HRC futures prices weakened significantly today, with a full-day decline of 1.58%, and the most-traded contract finally settled at 3,303 yuan/mt. Spot market prices followed the downtrend, dropping 20-40 yuan/mt MoM, while market transactions remained sluggish as downstream buyers adopted a wait-and-see approach. On the news front, as of September 1, 36 listed steel companies reported their H1 2025 financial results, with combined revenue reaching 924.278 billion yuan and net profit totaling 11.503 billion yuan. According to SMM shipping data, China's total steel exports via ports reached 2.2558 million mt last week, up 1% WoW, with notable increases recorded at Fangchenggang and Changshu ports. Supply and demand fundamentals indicate that this week's HRC impact from maintenance decreased WoW, suggesting continued upward pressure on HRC supply. September marks the traditional peak consumption season, and demand may improve MoM. However, weak investment data has cast doubt on the performance of the September peak season, keeping market sentiment subdued. Looking ahead, steel prices still face correction risks around the military parade period, but by mid-September, HRC fundamentals are expected to improve as inventory inflection points gradually emerge. The most-traded HRC futures contract is likely to see a short-term dip before rebounding, with prices fluctuating between 3,250 and 3,400 yuan/mt.