Post-holiday production resumptions drive rebound in operating rates of copper billet producers, but peak season performance remains lacklustre [SMM brass billet market weekly review]

Published: Oct 15, 2026 18:43 (GMT+8)

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This week (10.9-10.15), the operating rate of SMM brass billet sample enterprises was 46.18%, up 11.35 percentage points WoW, mainly because the National Day holiday ended, and enterprises resumed production intensively after the holiday disruption was removed, with production recovering significantly. However, high copper prices combined with tightening supply of recycled brass raw materials kept processing margins thin, and downstream restocking was mainly for rigid delivery, with weak stockpiling enthusiasm. As post-holiday deliveries accelerated, finished product inventories declined, while raw material inventories edged up slightly, but enterprises remained cautious about proactive restocking.Looking ahead to next week (10.16-10.22), with production resumptions largely in place, SMM expects the operating rate of brass billet sample enterprises to continue rebounding to 47.53%, up 1.35 percentage points WoW, but the increase is limited. The peak season performance is lackluster, and it is expected to be difficult to see performance exceeding expectations.

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