SHANGHAI, Mar 21 (SMM) - Data shows that the scheduled production of key air conditioner companies in March increases by 7% year-on-year. Although the operating rates of copper tube are expected to rise further amid the peak season, the actual orders may hardly exceed the level of the same period in 2022. (Note: More than 70% of the copper consumption in the home appliance industry comes from air conditioners)
In the short term, the consumption of electronic products is still sluggish. In the long run, the demand is expected to gradually recover in the third quarter of 2023 to 2024, leading to decline in inventory. The recovery of electronic consumption may be close to the inflection point of the domestic economic recovery.
In February, the production and sales of new energy vehicles resumed seasonally. But the demand for NEV is still subject to the impact of sharp price cuts of fuel vehicles in the short term. (Note: The demand for copper from NEVs is about 4 times that of traditional vehicles.)
