Market trading sentiment is moderately low, with average HRC transactions. On the news front, the U.S. recently imposed a 25% tariff hike on imported steel, coupled with additional tariffs on Chinese steel by countries such as Vietnam and South Korea, which is expected to suppress China's steel exports. Fundamentally, HRC production fluctuates rangebound, while downstream demand is still in seasonal recovery and ramp-up. The HRC inventory in Shanghai, Lecong, Tangshan, and other regions, as announced during the day, all declined but by relatively small margins. Overall, policies during the meeting may disrupt the futures market, but in the short term, HRC prices are still expected to fluctuate downward.