[SMM Daily HRC Review] Today, HRC futures and spot prices weakened, with the most-traded contract closing at 3226 in the afternoon session. This week, HRC prices fluctuated and strengthened, pulling back slightly towards the end of the week. In terms of supply, the daily average production schedule for HRC in May was lower than in April, easing supply pressure. On the demand side, the Sino-US trade negotiations earlier this week led to a significant reduction in tariffs, significantly improving the market trading atmosphere and boosting demand. The enthusiasm of downstream end-users for purchases increased, and overall market transactions improved compared to last week. HRC inventory in major cities continued to decline. Looking ahead, in terms of supply, the impact from maintenance on HRC production next week is estimated at 226,200 mt, up 15,200 mt MoM. Short-term supply pressure is expected to continue easing. On the demand side, affected by the off-season, HRC demand is weakening but still showing strong resilience. Overall inventory may continue to destock. On the cost side, iron ore prices are still expected to remain strong, while coke prices have started to decline. The cost support for HRC remains stable for now. In summary, the imbalance between supply and demand in the HRC market is not yet obvious. The reduction in tariffs has boosted market sentiment. Next week, the most-traded HRC futures contract is expected to operate within the 3200-3280 range, with HRC price