【SMM HRC Daily Review】Tariff Policy Changes Again?! HRC Futures and Spot Prices Strengthened Intraday HRC futures prices fluctuated and strengthened today, with the most-traded contract closing at 3,233, up 1.41%. In the spot market, rising quotations improved the trading atmosphere. On the news front, US President Trump acknowledged on Tuesday (April 22) that the current tariffs on Chinese exports to the US are too high and are expected to be significantly reduced. This marks a softening of Trump's stance on his signature tariff policy. Additionally, the destocking of the five major materials is expected to continue this week, with a noticeable improvement in market sentiment. In the short term, the probability of domestic important meetings releasing policies beyond expectations is low, and attention should be paid to the impact of changes in US tariff policies. On the fundamental side, driven by demand from some downstream industries and pre-export rush, HRC demand remains resilient, and HRC prices are expected to fluctuate in the range of 3,160-3,300 in the short term.