For the Quarter Ending September 2025
North America
• In the United States, the Copper Tube Price Index rose quarter-over-quarter in Q3 2025.
• Production costs increased, with PPI rising 2.6% year-over-year in August 2025.
• Demand was supported by a 5.42% year-over-year increase in retail sales in September 2025.
• Demand outlook mixed; industrial production increased marginally by 0.1% year-over-year in September 2025.
• Refined copper costs showed volatility in Q3 2025, strengthening in July and gaining upward momentum in September.
• US copper imports surged in July 2025 due to anticipated tariffs, impacting trade flows.
• Global copper production decreased in Q3 2025 due to significant disruptions at major mine operations.
• Consumer confidence declined to 94.2 in September 2025, dampening future residential construction demand.
• The low unemployment rate of 4.3% in September 2025 supported consumer purchasing power.
Why did the price of Copper Tube change in September 2025 in North America?
• Refined copper costs gained upward momentum in September 2025 after earlier volatility.
• A 3.0% year-over-year CPI increase in September 2025 indicated inflationary pressures on raw materials.
• Global copper production decreased in Q3 2025 due to mine disruptions, tightening regional supply.
APAC
• In China, the Copper Tube Price Index rose quarter-over-quarter in Q3 2025, driven by tightening supply and robust industrial output.
• Copper Tube production costs increased in Q3 2025, influenced by elevated spot premiums for refined copper and negative processing fees in September 2025.
• Demand for Copper Tube was supported by a 6.5% rise in industrial production in September 2025, particularly from high-tech manufacturing.
• The Copper Tube demand outlook is mixed, with retail sales increasing 3.0% in September 2025, but consumer confidence remaining low at 89.6.
• Exchange-registered copper warehouse inventories declined to multi-year lows in September 2025, indicating tight supply conditions.
• Global copper mine production decreased in Q3 2025, and Chinese refined copper output significantly declined in September 2025.
• China's Manufacturing Index was contracting in September 2025, yet the Manufacturing Production Index showed accelerated expansion.
• The Construction sector showed a weakening trend in Q3 2025, with continued deep adjustments in the real estate market.
Why did the price of Copper Tube change in September 2025 in APAC?
• Refined copper feedstock costs increased due to elevated spot premiums and negative processing fees in September 2025.
• Global copper mine production decreased in Q3 2025, and Chinese refined copper output declined significantly.
• Industrial production surged 6.5% in September 2025, partially offsetting bearish consumer confidence.
Europe
• In Germany, the Copper Tube Price Index rose quarter-over-quarter in Q3 2025, driven by tightening global copper inventories and supply disruptions.
• Copper Tube production costs were influenced by volatile copper feedstock prices and elevated industrial energy costs throughout Q3 2025.
• Demand for Copper Tube faced headwinds from contracting German construction and a 1.0% decline in industrial production in September 2025.
• Copper Tube price outlook suggests continued upward pressure from persistent supply bottlenecks and surging global demand in September 2025.
• Germany's Manufacturing Index contracted in Q3 2025, indicating reduced Copper Tube demand in industrial and commercial applications.
• Producer prices for industrial products decreased by 1.7% in September 2025, offering some relief to Copper Tube production costs.
• Consumer Price Index rose by 2.4% in September 2025, contributing to higher general costs for Copper Tube manufacturers.
• Retail sales in Germany rose by 0.2% in September 2025, providing slight support for Copper Tube demand in residential sectors.
Why did the price of Copper Tube change in September 2025 in Europe?
• Copper feedstock prices strengthened by September 2025, increasing production costs for Copper Tube manufacturers.
• Tightening global LME copper stocks in Q3 2025 contributed to upward price pressure for Copper Tube.
• Persistent supply bottlenecks from global mine disruptions in Q3 2025 limited Copper Tube availability.
