[SMM Brass Billet Market Weekly Review] The operating rate of brass billet producers stood at 49.51% this week, down 0.32 percentage points WoW, remaining at a medium-low level overall. Inventory showed a divergent pattern of "tight raw materials and stable finished products." Looking ahead, the policy clarification on tax rebates for secondary copper is expected next week. If implemented in September, it may impact enterprises in Jiangxi (cost advantages would disappear, with some orders likely shifting to Zhejiang and other regions). However, total industry orders are projected to remain stable. As the market is still in the off-season, end-use demand is recovering slowly (a gradual recovery is expected by mid-September). In the short term, demand will have limited effect in boosting operating rates. SMM forecasts the operating rate will drop further by 0.13 percentage points to 49.38% next week, with the industry maintaining stable operations overall.