Today, the most-traded HRC futures contract first declined then rebounded, closing at 3,402 with a decline of 0.62%. On the supply side, this week's impact from maintenance on HRC was 212,000 mt, up 64,500 mt WoW. Next week, the impact is expected to be 258,000 mt, an increase of 46,000 mt from this week, indicating a slight decrease in HRC supply. On the demand side, high temperatures and frequent rains significantly affected the recovery of end-use demand, with no clear signs of exiting the off-season. In terms of raw materials, maintenance due to environmental protection-driven production restrictions increased at month-end in the north, leading to a potential downward trend in hot metal, weakening short-term cost support. Overall, inventory buildup continued in major cities this week, with the fundamentals still reflecting off-season conditions. There is currently no strong upward momentum. Although production restrictions in the north increased at month-end, the weakness in raw materials continues to drag down finished product prices. Therefore, it is expected that HRC will continue to fluctuate rangebound in the near term, with limited upside and downside.