[SMM HRC Daily Review] Supply-Demand Imbalance Begins to Accumulate, Rebound in Futures HRC Hindered ​Today, the most-traded HRC contract first rose and then stabilized, with the 2510 contract closing at 3,089, unchanged WoW. Spot prices remained stable overall. In terms of supply, the impact from maintenance on hot-rolled coil production this week was 172,600 mt, a decrease of 35,800 mt WoW. Next week, the impact from maintenance is expected to be 158,800 mt, a decrease of 13,800 mt WoW, indicating a continued rebound in supply pressure. On the demand side, with the arrival of hot and rainy weather, terminal processing data in some markets have gradually entered off-season levels, and manufacturing industries are mainly purchasing as needed. In terms of raw materials, pig iron production may continue to decline in the short term, with a third round of coke price cuts on the horizon, and prices are expected to remain in the doldrums. The cost support for HRC has slightly weakened. Overall, today's futures market fluctuated based on the situation of the China-US talks. Attention should be paid to the actual outcomes of subsequent talks. In June, HRC may gradually exhibit a pattern of increasing supply and decreasing demand. Exports remain the biggest support for current prices. Attention should be paid to SMM's weekly shipping data and terminal processing data. Before new positive macro factors emerge, it is expected that HRC prices will remain in the doldrums in the short ter