[SMM HRC Daily Review] Today, the hc2510 contract closed at 3077, down 0.19%. In the spot market, merchants lowered their quotes in line with the futures market, and overall transactions weakened on a MoM basis. On the news front, according to the latest data from SMM Steel Shipping, the total steel export volume from 32 domestic ports in May was 11.6071 million mt, down 6.5% MoM and up 7.5% YoY. SMM released its weekly HRC balance data today. This week, some steel mills were still affected by maintenance, but the production schedule of some steel mills increased in June. Under the combined impact, production increased on a MoM basis this week. This week, SMM's statistics showed that the social inventory of HRC in 86 warehouses (large sample) nationwide was 3.0473 million mt, up 15,300 mt MoM, or +0.5% MoM and -24.84% YoY (new calendar year). Affected by the Dragon Boat Festival holiday and price declines this week, the national social inventory accumulated slightly. In the short term, the fundamental contradictions within the HRC market are not obvious for the time being, and there is little risk of dragging prices significantly lower. In the short term, the price of the most-traded HRC contract is expected to continue sideways movement within the 3010-3140 range.