Core Viewpoint - The Pakistan National Tariff Commission has announced a negative final ruling on the anti-dumping sunset review for sulfonic acid products imported from China, India, Indonesia, Iran, South Korea, and Taiwan, leading to the termination of anti-dumping duties on these products effective immediately [1]. Group 1 - The ruling affects sulfonic acid products primarily used in the vulcanization of various substances, including their application in the production of detergents such as paraffin, laundry powder, dishwashing liquid, and other industrial cleaners [1].

1. Report Industry Investment Rating - Not mentioned in the provided content 2. Core Viewpoints of the Report - The industry's prosperity has weakened, with a significant drop in the apparent demand for construction steel, indicating deepening off - season demand. The production has increased slightly, and the industry has entered the inventory accumulation stage. The hot - rolled coil data has changed little, with slow inventory reduction at a high level, and the demand is resilient but still under great pressure. The short - term bullish market sentiment has subsided, and the market is expected to return to a volatile pattern. Attention should be paid to the inventory accumulation rhythm [1][5] 3. Summary by Relevant Catalogs 3.1 Transaction Data | Contract | Closing Price | Change | Change Rate (%) | Total Trading Volume (lots) | Total Open Interest (lots) | Price Unit | | --- | --- | --- | --- | --- | --- | --- | | SHFE Rebar | 3144 | 22 | 0.70 | 6567825 | 2367759 | Yuan/ton | | SHFE Hot - rolled Coil | 3294 | 24 | 0.73 | 2987286 | 1440895 | Yuan/ton | | DCE Iron Ore | 814.5 | 25.0 | 3.17 | 1706517 | 636674 | Yuan/ton | | DCE Coking Coal | 1195.5 | 80.5 | 7.22 | 7162354 | 621167 | Yuan/ton | | DCE Coke | 1748.0 | 55.0 | 3.25 | 158354 | 39551 | Yuan/ton | [2] 3.2 Market Review - Last week, steel futures fluctuated and rose, with a sharp rise and fall during the week, affected by the fluctuations of coking coal and coke. In the spot market, the price of Tangshan billet was 2980 (+50) Yuan/ton, Shanghai rebar was quoted at 3290 (-10) Yuan/ton, and Shanghai hot - rolled coil was 3270 (0) Yuan/ton [4] - The People's Bank of China's 2026 work conference emphasized continuing to implement a moderately loose monetary policy, using multiple monetary policy tools such as reserve requirement ratio cuts and interest rate cuts to maintain ample liquidity. On December 26, 2025, Vietnam's Ministry of Industry and Trade issued an affirmative final ruling on the anti - dumping sunset review of cold - rolled carbon steel coils originating from China [4] 3.3 Industry News - On December 26, 2025, Vietnam's Ministry of Industry and Trade issued an affirmative final ruling on the anti - dumping sunset review of cold - rolled carbon steel coils with a width of less than 1600 mm and a thickness of 0.108 - 2.55 mm originating from China [6][7] - The 2026 People's Bank of China work conference emphasized continuing to implement a moderately loose monetary policy, increasing counter - cyclical and cross - cyclical adjustment efforts, and maintaining ample liquidity [10] - In December 2025, the total transaction (signing) area of newly built commercial housing in 10 key cities was 10.3266 million square meters, a month - on - month increase of 52.5% and a year - on - year decrease of 28.5%. The total transaction (signing) area of second - hand housing in 10 key cities was 9.7901 million square meters, a month - on - month increase of 7.1% and a year - on - year decrease of 27% [10] - The survey of key coal mines in Shaanxi and Inner Mongolia showed that no formal documents or official notices related to production capacity reduction have been received, and market news has not had a substantial impact on the coal mine production and sales. According to the Futures Daily, 26 coal mines in Yulin were removed from the coal supply guarantee list and their production capacity was reduced by 19 million tons, accounting for about 3% of the local planned production in 2025. The production capacity increase of the remaining 26 coal mines was temporarily retained and will be adjusted dynamically according to the performance of medium - and long - term coal contracts [10] - The State Council executive meeting deployed a package of policies to promote domestic demand through fiscal and financial coordination, including optimizing loan discount policies for service - industry business entities and personal consumption loans, implementing loan discount policies for small and medium - sized enterprises, establishing a special guarantee plan for private investment, establishing a risk - sharing mechanism for private enterprise bonds, and optimizing the fiscal discount policy for equipment renewal loans [10] 3.4 Relevant Charts - The report provides multiple charts, including the trend of rebar futures and monthly spreads, the trend of hot - rolled coil futures and monthly spreads, rebar basis trend, hot - rolled coil basis trend, rebar spot regional price difference trend, hot - rolled coil spot regional price difference trend, long - process steel mill smelting profit, short - process electric furnace profit in East China, national 247 blast furnace operating rate, 247 steel mills' daily average hot metal output, rebar production, hot - rolled coil production, rebar social inventory, rebar factory inventory, hot - rolled coil factory inventory, rebar total inventory, hot - rolled coil total inventory, rebar apparent consumption, and hot - rolled coil apparent consumption [8][11][20]

Report Overview - Report Title: Steel & Iron Ore | Daily Report - Report Date: October 10, 2025 - Report Type: Daily Report - Report Industry: Steel & Iron Ore 1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Report's Core View - **Rebar**: The main contract futures price rose and then fell, with a daily increase of 0.52%, and both trading volume and open interest increased. Currently, rebar supply is contracting while demand is weak. The fundamentals have not improved substantially under the situation of weak supply and demand. The inventory increased significantly during the holiday, putting pressure on steel prices. The relative positive factor is cost support. It is expected that the price will continue to fluctuate at a low level. Attention should be paid to the demand recovery after the holiday [4]. - **Hot - rolled coil**: The main contract futures price fluctuated, with a daily increase of 0.37%, and both trading volume and open interest increased. At present, the supply of hot - rolled coils remains at a high level, while demand is weak. The fundamentals are continuously weakening. The inventory increased significantly during the holiday, and the price of hot - rolled coils is under pressure and running weakly. Attention should be paid to the demand performance after the holiday, and beware of the intensification of industrial contradictions caused by weakening demand [4]. - **Iron ore**: The main contract futures price fluctuated upwards, with a daily increase of 1.02%, trading volume decreased and open interest increased. Currently, the sentiment in the commodity market is warm after the holiday, and demand shows some resilience, which supports the ore price. However, the supply of iron ore remains at a high level, and the fundamentals are expected to weaken, so the upward driving force is not strong. It is expected that the ore price will maintain a high - level fluctuating trend under the game of multiple and short factors. Attention should be paid to the performance of steel products [4]. 3. Summary According to Relevant Catalogs 3.1 Industry Dynamics - **Price Order Governance**: The National Development and Reform Commission and the State Administration for Market Regulation recently issued an announcement on governing disorderly price competition and maintaining a good market price order. Operators of goods and services subject to market - regulated prices should follow the principles of fairness, legality, and good faith, and exercise their independent pricing power in accordance with the law [6]. - **Real Estate Sales**: In September, the total sales of TOP100 real - estate enterprises increased by 11.9% month - on - month. From January to September, the total sales of TOP100 real - estate enterprises were 260.659 billion yuan, and the decline rate narrowed by 1.1 percentage points compared with January - August [7]. - **Anti - dumping Ruling**: On September 30, 2025, Brazil's Foreign Trade Commission's Executive Management Committee (GECEX) issued Resolution No. 789 of 2025, making a positive final ruling on the second anti - dumping sunset review of certain flat - rolled steel products. China will be subject to an anti - dumping duty of $678.51 per ton for 5 years [8]. 3.2 Spot Market - **Steel Products**: The spot prices of rebar in Shanghai and Tianjin are 3,220 yuan, and the national average is 3,262 yuan. The spot prices of hot - rolled coils in Shanghai and Tianjin are 3,350 yuan and 3,290 yuan respectively, and the national average is 3,399 yuan. The price of Tangshan billet is 2,960 yuan, and the price of Zhangjiagang heavy scrap is 2,150 yuan. The spread between hot - rolled coils and rebar is 130 yuan, and the spread between rebar and scrap is 1,070 yuan [9]. - **Iron Ore**: The price of 61.5% PB powder at Shandong ports is 789 yuan, and the price of Tangshan iron concentrate powder (wet basis) is 807 yuan. The freight rates from Australia and Brazil are 9.57 yuan and 24.16 yuan respectively. The SGX swap price (current month) is 104.91 yuan, and the Platts index (CFR, 62%) is 105.85 yuan [9]. 3.3 Futures Market | Product | Active Contract | Closing Price | Change (%) | High | Low | Volume | Volume Change | Open Interest | Open Interest Change | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | Rebar | - | 3,103 | 0.52 | 3,124 | 3,093 | 1,039,362 | 215,679 | 1,926,153 | 18,024 | | Hot - rolled coil | - | 3,285 | 0.37 | 3,311 | 3,276 | 414,002 | 44,214 | 1,397,651 | 23,065 | | Iron ore | - | 795.0 | 1.02 | 802.0 | 791.0 | 224,798 | - 15,968 | 476,191 | 16,626 | [11] 3.4 Related Charts - **Steel Inventory**: The report provides charts on the weekly changes in rebar inventory, hot - rolled coil inventory, and the total inventory of hot - rolled coils (steel mills + social inventory) [14][16][19]. - **Iron Ore Inventory**: Charts on the inventory of 45 ports in China, the seasonal inventory of 45 ports in China, and the inventory of 247 steel mills are presented [21][22][26]. - **Steel Mill Production**: The report shows charts on the blast furnace operating rate and capacity utilization rate of 247 sample steel mills, the profit - making steel mill ratio of 247 steel mills, the operating rate of 87 independent electric furnaces, and the profit and loss situation of 75 independent electric arc furnace steel mills for building materials [28][31][30][34]. 3.5 Market Outlook - **Rebar**: During the holiday, both supply and demand of rebar weakened. The weekly output decreased by 3.62 tons, and the inventory was high. Demand was weak, and the weekly apparent demand decreased. It is expected that the price will continue to fluctuate at a low level, and attention should be paid to the demand recovery after the holiday [35]. - **Hot - rolled coil**: The supply - demand pattern continued to weaken. The weekly output decreased by 1.40 tons but remained at a high level. The inventory was high, and demand was weak. The weekly apparent demand decreased by 33.64 tons. Although the production of cold - rolled products provided some support, there were concerns about demand. The price is expected to run weakly, and attention should be paid to the demand performance after the holiday [35]. - **Iron Ore**: The supply and demand situation has changed. The consumption of iron ore by steel mills remained at a high level, but the resilience of demand is expected to weaken. The supply pressure is increasing as the port arrivals increased and overseas miners' shipments are still at a high level. It is expected that the price will fluctuate at a high level, and attention should be paid to the performance of steel products [36].

1. Report Industry Investment Rating - There is no information about the industry investment rating in the report. 2. Core Viewpoints - On Wednesday, the HC2601 contract fluctuated widely. Tariff disturbances resurfaced, coal and coke were under pressure, and cost support weakened. Attention should be paid to the supply - demand data on Thursday. Technically, the 1 - hour MACD indicator of the HC2601 contract shows that DIFF and DEA are adjusting downward, and the red column turns green. Operationally, consider trading in the 3370 - 3310 range in the short term, paying attention to rhythm and risk control [2]. 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the HC main contract was 3,342 yuan/ton, down 7 yuan; the net position of the top 20 in the HC contract was - 106,885 lots, up 8,482 lots; the HC10 - 1 contract spread was 35 yuan/ton, up 7 yuan; the HC2601 - RB2601 contract spread was 233 yuan/ton, up 7 yuan; the HC Shanghai Futures Exchange warehouse receipt was 25,059 tons, unchanged [2]. 3.2 Spot Market - The price of 4.75 hot - rolled coils in Hangzhou was 3,410 yuan/ton, down 10 yuan; in Guangzhou was 3,370 yuan/ton, down 10 yuan; in Wuhan was 3,440 yuan/ton, unchanged; in Tianjin was 3,320 yuan/ton, down 10 yuan. The HC main contract basis was 68 yuan/ton, down 3 yuan; the Hangzhou hot - rolled coil - rebar spread was 160 yuan/ton, unchanged [2]. 3.3 Upstream Situation - The price of 61.5% PB powder ore at Qingdao Port was 798 yuan/wet ton, up 12 yuan; the price of Hebei quasi - first - class metallurgical coke was 1,590 yuan/ton, unchanged; the price of Tangshan 6 - 8mm scrap steel was 2,290 yuan/ton, unchanged; the price of Hebei Q235 billet was 2,990 yuan/ton, down 10 yuan. The 45 - port iron ore inventory was 13,825.32 tons, up 62.30 tons; the sample coking plant coke inventory was 40.66 tons, up 0.95 tons; the sample steel mill coke inventory was 623.54 tons, up 13.42 tons; the Hebei billet inventory was 136.53 tons, up 8.17 tons [2]. 3.4 Industry Situation - The blast furnace operating rate of 247 steel mills was 80.38%, down 2.80 percentage points; the blast furnace capacity utilization rate was 85.77%, down 4.23 percentage points. The sample steel mill hot - rolled coil output was 314.24 tons, down 10.50 tons; the sample steel mill hot - rolled coil capacity utilization rate was 80.27%, down 2.68 percentage points. The sample steel mill hot - rolled coil factory inventory was 79.98 tons, up 0.30 tons; the 33 - city hot - rolled coil social inventory was 294.36 tons, up 8.58 tons. The domestic crude steel output was 7,966 tons, down 353 tons; the steel net export volume was 901.00 tons, down 38.00 tons [2]. 3.5 Downstream Situation - The monthly automobile production was 259.11 million vehicles, down 20.30 million vehicles; the monthly automobile sales were 259.34 million vehicles, down 31.11 million vehicles. The monthly air - conditioner production was 2,059.65 million units, down 778.66 million units; the monthly household refrigerator production was 873.07 million units, down 31.68 million units; the monthly household washing machine production was 877.43 million units, down 73.36 million units [2]. 3.6 Industry News - Bloomberg reporters asked that according to reports, US President Trump personally told European officials that in order to force Russian President Putin to negotiate with Ukraine, he was willing to significantly increase tariffs on India and China, but only if the EU did the same. In August 2025, the national industrial producer ex - factory price decreased by 2.9% year - on - year, with the decline narrowing by 0.7 percentage points compared with the previous month, and the month - on - month change turned from a 0.2% decrease to flat. The industrial producer purchase price decreased by 4.0% year - on - year and was flat month - on - month [2]. 3.7 Key Focus - Pay attention to the weekly hot - rolled coil output, factory inventory, and social inventory on Thursday [2]

Core Viewpoint - The U.S. Department of Commerce has initiated a third sunset review investigation on anti-dumping duties for polyester film imported from China and the UAE, indicating ongoing scrutiny of trade practices in this sector [1] Group 1: Investigation Details - The U.S. International Trade Commission is conducting a third sunset review investigation on the potential industry harm from imports of polyester film from China and the UAE [1] - The investigation will assess whether the removal of current anti-dumping measures would lead to substantial harm to the U.S. domestic industry within a reasonably foreseeable period [1]

Core Viewpoint - The Brazilian Foreign Trade Commission (GECEX) has decided to continue imposing anti-dumping duties on seamless carbon steel pipes imported from China, with rates set between $778.99 and $835.47 per ton, effective for five years from the date of publication [1]. Group 1 - The decision was published in the official gazette on July 28, 2025, under resolution number 773 [1]. - The specific tax code for the affected product is 73041900, categorized under the Southern Common Market (Mercosur) [1]. - The anti-dumping duties are a result of a sunset review, indicating ongoing concerns regarding unfair pricing practices from Chinese exporters [1].

Core Point - Turkey's Ministry of Trade has issued a definitive ruling in the fourth sunset review of anti-dumping measures against electronic wall clocks originating from China, continuing to impose a 23% anti-dumping duty on these products for a period of five years [1] Summary by Sections Anti-Dumping Measures - The anti-dumping duty of 23% will be applied to the cost, insurance, and freight (CIF) price of the affected products, effective immediately from the announcement date [1] - The Turkish tax code for the affected products is 9105.21.0.0 [1] Historical Context - Turkey initiated the anti-dumping investigation against Chinese electronic wall clocks on January 26, 2001, and made a positive final ruling on November 7, 2001, imposing anti-dumping duties [1] - Turkey has conducted three previous sunset reviews, with positive rulings extending the duty on October 24, 2007, October 5, 2013, and May 23, 2019 [1] - The fourth sunset review investigation was launched on May 15, 2024 [1]

Core Viewpoint - Brazil's foreign trade committee has decided to impose anti-dumping duties on non-oriented silicon steel imports from China, continuing the existing tariffs for another five years [1] Group 1: Regulatory Decision - The Brazilian foreign trade committee (GECEX) issued resolution No. 758 on July 11, 2025, regarding anti-dumping measures [1] - The resolution applies to non-oriented silicon steel with specific tax codes (72251900 and 72261900) imported from China [1] - The anti-dumping duties range from $90.00 to $166.32 per ton, effective for five years from the date of publication [1]

Core Viewpoint - Brazil's Foreign Trade Commission (GECEX) has decided to continue imposing anti-dumping duties on imported automotive tires from China, with rates set between $1.25 and $1.77 per kilogram for a duration of five years, effective immediately from the publication date of the resolution [1]. Group 1 - Brazil's GECEX issued Resolution No. 744 on July 4, 2025, regarding anti-dumping sunset review for automotive tires imported from China [1]. - The anti-dumping duties will be applicable to the specific product classified under the South Common Market tax code 40111000 [1]. - The decision reflects Brazil's ongoing trade measures to protect its domestic tire industry from foreign competition [1].

Group 1 - The Mexican Ministry of Economy announced the initiation of the sixth sunset review investigation for anti-dumping on liquid caustic soda originating from the United States, with the investigation period from April 1, 2024, to March 31, 2025, and the damage investigation period from April 1, 2020, to March 31, 2025 [1] - The current anti-dumping duties remain effective during the investigation period, and interested parties have 28 working days from the announcement date to register their responses and submit comments and evidence [1] Group 2 - Mexico initiated the anti-dumping investigation on liquid caustic soda from the United States on November 8, 1993, and issued a final ruling on July 12, 1995, imposing anti-dumping duties on products priced below the minimum price of $147.43 per metric ton, with a maximum duty of $38.89 per metric ton, corresponding to a dumping margin of 35.83% [2] - Mexico has conducted three subsequent sunset reviews, with the third review on January 3, 2012, extending the anti-dumping measures for another five years, setting a new minimum price of $288.71 per metric ton and a maximum duty of 54.79% [2] - The fourth and fifth sunset reviews were completed on July 29, 2016, and July 27, 2021, respectively, with the latter maintaining the measures established in the third review, effective from July 13, 2020, for another five years [2] Group 3 - On December 3, 2021, Mexico initiated a period review investigation for anti-dumping on liquid caustic soda from the United States, with a preliminary ruling on August 18, 2022, maintaining the minimum price of $288.71 per metric ton and imposing anti-dumping duties not exceeding 54.79% on products priced below this threshold [3] - On May 29, 2025, the Mexican Ministry of Economy announced a final ruling to adjust the anti-dumping measures from a minimum price system to a direct anti-dumping tax of $195 per metric ton on 100% concentration liquid caustic soda, effective from July 27, 2021 [3]