1. Hot rolled steel spot prices varied across regions, with overall prices remaining stable. The average price in major cities nationwide was 4,800 yuan/ton, up 43% from last week. In Shanghai, prices were stable at 4,920-4,940 yuan/ton, up 40 yuan from last week. In Lecong, prices were stable at 4,810-4,830 yuan/ton, up 50 yuan from last week. In Tianjin, prices rose 20 yuan from last week to 4,740-4,760 yuan/ton. On November 11th, hot rolled steel futures closed at 4,719 yuan/ton, up 87 yuan with a gain of 1.88%. Yan Steel's tender price fell by 10 yuan. Rizhao Iron and Steel's spot prices remained stable. Today, spot prices in the morning saw a slight decline, stabilized in the afternoon, and rose slightly at the end of the day. Trading activity slowed down. Major steel mills maintained their February prices and discounts unchanged. It is expected that prices will fluctuate less in the short term due to the approaching holidays and decreasing trading days for spot steel.