According to SMM, the operating rate of the copper plate/sheet and strip industry in March 2025 was 69.14%, up 12.67 percentage points MoM, down 3.93 percentage points YoY, and 4.03 percentage points higher than the expected operating rate. Among them, the operating rate of large enterprises was 70.2%, medium-sized enterprises was 67.94%, and small enterprises was 67.73%.
Specifically, after entering March, the traditional peak season for the copper plate/sheet and strip market gradually began, with moderate performance in end-use demand, providing support for the operating rate of copper plate/sheet and strip enterprises. However, the significant fluctuations in copper prices in March still exerted some inhibitory effect on the growth of new orders for plate/sheet and strip enterprises, limiting the continuous increase in their operating rates. From the perspective of enterprise inventories, the raw material inventories of copper plate/sheet and strip enterprises in March recorded 20,700 mt, down 6.91% MoM, with a raw material inventory ratio of 13.3%, down 4.19 percentage points MoM. Finished product inventories recorded 23,640 mt, down 3.08% MoM, with a finished product inventory ratio of 15.19%, down 3.98 percentage points MoM. From the inventory situation, it is evident that under the intense fluctuations in copper prices, enterprises have tightened their control over inventories, with reduced willingness for procurement and stockpiling compared to before.
SMM expects the operating rate of the copper plate/sheet and strip industry in April to increase by 5.32 percentage points MoM to 74.46%, which will be 3.96 percentage points higher than the same period last year. After entering April, most enterprises believe that end-use demand will continue to recover, and there is still room for the operating rate to rise. By industry, the current demand performance in the NEV, electronics, and power industries is relatively strong, especially for red copper plate/sheet and strip-related orders, while brass plate/sheet and strip orders are relatively weaker. However, after entering April, demand in the civilian sector is expected to continue rebounding, which will drive the growth of brass plate/sheet and strip orders. Nevertheless, it is important not to overlook that copper price performance in April remains a potential risk factor. With high macro uncertainties both domestically and internationally, if copper prices exceed expectations in April, it may once again suppress the growth of new orders for copper plate/sheet and strip enterprises. Overall, the demand side of the copper plate/sheet and strip market in April still has support, but the impact of copper prices on enterprises needs to be closely monitored.
