HRC futures prices rose initially but fell later today, closing down 0.36% with the most-traded contract settling at 3,298. On the news front, China's logistics industry prosperity index stood at 50.9% in August, up 0.4 percentage points MoM. Among major sub-indices, both the business volume index and new orders index reflecting supply and demand continued to expand. Supply and demand fundamentals show this week's HRC maintenance impact reached 99,200 mt, down 83,800 mt WoW, while next week's HRC maintenance impact is projected at 95,400 mt, down 3,800 mt WoW from this week. Supply pressure continues to build, approaching last year's levels. Demand side, September entered the traditional peak consumption season, with potential MoM demand improvement. However, weak investment data has cast doubt on the "September peak season" performance, 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 with inventory inflection points gradually emerging. The most-traded HRC futures contract will likely trade between 3,250-3,400 in the short term.