HRC futures market continued to fluctuate downward today, with the most-traded contract closing at 3,370, down 0.89%. Supply side, this week's impact from HRC maintenance was 155,900 mt, down 36,800 mt WoW. Next week's impact from HRC maintenance is expected to be 149,700 mt, down 0.62 WoW, with supply pressure slightly rebounding. Demand side, as futures prices continued to decline, just-in-time procurement began at lower prices, and trading sentiment improved compared to yesterday. Raw material side, according to the SMM survey, pig iron output is expected to continue rebounding, and there is still a possibility of the twelfth round of coke price adjustments, which could create room for iron ore. In summary, the detailed rules of crude steel production reduction policies have not yet been released, macro drivers remain weak, market sentiment has cooled, and bearish sentiment has returned. In the short term, the most-traded HRC contract is expected to continue to fluctuate downward. However, as long as the supply-demand pattern does not deteriorate, the previous low support is likely to hold.