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SMM Cu Survey: Slight Increases in Operating Rates at Domestic Copper Wire Rod Producers

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SHANGHAI, June 7 (SMM) --A recent SMM survey of 19 major domestic copper wire rod producers (total capacity: 3.08 million mt/yr) revealed the following insights:&nbsp; 
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1) Slight Increases in Operating Rates 
Based on the survey, the average operating rate at the 19 major copper wire rod producers was 80.0% in May, up slightly on a monthly basis.&nbsp; Producers contacted during the survey reported no drop in orders for wire rod and with orders still flat at April levels, although some end-users were active in the market after copper prices plunged, actually increasing orders instead.&nbsp; Copper is now in a seasonal low demand period, and 45% of producers surveyed believe orders would begin to drop off in late June or early July, and remain depressed until&nbsp; late August.&nbsp; Approximately 35% of producers in the survey do not expect any changes in orders compared to peak periods and that demand in June-August should remain stable. The remaining 20% of producers were unclear regarding this year's low demand period's trend.
2) Inventories of Raw Materials and Finished Goods Both Lower&nbsp;&nbsp; 
The SMM survey also shows the proportion of raw materials held to output at the 19 copper wire rod producers was down from 19.0% in April to 16.8% in May.&nbsp; SMM believes the decline in raw material inventories is a result of a more cautious attitude towards purchasers given the volatility of copper prices since May.&nbsp; However, some producers told SMM that they would replenish raw materials when spot copper prices fell below RMB 50,000/mt.&nbsp; The proportion of finished goods inventory to output also fell to 10.9% in May, down from 12.1% in April. The reason behind the decline in finished goods inventory is risk avoidance, as well as a result of the volume of goods shipped to end-users.
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SMM Cu Survey: Slight Increases in Operating Rates at Domestic Copper Wire Rod Producers | Shanghai Non ferrous Metals

SMM Cu Survey: Slight Increases in Operating Rates at Domestic Copper Wire Rod Producers

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