Copper Wire Rod Exports Decline Amid High Prices
China's copper wire rod exports declined nearly 30% month-over-month (MoM) in July, but increased year-over-year (YoY), according to data from Shanghai Metals Market. Total exports of copper wire rod stood at 23,800 metric tons (mt), down 27.01% MoM and up 39.6% YoY.
The decline was driven by high copper prices and elevated premiums for imported copper, which pushed up export costs and quotes. Overseas inquiries were scarce, with only essential orders underpinning demand. Processed trade dominated China's copper wire rod exports in July, accounting for 62.79% of total exports.
Malaysia was the top market for Chinese copper wire rod exports, followed by Thailand, Vietnam, Indonesia, and the Philippines. India showed strong performance, driven by concentrated construction and stockpiling for infrastructure projects such as PV and power grid. China's copper rod exports to India surged 106.88% MoM.
As imported copper premiums pull back and export processing fees decline, analysts expect a rebound in export orders in August. This could lead to an increase in copper wire rod exports in the coming month.