Today, HRC prices fluctuated rangebound, closing at 3,470 with a 0.81% increase. This week, HRC prices strengthened significantly. In the spot market, market demand recovered to some extent this week, end-use purchasing improved, and overall market transactions were moderate. Looking ahead, on the macro side, the private enterprise symposium sent positive signals, and Trump stated that the possibility of reaching a trade agreement with China is high, reducing the risk of China-U.S. trade frictions. On the cost side, ore prices fluctuate at highs due to disruptions from overseas shipment news, while coke is expected to see its tenth round of price cuts, keeping HRC costs temporarily stable. On the fundamentals side, both HRC supply and demand increased, end-use demand performed well, and the inventory buildup of HRC eased significantly. Overall, macro expectations for the Two Sessions are positive, market demand is gradually recovering, cost support remains stable, and HRC prices are expected to see a slight increase. Next week, the most-traded HRC contract is expected to fluctuate within the range of 3,430-3,550.