SMM data showed that the operating rate of brass billet enterprises recorded 48.04% this week, down 0.96 percentage points WoW, with the industry as a whole remaining at a moderately weak level. The inventory structure exhibited a divergent characteristic of "tight raw materials and stable finished products": raw material inventories of sample enterprises were only 3.74 days, at a low level; while finished product inventories were maintained at 5.6 days, as high copper prices suppressed enterprises' willingness to stockpile, with most enterprises actively controlling inventory to avoid price fluctuation risks.
Looking ahead to next week, the traditional September peak season has passed more than half, yet the market has not shown significant recovery. Under the combined impact of high copper prices, funding pressures, and tight raw material supply, SMM expects the operating rate to further decline by 0.32 percentage points to 47.72% next week, with the industry continuing its flat operating trend.
