wanhua(SH:600309) DT新材料·2025-09-21 23:07Core Viewpoint - The U.S. Department of Commerce announced a preliminary anti-dumping ruling against Chinese MDI, with a maximum dumping margin of 511.75% [2][3]. Group 1: Anti-Dumping Ruling - The preliminary ruling determined the weighted average dumping margins for specific companies, with Wanhua Chemical Group and Covestro Polymers (China) Co., Ltd. both facing a margin of 376.12% [2]. - Other Chinese entities face the maximum dumping margin of 511.75% [2]. Group 2: MDI Export Data - In 2022, 2023, and 2024, China's exports of pure MDI to the U.S. were 4,700 tons, 2,600 tons, and 1,700 tons, with transaction values of $21 million, $11 million, and $5 million respectively [3]. - For polymer MDI, exports were 225,600 tons, 230,200 tons, and 268,000 tons, with transaction values of $473 million, $319 million, and $392 million respectively [3]. - The U.S. is the largest export market for Chinese MDI, but the anti-dumping measures are expected to significantly reduce exports, with a projected drop of 82.48% in the first half of 2025 [3]. Group 3: Future Implications - If the U.S. Department of Commerce issues a final affirmative ruling, the impact on Chinese MDI manufacturers is expected to be limited [4]. - Other regional suppliers, such as those in East Asia, may increase exports to the U.S., tightening the supply in the Asia-Pacific market [4]. - Wanhua Chemical has the potential to offset risks by increasing exports from its European production facilities [4].