SMM data shows that the operating rates of brass billet producers continued to decline this week, dropping by 0.19 percentage points MoM to 48.81%. This week, copper prices fell significantly due to tariff impacts, but according to enterprises, downstream orders did not see a substantial increase, with only a slight increase in orders over 1-2 days. The days of raw material inventories in SMM's sample decreased by 0.23 days MoM to 4.17 days, while the days of finished product inventories decreased by 0.08 days MoM to 6.58 days. Looking ahead to next week, SMM believes that copper prices have stabilized. If copper prices rebound next week, the downstream "rush to buy amid continuous price rise and hold back amid price downturn" psychology will drive an increase in orders, but the increase is expected to be limited. The main reason is that when copper prices have been volatile recently, the price fluctuations of brass billets have been relatively small, and downstream customers' acceptance has been moderate, making it difficult for orders to change significantly. Overall, SMM expects that the weekly operating rates of brass billet producers will rebound slightly by 0.51 percentage points next week to 49.32%.