HRC futures prices edged higher and closed up 0.86% today, with the most-traded contract settling at 3,370. Supply side, some steel mills completed maintenance and resumed production, while new maintenance plans are scheduled for late this month, leading to a continued phased increase in HRC production. Demand side, processing activities in south China continued to increase as the market transitions from the off-season to the peak season, though peak-season characteristics remain subdued, while other markets performed mediocrely. Raw material side, hot metal output rebounded this week, and the US Fed's interest rate cut is positive for commodities, providing temporary cost support. Overall, today's strength was mainly driven by gains in coking coal and coke, amid market rumors of Xinjiang thermal coal overproduction and potential mine suspensions, though unverified. With the rate cut decision due later this week, the most-traded HRC futures contract may hold up well ahead of the announcement.