Today, HRC futures fluctuated rangebound, with the 05 contract closing at 3,112, down 0.16%. In the spot market, market quotes mostly followed the weak and stable futures market, with overall transaction performance being mediocre and market trading sentiment remaining weak. In terms of data, according to SMM steel shipping data, China's port departures of steel from main ports last week reached 2.6072 million mt, down 20% WoW, but still at a high level YoY. In the short term, with the implementation of the fourth round of coke price cuts, driven by expanding profits and orders, HRC production remains at a medium-to-high level. On the demand side, despite the off-season, manufacturing demand still shows strong resilience. It is expected that the inventory buildup turning point will emerge around early July. Considering that current inventory levels are at a low point compared to the same period in recent years, with no significant contradictions in the fundamentals, it is anticipated that HRC prices will continue to fluctuate rangebound in the short term, with the 05 contract focusing on the 3,060-3,150 range.