Copper Plate, Sheet & Strip: Emerging Sectors Underpin Consumption; July Off-Season Is Stronger Than Usual

Published: Aug 11, 2026 16:07

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According to SMM, the comprehensive operating rate of the copper plate, sheet and strip industry in July 2026 was 74.53%, down 0.43 percentage points MoM and up 8.91% YoY. Among them, large enterprises had an operating rate of 84.2%, medium-sized enterprises 54.75%, and small enterprises 70.82%.

According to SMM, in July 2026, the overall operating rate of the copper plate/sheet and strip industry was 74.53%, down 0.43 percentage points MoM but up 8.91% YoY. Specifically, it was 84.2% for large enterprises, 54.75% for medium-sized enterprises, and 70.82% for small enterprises.

July is traditionally an off-season for the copper plate/sheet and strip industry. The seasonal weakening of conventional end-use demand was in line with market expectations, but the industry overall showed sufficient resilience. The growth from new applications throughout the year effectively offset the off-season declines in traditional sectors, resulting in a stronger-than-usual off-season and significant YoY growth. Demand for copper strips in high-growth sectors such as transformers, AI computing centers, energy storage, new energy components, and integrated circuits remained solid. Orders for copper strip and various alloy strips were steady, while lead frame-related orders continued their positive trend. Diverse new demand provided a floor for the industry's overall essential demand, supporting a sharp YoY rise in operating rates.

On the inventory front, the overall supply of goods in the copper plate/sheet and strip market was ample in July, and most companies' inventories returned to reasonable levels. SMM data showed that the industry's finished product inventory days stood at 5.41 days, up 0.3 days MoM, with the overall inventory at normal levels.

SMM expects the overall operating rate of the copper plate/sheet and strip industry in August to be 73.27%, pulling back 1.26 percentage points MoM but up 7.4 percentage points YoY. In August, the industry remains in the traditional off-season, and regular downstream demand is unlikely to see significant recovery. Moreover, the steady rise in copper price levels early in the month has heightened downstream wait-and-see sentiment, dragging on the release of new orders, with some companies concerned about the sustainability of future orders. However, end-use demand from sectors such as computing power and energy storage, new energy, transformers, and integrated circuits is providing bottom support. According to SMM, most companies currently have orders on hand sufficient for production scheduling through mid-month. Overall, while high copper prices are exerting some pressure on consumption, the impact is relatively controllable in August. The industry's operating rate is expected to edge down slightly but still maintain growth YoY.

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM's internal database model. They are for reference only and do not constitute decision-making recommendations.

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