[SMM Recycled Copper Raw Materials Spot Market Outlook] SMM believes that although the overall imports of recycled copper raw materials are expected to remain high in the coming months, the growth is mainly driven by smelter demand. The import structure may diverge: imports of copper wire nodules for smelting are expected to continue increasing, while categories such as bare bright copper may decrease, maintaining a dynamic balance in total imports. As the off-season gradually ends and downstream demand recovers, coupled with the anticipated adjustment of VAT policies on recycled copper raw materials, which is expected to boost purchase willingness for materials at a 13% tax point, this will likely lead to an increase in the imports of recycled copper raw materials. Domestic supply increments of recycled copper raw materials are limited, and the tight supply situation in the spot market is expected to persist.