by rapid capacity expansion in the earlier period remains a critical challenge for enterprises. In 2025, capacity consolidation, cost reduction, efficiency improvement, and enhancing product competitiveness will become the core focus of industry development.
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