[7.1 Morning Meeting Minutes] The stainless steel market is still in the traditional off-season for consumption, with downstream demand failing to match the current supply level. Additionally, uncertainties such as US tariffs remain significant, leading to a strong wait-and-see sentiment among downstream players. Despite the widespread losses faced by stainless steel mills and news of production cuts in the market, due to the large base of previous production, the current market supply remains at a relatively high level compared to the same period in history, and the repair of the supply-demand relationship will still take time. Both in-plant inventory and social inventory of stainless steel are at relatively high levels. Against the backdrop of the off-season for consumption, the de-stocking speed has slowed down significantly, putting significant pressure on shipments for stainless steel mills, agents, and traders, thereby limiting the rebound and rise of stainless steel prices.