The implementation of the U.S. biofuel policy has introduced bullish factors, but the impact is somewhat tempered as the policy aligns largely with market expectations, while the key measure restricting imported feedstocks has been postponed until 2028. On the crude oil front, market concerns persist over the continued closure of the Strait of Hormuz and doubts remain as to whether the conflict can be swiftly resolved through negotiations. Support for vegetable oils remains relatively strong, with market sentiment in focus. In the spot market, prices remained largely firm last week amid expectations of lower operating rates in April. Supply in East and South China is gradually tightening in the short term, keeping basis levels strong. However, as April approaches, the bullish impact of maintenance and production cuts is expected to diminish, and the market will need to monitor the extent to which high prices weigh on demand.