【SMM Hot Rolled Daily Review】Futures and Spot Prices Weakened, Tariff Dispute Continued to Escalate... HRC futures prices weakened today, with the most-traded contract closing at 3,171 at the end of the session. In the spot market, prices in multiple regions followed the decline in the futures market, with strong market sentiment of wait-and-see and a MoM weakening in transactions. On the news front, the Indian Ministry of Finance announced that starting from April 21, India will impose a temporary 12% tariff on certain steel imports to curb the surge in imports. Additionally, it is reported that the Vietnamese Ministry of Industry and Trade has received requests to expand the scope of anti-dumping cases, intensifying the tariff disputes. In the short term, the market has prepared for and digested the challenges brought by the tariff policies to exports and the month-end zzj meeting, with limited impact expected on the ferrous metals series. Fundamentally, currently affected by the off-season effect and tariffs, cold-rolled consumption and related orders have been impacted, gradually transmitting to HRC and steel products. It is expected that HRC prices will face pressure in the short term, with sideways movement.