This week, the enamelled wire industry's machine operating rate rebounded 0.87 percentage points WoW to 77.2%, benefiting from last week's copper prices pulling back to around 85,000 yuan/mt, as new orders increased and boosted the operating rate. Order structure-wise, industry new orders showed mediocre performance this week; with copper prices' center gradually rising during the week, some downstream enterprises' wait-and-see sentiment intensified, leading to a contraction in order placement. However, orders in the terminal home appliance sector maintained a slight increase, and some enamelled wire enterprises saw growth in new orders, supporting overall new orders to increase slightly by 0.26 percentage points WoW. Inventory side, downstream customers' cargo pick-up pace remained steady this week, and industry finished product inventory turnover days continued to pull back to 8.95 days, with the inventory destocking process advancing steadily. Overall, terminal customers are highly sensitive to copper price fluctuations, and the enamelled wire industry's order recovery pace is relatively slow; SMM expects the enamelled wire industry's machine operating rate to continue its rebound trend next week, reaching 77.33%.
