Operating Rate of Domestic Copper Cathode Rod Enterprises Rises on Stocking Demand Ahead of May Day Holiday

Published: Apr 29, 2025 08:44

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According to SMM data, the weekly operating rate of major domestic copper cathode rod enterprises rose to 79.56% last week (April 18-24), up 1.48 percentage points WoW and 8.88 percentage points YoY. It is expected to rise to 81.81% this week, supported by stocking demand ahead of the holiday, up 2.25 percentage points WoW. In terms of specific order conditions, although new orders for copper cathode rod enterprises have significantly decreased due to the suppression of high copper prices and high premiums, the previous low-price orders on hand are sufficient to support production scheduling. Additionally, as the May Day holiday approaches, there is stocking demand in the market, driving the operating rate to continue rising. However, it should be noted that the orders on hand of copper cathode rod enterprises have been gradually digested, and some enterprises will suspend production during the May Day holiday. Currently, the market sentiment is cautious about the post-holiday market, with insufficient momentum for subsequent growth. Except for just-in-time procurement, downstream enterprises generally anticipate lower copper prices after the holiday. The future consumption of copper semis still needs to wait and see if copper prices will retrace.

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM‘s internal database model. They are for reference only and do not constitute decision-making recommendations.

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