SMM forecasts that the operating rates of brass billet producers will decline to 49.92% in May 2025, down 5.05% MoM, with some enterprises experiencing a 20%-30% YoY decrease in orders. The main reasons for this are threefold: pressure from the raw material side, including fluctuating copper prices at highs, an inverted price spread between domestic and overseas markets, tight spot supply, and the inability to pass on costs downstream; on the demand side, entering the traditional off-season in Q2, high copper prices further suppress purchase willingness; and at the policy level, tariff adjustments have impacted export-oriented downstream industries such as valves and home appliances, causing operating rates of some enterprises to hit a low point. Under the combined influence of multiple factors, the industry's prosperity will continue to decline in the short term.