Today, HRC futures market saw a slight increase, closing at 3110 with a daily gain of 0.32%. Spot prices rebounded slightly, rising by 10-30 yuan/mt. The futures market strengthened slightly, with moderate market confidence and a medium trading atmosphere. HRC trading was average. Supply side, the impact of maintenance at some steel mills in east China and north China continued this week, leading to a slight decline in HRC production. Demand side, apparent demand cooled down somewhat, with a significant narrowing of inventory drawdown. Social inventory across the country continued to decline. By region, inventory buildup was observed in the south China and north-east China markets, while destocking trends persisted in the east China, central China, and north China markets. In-plant inventory increased slightly on a MoM basis, amid seasonal weakening of downstream demand. Overall, it is expected that HRC prices will continue to fluctuate rangebound in the short term, with limited upside room.