Copper Wire Rod Exports Declined MoM in March, with Saudi Market Seeing a Significant Drop【SMM Analysis】

In March, total exports of copper wire rod (HS codes 74081100 and 74081900) weakened, showing a MoM decline but YoY growth. The specific data are as follows:

According to customs data, in terms of total copper cathode wire rod exports, total exports of copper cathode wire rod (HS code 74081100, 74081900) in March were down 1.27% MoM but up 73.71% YoY. Among them, exports of refined copper wire with a maximum cross-section dimension >6mm were 13,600 mt, down 21.73% MoM but up 100.86% YoY. Exports of other refined copper wire were 11,900 mt per month, up 40.79% MoM and up 50.47% YoY.

In March 2026, exports of copper wire rod (HS code 74081100, 74081900) declined MoM, primarily due to chain reactions triggered by escalating geopolitical conflicts, compounded by a cyclical pullback in the prior export pace. The escalation of geopolitical conflicts disrupted international shipping and drove up logistics costs, significantly increasing the difficulty and cost of exports. This, combined with the onset of the off-season following the concentrated release of earlier orders, collectively dragged down exports. By specific trade mode, in March 2026, processing trade with imported materials accounted for 58.55% of total copper wire rod exports, processing trade with supplied materials accounted for 26.9%, Entrepot Trade by Customs Special Control Area accounted for 11.83%, and Ordinary Trade accounted for 2.71%.

By country, in March, copper wire rod was mainly exported to Thailand, the Philippines, Malaysia, Vietnam, and India, with combined exports accounting for over 70% of the national total. Notably, Saudi Arabia's ranking pulled back sharply from first to seventh place, with exports plunging 87.4% MoM. This was mainly due to the continued geopolitical tensions in the Middle East, which weakened domestic demand in Saudi Arabia and slowed down the procurement pace in infrastructure, power grid, and other sectors. Compounded by disruptions in regional shipping, logistics, and customs clearance, trade flows were hampered, leading to a decline in exports.

In summary, copper wire rod exports pulled back MoM in March, mainly due to the continued escalation of geopolitical conflicts and periodic disruptions in shipping logistics. Overseas trade channels were obstructed, shipping schedules were extended, and transport capacity was tight, causing the export pace to slow down significantly. Entering April, as geopolitical tensions gradually eased, shipping and trade conditions improved. Combined with the gradual recovery of downstream procurement demand outside China, overall copper wire rod exports in April are expected to rebound MoM.