This week, the operating rate of leading enterprises in the secondary aluminum sector remained stable MoM at 55.0%. The current off-season in the secondary aluminum industry is gradually deepening. Although the easing of tariff policies has sent positive signals to downstream manufacturing, the boosting effect on secondary aluminum consumption has yet to materialize. Additionally, the rapid rise in aluminum prices during the week triggered a wait-and-see sentiment among downstream players, maintaining a sluggish trading environment in the overall market. The cost pressure in the industry remains prominent, with the continuous increase in raw material prices driving up aluminum scrap prices, while the price increase of alloy ingot finished products has been limited, leading to a further expansion of the industry's theoretical losses. Under the dual pressures of tight raw material supply and weakening demand, the overall operating rate of the secondary aluminum industry showed a downward trend in May, while the operating rate of leading enterprises remained stable during the week.