[SMM HRC Daily Review: Futures Fell Amid Fluctuations, HRC Transactions Weakened] Futures market fluctuated downward today, with a full-day decline of 0.32%. The most-traded contract finally settled at 3,387 yuan/mt. Market trading sentiment was moderately weak, and HRC transactions were average. Spot prices in major cities dropped by 10-30 yuan/mt. On the news front, as Chinese steel imports pose a "severe challenge" to domestic producers in India, the country may impose a provisional tax of 15%-25% on Chinese steel within six months. During the day, SMM's weekly balance data was released, showing a slight WoW increase in HRC production this week. Supply pressure continued to rise, while apparent demand rebounded. However, post-holiday demand recovery lagged behind the intensity of supply growth, leading to further inventory accumulation. The current total HRC inventory stands at 5.8334 million mt, up 396,700 mt WoW. Overall, fundamental imbalances are not yet acute, and cost support remains. In the short term, HRC prices are expected to have limited downside room, with prices mainly fluctuating rangebound.