SMM data shows that the operating rates of brass billet producers rose slightly by 0.83 percentage points to 49.64% this week. Due to the recent low copper prices influenced by tariffs, downstream acceptance improved, driving an increase in operating rates. Raw material inventories fell to 4.04 days (down 0.12 days WoW), and finished product inventories dropped to 6.39 days (down 0.18 days WoW). Looking ahead to next week, SMM expects the operating rates to decline by 0.45 percentage points to 49.19%. Currently, the slight recovery in orders is mostly concentrated among large enterprises, with extruded billets performing strongly and continuous casting billets weakening. Small enterprises, which mostly produce continuous casting billets, are experiencing weaker orders. Coupled with the intensified "de-copperization" trend and increased substitution with stainless steel and aluminum semis, copper billet producers are reducing prices to boost sales, presenting a situation of "increased production, reduced inventories, and declining profits.