January Copper Foil Production and Sales Remain High; Industry Shows "Warmth" at the Beginning of 2025 [SMM Analysis]

SMM, February 12:

    According to SMM data, China's copper foil monthly production in January 2025 was 95,700 mt, up 0.15% MoM. Among this, lithium battery copper foil production was 61,400 mt, up 1.28% MoM; electronic circuit copper foil production was 34,300 mt, down 1.81% MoM. In January 2025, lithium battery copper foil shipments were 53,700 mt, up 0.61% MoM, while electronic circuit copper foil shipments were 30,400 mt, down 3.35% MoM.

    Since Q4 2024, copper foil production and sales have remained stable overall, with slight growth continuing in January 2025, mainly driven by steady end-use consumption and stockpiling demand before the Chinese New Year. According to SMM data, China's anode material production in January 2025 decreased by 5% MoM but increased by 64% YoY. Despite a decline in production levels due to significant inventory stockpiling by battery cell manufacturers earlier, end-use demand remained optimistic. Many factories did not shut down during the Chinese New Year holiday, which supported stockpiling demand in the upstream industry chain. Additionally, the mid-January rise in copper prices and uncertainties brought by tariff policies under Trump's administration led to some orders being placed in advance.

    Looking ahead, SMM expects China's total copper foil production in February 2025 to decline to 93,200 mt. Among this, lithium battery copper foil production is expected to be 60,100 mt, down 2.12% MoM; electronic circuit copper foil production is expected to be 33,100 mt, down 3.43% MoM. Lithium battery copper foil shipments are expected to be 51,900 mt, down 3.29% MoM, while electronic circuit copper foil shipments are expected to be 29,300 mt, down 3.69% MoM.

    The decline in production and sales in February is expected due to the impact of the Chinese New Year holiday, with some copper foil enterprises implementing production cuts, and slower cargo pick-up progress as downstream inventories remain. Additionally, February has fewer days. Overall, with optimistic terminal orders and a rebound in copper foil processing fees, copper foil enterprises experienced a "warm atmosphere" around the 2025 Chinese New Year, with no recurrence of the widespread shutdowns and production cuts seen last year.

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