Last week (July 15 to July 21), the weekly operating rate of major refined copper rod enterprises in China was 69.87%, up by 4.04 percentage points from the previous week. Although there was some improvement in copper cathode rod orders last week, the overall performance continued to be weak.
According to the survey, the current industry is in a low season, with subdued downstream demand, especially from small and medium-sized enterprises in the enamelled wire sector, whose orders were "weaker than in previous years". While demand for cables remains relatively stable, downstream companies are facing financial constraints and long payment cycles. Refined copper rod enterprises have limited trust in small and medium-sized cable manufacturers and are reluctant to offer extended credit terms, directly impacting the order volume.
Additionally, due to poor downstream demand, individual copper rod manufacturers have proactively lowered their processing fees to relieve inventory pressure. It is heard that a large copper rod manufacturer in east China has recently offered processing fees for wire and cable rods below 500 yuan/mt, and there has been a significant decline in processing fees for enamelled wire rods. This highlights the significant pressure faced by these enterprises.
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