Our conversations with industry participants provided a diverse range of feedback on the strength of demand in the region. Our understanding is that usage has remained sluggish since late last year. In some instances, customers had overbought copper semis to guarantee sufficient supply, meaning any procurement activity is now taking place on a handto-mouth basis. The majority of contacts we spoke to reported that the auto and construction sectors are weak, undermining demand for tubes and certain copper alloys. Additionally, the so-called building renovation ‘superbonus’ in Italy, which had been in place since 2020, recently came to an end due to the pressure it was putting on public finances.
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