[SMM Brass Billet Market Forecast] From the demand side, the market has not fully emerged from the traditional consumption off-season, and high temperatures persist in some regions. Most enterprises report a weakening trend in end-user orders, with demand recovering at a slow pace, providing limited boost to production. On the supply side, the policy adjustment direction for recycled copper raw materials remains unclear. Policy uncertainty has led to strong wait-and-see sentiment among enterprises, which are reluctant to accept excessive orders to avoid overcapacity risks and hesitant to blindly increase inventory to cope with cost fluctuations. Overall, SMM expects the operating rate of brass billet producers to drop by another 0.33 percentage points to 48.67% next week, with the industry maintaining a flat operating state.