This week, HRC prices moved sideways, with overall moderate market activity and weak weekly trading volume. Prices fluctuated within a range of 10-20 yuan/mt. On the news front, rumors circulated during the week about the implementation of a five-ministry steel industry stabilization plan and production restrictions ahead of a military parade, which briefly supported steel prices. However, as these rumors largely aligned with prior expectations, the market remained weak overall. Fundamentally, the impact from HRC maintenance this week totaled 183,000 mt, up 30,000 mt WoW. Next week, the maintenance impact is expected to be 91,000 mt, down 92,000 mt WoW. HRC supply continues to rise in the short term, maintaining pressure. Demand side, order intake in manufacturing sectors such as automobiles and home appliances improved slightly, but the seasonal transition remains unclear. With month-end approaching, traders remained cautious, and the sustainability of the rebound requires further observation, leading to a wait-and-see stance. Inventory trends matched prior forecasts, with social inventory continuing to accumulate at a slightly accelerated pace. By region, east China, south China, and north China saw larger increases. Traders slowed purchases, while in-plant inventory fluctuated modestly. SMM's large-sample total inventory stood at 462.64, up 159,200 mt WoW. The most-traded HRC contract is expected to move sideways within the 3,300-3,450 yuan range