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Copper consumption has always been the center of industry attention. To provide a deeper and more timely reflection of market conditions, the SMM Copper Research Team has been conducting in-depth investigations into the order volumes and production status of enamelled wire enterprises since January 2025, compiling weekly operating rates and order intake data.
From the weekly operating rate data, influenced by the Chinese New Year holiday, the operating rate of the enamelled wire industry hit its lowest level from late January to early February. As the holiday ended, enamelled wire enterprises gradually resumed normal production, with the operating rate steadily rebounding. In March, the operating rate of the enamelled wire industry showed a pattern of jumping initially and then pulling back, with weekly operating rates of 89.5%, 89.2%, 88.1%, and 87.6%, averaging 88.6%, primarily due to interference from copper prices. According to SMM, March is the traditional peak season for the industry. From the demand performance of downstream sectors, market orders have generally reached peak season levels. Since late February, multiple enterprises have reported continuous improvement in orders from downstream sectors such as home appliances, automobiles, new energy, and industrial motors, particularly with outstanding performance in home appliance and automotive orders, boosting the rapid growth of enamelled wire orders. Enamelled wire enterprises have maintained sufficient production schedules. However, as copper prices surged past 80,000 yuan/mt, downstream enterprises faced resistance from losses, significantly slowing down their order placement, which affected the operating rates of enamelled wire enterprises.
From a production cost perspective, due to the high costs associated with stopping and starting machines in the enamelled wire industry, most enterprises do not rashly shut down machines even when orders decline temporarily. Therefore, SMM has gathered data on the current week's orders from multiple enterprises, allowing us to more intuitively sense changes in order volumes through weekly order data. From the weekly order data, new orders have been continuously declining since the second week of March, with weekly order volumes showing negative growth MoM, directly reflecting the suppression of consumption by high copper prices.
Recently, with the pullback in copper prices, new orders in the enamelled wire industry are expected to return to positive growth. How will orders in the enamelled wire industry perform this week? Will there be growth beyond expectations? SMM will continue to share relevant data on Thursday, which can then be queried on the SMM data terminal.
