【SMM HRC Daily Review】Futures and Spot Prices Rise, Partial Market Transactions Improve Today HRC futures prices held up well today, with the most-traded contract closing at 3,209, up 0.69% for the day. In the spot market, prices rose in multiple regions, with end-users cautiously purchasing, leading to slight improvements in transactions in some markets. On the news front, the April LPR rates were released, with both the 5-year and 1-year rates remaining unchanged. According to market sources, the Korea Customs Service stated on Monday that an increasing number of companies are attempting to disguise foreign products as Korean exports, mostly from China, to evade the comprehensive tariffs imposed by former US President Trump. Additionally, it is reported that Vietnam will impose anti-dumping measures on Chinese HRC, continuing the tariff disputes. In the short term, whether it is the pressure and challenges brought by changes in tariff policies or the approaching Politburo meeting, market expectations for stimulus policies are heating up, but the macro impact on the ferrous metals series remains limited. On the fundamental side, some downstream manufacturing industries are currently affected by the off-season and tariffs, with consumption and related orders showing a weakening trend. HRC prices are expected to fluctuate rangebound in the short term, with limited opportunities for significant volatility.