According to SMM, the current supply of secondary copper remains tight. US tariff policies have led to the near disappearance of US sources, while prices from other countries are high, resulting in severe inverted import margins. Ningbo traders have reported that despite SHFE copper prices surging by nearly 1,000 yuan, bare bright copper in Zhejiang is still trading at a discount of 800 yuan/mt, with traders clearly refusing to budge on prices. For secondary brass, constrained by weak demand, price fluctuations are only 300-500 yuan/mt, making it difficult to follow the futures market rally. Overseas brass prices are 1,000-1,500 yuan/mt higher than domestic prices, resulting in severe import losses, and the overall supply in Zhejiang is tight.