According to SMM, the overall operating rate of copper plate/sheet and strip enterprises in September 2025 was 66.02%. Although it increased slightly by 0.15 percentage points MoM from August, it decreased significantly by 6.37 percentage points YoY compared to the same period last year, with the peak season performance falling short of market expectations. Among them, the operating rate of large enterprises was 70.51%, that of medium-sized enterprises was 59.51%, and that of small enterprises was 62.3%.
Demand side, although September entered the traditional peak season for the copper plate/sheet and strip industry, and end-use orders showed an overall rebound, the persistent high copper prices limited order growth and failed to effectively boost the operating rate further. Breaking down by end-use sector, NEV industry chain demand remained strong, with related copper plate/sheet and strip orders maintaining solid growth. Meanwhile, end-use demand in the electrical and electronics sectors also recovered, driving order increases for corresponding product categories. However, demand in traditional downstream sectors such as home appliances, traditional hardware, daily consumer goods, and apparel accessories remained weak, with mediocre order performance, failing to provide effective support for overall industry demand.
Inventory side, the days of finished product inventories for copper plate/sheet and strip enterprises stood at 5.84 days in September, up 0.04 days MoM from August. High copper prices increased procurement cost pressure for downstream enterprises, significantly slowing the pace of cargo pick-up. Combined with reduced short-term pick-up demand from downstream enterprises during the National Day holiday, these two factors led to slower inventory digestion and a slight rise in overall industry inventory levels.
Looking ahead to the copper plate/sheet and strip market in October, although seasonally October remains within the traditional peak period, comprehensive analysis suggests that industry recovery momentum may still be insufficient. Key constraints focus on two aspects: first, the suppressive effect of high copper prices on end-use demand is expected to persist. If copper prices continue to fluctuate at highs, most enterprises have expressed clear concerns over October order volumes and are wary of the expected peak-season order growth—downstream enterprises, facing high procurement costs, are likely to continue controlling raw material procurement volumes, significantly limiting overall order growth potential. Second, during the National Day holiday, most copper plate/sheet and strip enterprises adjusted production schedules, slowing the production pace, which will weigh on the October operating rate. According to SMM's understanding of enterprise production schedules, most companies currently hold a "cautiously optimistic" view of the October market. The operating rate for copper plate/sheet and strip enterprises in October is projected at only 75.11%, down 0.91 percentage points MoM and down 7.62 percentage points YoY, with the year-on-year gap further widening.
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