美豁免部分关税，期价震荡企稳走势

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - The US Customs and Border Protection (CBP) on the 11th exempted import tariffs for certain categories of goods, such as automatic data processors, computers, communication equipment, displays and modules, and semiconductor - related products, from "reciprocal tariffs". The State Council Tariff Commission raised the additional tariffs on US - originated imported goods from 84% to 125% starting April 12, 2025. If the US further imposes tariffs on Chinese goods, China will ignore it [2][5][11]. - Last week, steel production and sales declined, inventory decreased but the decline narrowed. The apparent demand for hot - rolled coils dropped significantly, and the pattern of pressure on external demand remained unchanged. The Sino - US tariff conflict has temporarily ended, and the US has exempted some Chinese products from reciprocal tariffs. Subsequently, the two sides will enter the negotiation stage, and steel prices are expected to fluctuate and stabilize [2][6]. 3. Summary by Relevant Catalogs 3.1 Transaction Data | Contract | Closing Price | Change | Change Percentage | Total Trading Volume (Lots) | Total Open Interest (Lots) | Price Unit | | --- | --- | --- | --- | --- | --- | --- | | SHFE Rebar | 3131 | - 33 | - 1.04% | 12913972 | 2995110 | Yuan/ton | | SHFE Hot - Rolled Coil | 3242 | - 118 | - 3.51% | 4398093 | 1164621 | Yuan/ton | | DCE Iron Ore | 708.0 | - 80.5 | - 10.21% | 2801968 | 481877 | Yuan/ton | | DCE Coking Coal | 892.5 | - 108.5 | - 10.84% | 2364567 | 445365 | Yuan/ton | | DCE Coke | 1522.0 | - 106.5 | - 6.54% | 156461 | 47275 | Yuan/ton | [3] 3.2 Market Review - Steel futures fluctuated significantly last week. At the beginning of the week, prices weakened due to US tariff impacts, and then rebounded as the US tariff policy eased. In the spot market, the price of Tangshan billets was 2970 (- 70) Yuan/ton, Shanghai rebar was quoted at 3160 (- 70) Yuan/ton, and Shanghai hot - rolled coils were at 3250 (- 100) Yuan/ton [5]. - In terms of industry data, last week, rebar production was 232 million tons, a week - on - week increase of 4 million tons; apparent demand was 252 million tons, an increase of 2 million tons; rebar factory inventory was 215 million tons, an increase of 8 million tons; social inventory was 564 million tons, a decrease of 27 million tons; total inventory was 778 million tons, a decrease of 20 million tons. Hot - rolled coil production was 313 million tons, a decrease of 9 million tons; factory inventory was 86 million tons, an increase of 1 million tons; social inventory was 298 million tons, a decrease of 3 million tons; total inventory was 384 million tons, a decrease of 3 million tons; apparent demand was 315 million tons, a decrease of 17 million tons [2][6]. 3.3 Industry News - The US Customs and Border Protection (CBP) on the 11th issued an updated tariff schedule, exempting the import tariffs of certain categories of goods from "reciprocal tariffs" [7]. - The State Council Tariff Commission adjusted the additional tariff rate on US - originated imported goods from 84% to 125% starting April 12, 2025. If the US further imposes tariffs on Chinese goods, China will ignore it [11]. - From April 7th to 8th, multiple institutions such as the People's Bank of China, the National Financial Regulatory Administration, and others expressed their confidence in the development prospects of the capital market and committed to maintaining its stable operation [11]. - Trump announced a 90 - day suspension of reciprocal tariffs for over 75 countries, during which the reciprocal tariffs will be reduced to 10% [11]. - EU member states voted on the 9th to pass the first - round tariff counter - measures against the US, imposing up to 25% tariffs on a series of US products [11]. 3.4 Related Charts - The report provides multiple charts, including the trends of rebar and hot - rolled coil futures and their monthly spreads, basis trends, spot regional price differences, steel mill profits, blast furnace operating rates, steel production, inventory, and apparent consumption [10][12][14]