This week, the operating rate of leading enterprises in the secondary aluminum sector rebounded by 2.5 percentage points MoM to 55.0%, primarily driven by the resumption of production at secondary aluminum plants after the holiday. However, the industry's warming trend failed to persist, as the effects of the traditional consumption off-season emerged after Labour Day holiday, coupled with the impact of tariff policies, leading to a decrease in both domestic and overseas orders. Trading volume in the spot market continued to hover at low levels. Additionally, the continuous decline in aluminum prices exacerbated the wait-and-see sentiment among downstream enterprises. Currently, the industry is facing bidirectional pressures: on the supply side, affected by the contraction in the circulation of raw materials, procurement costs for aluminum scrap remain high; on the demand side, the widening gap in terminal orders has formed a constraint. As a result, some secondary aluminum plants have reduced their operating levels, and it is expected that the industry's operating rate will continue to decline in May.