[Brass Billet Market Outlook for September] SMM expects the operating rates of copper billet producers to rebound slightly to 44.89%, up 1.02 percentage points MoM, but still showing a downward trend YoY, down 6.09% YoY, with overall characteristics of "marginal MoM increase but YoY weakness." Entering the traditional September-October peak season, most enterprises reported that end-user orders have not shown significant recovery, while persistent high temperatures in some regions have also delayed production resumption, resulting in weak demand recovery momentum. By sector, the real estate and infrastructure industries showed mediocre performance, failing to provide strong support. The refrigeration sector remains in the off-season, coupled with persistently high copper prices, significantly dampening downstream purchase willingness.