Multiple Demand Forces Continue to Drive, Copper Foil Operating Rate Rises Again in June [SMM Analysis]

    In June 2026, the operating rate of Chinese copper foil enterprises was 91.48%, up 1.17 percentage points MoM and up 16.7 percentage points YoY.Among them, the operating rate of large enterprises was 94.21%, medium-sized enterprises 77.8%, and small enterprises 80.95%. By product type, the operating rate of electronic circuit copper foil was 92.15%, up 2.58 percentage points MoM and up 14.63 percentage points YoY; for lithium battery copper foil, the operating rate was 91.15%, up 0.25 percentage points MoM and up 20.29 percentage points YoY.

End-Use Demand for Copper Foil Remained Strong in June 2026

   In June, the industry remained highly prosperous, with overall operating rates growing steadily. The electronic circuit copper foil segment posted stronger growth than lithium battery copper foil. End-use demand side, the ESS market remained red-hot, with active downstream stockpiling in and outside China; the power battery segment, boosted by recovering domestic demand and strong exports, drove demand growth. Meanwhile, the surge in AI computing demand continued to accelerate the industry’s shift from ordinary capacity to high-end capacity, fully boosting demand for electronic circuit copper foil.

Copper Foil Shipments Climbed Steadily in June

    Both production and sales improved in tandem. In June, raw material inventory in the industry decreased by 0.23 days MoM, while finished product inventory decreased by 0.3 days MoM. Overall copper foil shipments in June increased 3.28% MoM, with lithium battery copper foil shipments up 2.39% MoM and electronic circuit copper foil shipments up 5.12% MoM.

Copper Foil Industry Operating Rate Forecast to Rise to 92.15% in July 2026

    SMM expects the overall operating rate of copper foil enterprises in July 2026 to be 92.15%, up 0.67 percentage points MoM and up 14.87 percentage points YoY, and overall shipments in July are expected to increase 0.79% MoM. The operating rate for lithium battery copper foil is expected to be 91.1%, and for electronic circuit copper foil, 94.24%.Looking ahead to July demand, demand in the ESS sector is expected to remain strong, while power battery demand is expected to experience a "stronger-than-usual off-season." Production schedules are also continuing to expand. Coupled with the industry’s shift of electronic circuit copper foil capacity toward high-end specifications, multiple positive factors will support copper foil industry operating rates remaining firmly above 90%.