[Demand Struggles to Maintain Status Quo, Short-Term HRC Prices May Fluctuate] HRC futures fluctuated today, closing at 3,493 in the afternoon. In the spot market, trading sentiment was moderately weak, with insufficient confidence among end-users. Downstream end-users purchased as needed, and HRC transactions remained sluggish. On the fundamentals, this week’s impact from hot-rolled maintenance reached 296,600 mt, up 169,600 mt WoW. HRC supply showed a declining trend, but political and economic meetings, as well as real estate data, were lower-than-expected, leaving market demand stagnant. The fundamentals of HRC reflected weakness in both supply and demand. On the cost side, ore prices showed no clear upward or downward trend, while coke is expected to see further price reductions, slightly weakening HRC costs. In summary, low temperatures in north China suppressed project construction, making it difficult for HRC demand to maintain the status quo. Short-term HRC prices are expected to fluctuate.