Regarding the export situation of sheet & plate products, China's exports of sheet & plate products in March showed a growth trend MoM, with significant increases in cold-rolled sheets, medium-thickness plates, and color-coated plates. Following Trump's imposition of global steel and aluminum tariffs, global trade barriers have further deepened. Meanwhile, countries such as Vietnam, South Korea, and Mexico have successively implemented anti-dumping measures against China's HRC and stainless steel medium plates, especially with Vietnam's anti-dumping duties now in effect. Therefore, despite the rush to export, the increase in China's HRC exports is far less than before, with a YoY pullback of nearly 30% (the decline in medium-thick wide strips and hot-rolled thin wide strips is particularly notable, with medium-thick wide strips decreasing from 3.71 million mt to 2.98 million mt, and hot-rolled thin wide strips decreasing from 3.58 million mt to 2.41 million mt).