According to SMM, the comprehensive operating rate of the copper plate/sheet and strip industry in June 2026 was 74.97%, down 1.58 percentage points MoM and up 8.19% YoY, with the actual operating rate exceeding earlier market expectations by 0.46 percentage points. Breaking it down, the operating rate of large enterprises was 84.38%, medium-sized enterprises 55.99%, and small enterprises 70.72%.
Though the June operating rate pulled back slightly MoM, the overall performance was better than earlier market expectations. On one hand, the phased pullback in copper price center effectively alleviated downstream wait-and-see sentiment, and ordering enthusiasm among end-user enterprises improved notably. Most manufacturers' existing orders can sustain production schedules until late July. Furthermore, end-use demand showed strong structural resilience. Although traditional sectors entered the seasonal off-season, demand from emerging industries such as AI computing centers, energy storage, 3C electronics, and new energy continued to improve, underpinning the overall industry operation. Among sub-categories, copper strip demand remained steady, with orders for semiconductor lead frames and power transformer-dedicated copper strip extending their stable trend. Demand for various alloy plates and strips continued to be robust, offsetting the decline from traditional end uses. While the industry is not as busy as the peak production period seen earlier, overall demand remained stable, and off-season characteristics weakened.
Inventory side, the concentrated delivery of previously tight specifications gradually eased the tight supply situation in the market. SMM data shows that days of finished product inventories in the copper plate/sheet and strip industry were 5.11 days in June, up 0.04 days MoM, with overall inventories still not entering a high range.
July is the traditional demand off-season for the copper plate/sheet and strip industry. The seasonal weakening of demand from traditional consumer segments is in line with historical patterns, but this year demand support from rigid needs in emerging sectors is sufficient, lending the industry strong operating resilience. Coupled with ample orders on hand accumulated earlier by enterprises, this can continue to support the production pace. SMM estimates that the July operating rate of the copper plate/sheet and strip industry will be 74.46%, down 0.50 percentage points MoM and up 8.84 percentage points YoY. With continued strength from emerging fields, the industry will exhibit a “stronger-than-usual off-season” operating pattern.
![End-User Just-in-Time Procurement Difficult to Recover, Tight Supply Pushes Up North China Discounts [SMM North China Spot Copper]](https://imgqn.smm.cn/usercenter/DpfYZ20251217171714.jpeg)
