Weekend Destocking of Copper Inventories Continued in Major Regions Across China [SMM Weekly Data]

Published: Mar 16, 2026 14:17

Save

SMM News, March 16:

Data Brief: As of Monday, March 16, copper inventories in SMM’s major regions nationwide fell 5.46% WoW from the previous Monday, with destocking seen across all regions.

Specifically, in Shanghai, arrivals of imported and domestic supplies were normal, while downstream consumption continued to recover, leading to some inventory drawdown; in Jiangsu, inventory declined slightly, supported by recovering downstream consumption; in Guangdong, consumption continued to improve, arrivals remained normal, and inventories likewise maintained a destocking trend.

Looking ahead, arrivals of imported and domestic supplies are expected to remain stable, with overall supply stabilizing; demand side, the pullback in copper prices effectively stimulated downstream consumption, and rigid demand is gradually being released. According to the survey, the weekly operating rate of copper cathode rod is expected to rise to 79.19% this week, up 6.27 percentage points WoW. Taking both supply and demand into account, the market is currently showing a pattern of “stabilizing supply and recovering consumption,” and social inventory is expected to continue destocking this week.

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.

For any inquiries or to learn more information, please contact: lemonzhao@smm.cn

For more information on how to access our research reports, please contact:service.en@smm.cn

Related News

Apr 30, 2026 22:09

Cautious Stockpiling Amid High Copper Prices, Finished Product Inventories Down Slightly Before Labour Day

[SMM Copper Wire and Cable Weekly Inventory] Despite the approaching Labour Day holiday, overall enterprise stockpiling sentiment remained cautious due to high copper prices. As a result, raw material inventories of mainstream copper wire and cable enterprises in China edged up 2.58% WoW. Finished product inventories side, some wire and cable enterprises suspended quotations during the Labour Day holiday, and some end-users cautiously picked up goods in advance, driving finished product inventories down slightly by 2.42% WoW.

Apr 30, 2026 22:09

Apr 30, 2026 22:08

Copper Wire and Cable Industry Sees Decline in Operating Rates Amid High Copper Prices

This week (April 24–April 30), the SMM operating rate of copper wire and cable enterprises was 65.9%, down 1.09 percentage points WoW. Copper prices hovered at highs this week, and earlier concentrated procurement had front-loaded some subsequent demand. Industry orders in the wire and cable industry remained weak, with operating rates continuing to decline. Next week, wire and cable industry operations will continue to pull back. Most enterprises will have a short Labour Day holiday break, with some choosing to cut production or maintain operations without shutting down. The operating rate is expected to continue falling by 3.12 percentage points WoW to 62.78%.

Apr 30, 2026 22:08

Apr 30, 2026 22:03

Diverse Holiday Production Plans Among Chinese Wire and Cable Enterprises as Labour Day Nears

[SMM Wire and Cable Holiday Survey] As the Labour Day holiday approaches, SMM conducted an in-depth survey on holiday production arrangements among 13 mainstream wire and cable enterprises in China, with a combined sample capacity of 1.67 million mt. The survey showed that enterprises' holiday production plans were divergent. Most enterprises followed their usual practice of maintaining production during the holiday; some enterprises, however, chose to halt production during the holiday due to weakening orders, adjusting their production pace to ease finished product inventory pressure.

Apr 30, 2026 22:03