SMM December 8 News:
In November 2025, the operating rate of Chinese copper foil enterprises was 86.30%, up 2.08 percentage points MoM and up 10.82 percentage points YoY. Among them, the operating rate for large enterprises was 91.25%, for medium-sized enterprises 61.24%, and for small enterprises 73.60%. By sector, the operating rate for electronic circuit copper foil was 82.71%, up 0.90 percentage points MoM and up 6.96 percentage points YoY; the operating rate for lithium battery copper foil was 88.18%, up 2.72 percentage points MoM and up 12.86 percentage points YoY. The overall operating rate for the copper foil industry in December 2025 is expected to climb further to 87.78%.
Copper Foil Enterprise Operating Rate at 86.30% in November 2025
The operating rate for copper foil enterprises has risen for seven consecutive months as of November, again refreshing the year's high. According to SMM data, total lithium battery production in November increased by 2.71% MoM. In the EV market, the push for annual targets at year-end by end-users kept demand at high levels; on the ESS side, enterprises maintained strong shipment momentum. For electronic circuit copper foil, due to rising prices of downstream CCL, some enterprises engaged in stockpiling. By end-use sector, demand for high-end orders such as 5G base stations and computing centers was robust, while demand from the traditional consumer electronics industry also showed growth.
November Shipments Maintain Upward Trend
In November, the finished product inventory/output ratio for the copper foil industry rose by 0.16 percentage points MoM to 9.78%, while the raw material inventory ratio fell by 0.13 percentage points MoM to 15.29%. Overall copper foil shipments in November increased by 2.06% MoM, with lithium battery copper foil shipments up 1.85% MoM and electronic circuit copper foil shipments up 2.51% MoM.
Copper Foil Industry Operating Rate Forecast to Rise to 87.78% in December 2025
SMM expects the overall operating rate for copper foil enterprises to reach 87.78% in December 2025, up 1.47 percentage points MoM and up 12.14 percentage points YoY. The operating rate for lithium battery copper foil in December is projected at 90.44%, up 2.26 percentage points MoM and up 15.55 percentage points YoY. The operating rate for electronic circuit copper foil in December is forecast at 82.67%, down 0.04 percentage points MoM but up 5.69 percentage points YoY.
SMM expects the operating rate of Chinese copper foil enterprises to continue its upward trend in December, concluding 2025 with a strong performance. For lithium battery copper foil, the EV sector continues its traditional year-end push while demand is also supported by next year's purchase tax policy impact. In the ESS sector, the pace of the export rush in overseas markets has become more rational as tariff policies clarify, but overseas orders accumulated in H2 still provide a foundation for Q4 demand. For electronic circuit copper foil, orders are expected to remain generally stable, with emerging high-end industries maintaining strong performance and pre-holiday stockpiling demand existing in overseas markets. Overall, supported by end-use demand, the copper foil industry is expected to remain in a high prosperity range.
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