Industry Overview - As of July 31, the PVC production capacity utilization rate increased to 76.84%, up 0.05% week-on-week and 3.64% year-on-year. The calcium carbide method utilization rate decreased to 76.03%, down 3.22% week-on-week and 0.28% year-on-year, while the ethylene method increased to 78.99%, up 8.71% week-on-week and 14.68% year-on-year [1] - Recent maintenance activities at various plants, including UHV Chemical and Erdos, along with the resumption of operations at Qilu Petrochemical and others, contributed to the slight increase in PVC capacity utilization [1] Cost Analysis - The cost of calcium carbide in UHV is quoted at 2200 CNY/ton, while the price of medium coal is 605 CNY/ton, and ethylene is priced at 820 USD/ton, indicating stable cost conditions [1] Market Sentiment - According to Guangzhou Futures, with the continuous rise in prices, the profit margins for PVC and caustic soda plants are recovering, leading to increased operational enthusiasm among companies, which is expected to result in a production rebound in August [2] - However, new capacity from Tianjin Bohua (400,000 tons) and Fujian Wanhua (500,000 tons) is anticipated to exert supply pressure, while downstream operations remain low due to high temperatures [2] Supply and Demand Dynamics - Hualian Futures noted a slight increase in supply due to the resumption of operations at several plants, maintaining overall supply at high levels compared to the same period last year. The downstream production rate saw a minor rebound, particularly in pipe manufacturing, but overall demand remains weak due to adverse weather conditions and ongoing real estate sector challenges [3] - Inventory levels are fluctuating, with upstream factory inventories decreasing while social inventories are increasing. Cost factors such as calcium carbide and ethylene prices remain stable, but there is insufficient valuation support [3]

Group 1 - The Brazilian Foreign Trade Commission's Management Executive Committee has issued a decision to continue imposing anti-dumping duties on seamless carbon steel pipes originating from China, specifically those with an outer diameter between 5 inches (141.3 mm) and 14 inches (355.6 mm) [1] - This is the second affirmative final ruling in the sunset review of the anti-dumping measures, which will remain effective for a period of 5 years [1] Group 2 - The affected products are utilized in oil and gas pipelines [2]

Group 1 - The company plans to acquire a total of 30% equity in Thailand Far East by purchasing 10% from Jit Li Trading and 20% from Far East Zhong Qian for a total consideration of 20.4 million Thai Baht [1] - Following the equity transfer, the shareholders of Thailand Far East intend to increase capital by 67 million Thai Baht, with the company contributing 20.1 million Thai Baht at a rate of 1 Thai Baht per registered capital [1] - The total investment, including the equity transfer and capital increase subscription, amounts to 40.5 million Thai Baht, approximately 9 million RMB, based on the exchange rate at the time of the transaction [1] Group 2 - The company signed investment and capital increase agreements with Jit Li Trading, Far East Zhong Qian, and Su Binglong regarding Thailand Far East International Environmental Co., Ltd. [2]

2024年5月8日，巴西发展、工业、贸易和服务部外贸秘书处发布2024年第17号公告，应巴西国内企业 Aperam Inox Tubos Brasil Ltda.于2024年1月31日提交的申请，对原产于印度和中国台湾地区的不锈钢焊 接管发起反倾销调查。2024年11月25日，巴西发展、工业、贸易和服务部外贸秘书处发布2024年第67号 公告，对该案作出反倾销初裁。2024年12月12日，巴西外贸委员会管理执行委员会发布2024年第676号 决议，决定对原产于印度和中国台湾地区的不锈钢焊接管征收不超过6个月的临时反倾销税，分别为： 印度125.18－1086.35美元/吨，中国台湾地区为1132.89美元/吨。 据中国贸易救济信息网，7月28日，巴西外贸委员会管理执行委员会(GECEX)发布2025年第764号决议， 对原产于印度和中国台湾地区的不锈钢焊接管（葡萄牙语：tubos de aço inoxidável austenítico）作出反 倾销肯定性终裁，决定对涉案产品征收为期5年的反倾销税，分别为：印度397.42－1207.06美元/吨，中 国台湾地区为1258.77美元/吨。涉案产品为奥氏体不锈 ...

Core Viewpoint - The South Korean government, led by Lee Jae-myung, is facing significant challenges regarding tariffs and trade relations with the United States, particularly after a planned high-level economic meeting was abruptly canceled by U.S. Treasury Secretary Janet Yellen [1][3]. Group 1: Trade Relations and Tariffs - South Korea is attempting to negotiate tariff exemptions with the U.S. by offering deeper industrial cooperation in sectors like shipbuilding and semiconductors [1][3]. - The South Korean government has previously struggled to convince the Trump administration to ease tariffs, indicating a history of diplomatic challenges in this area [3]. - In response to U.S. pressure, South Korea is considering opening its fuel market and encouraging domestic companies to present a substantial investment package to the U.S. [3][4]. Group 2: Domestic and International Implications - South Korea has decided to impose temporary anti-dumping duties on hot-rolled steel plates imported from China, which is seen as a move to protect domestic industries during an investigation [4][6]. - The decision to impose tariffs on Chinese imports is coupled with similar measures against Japanese steel, suggesting a broader strategy rather than a direct attack on China [6]. - The South Korean media has reported that the U.S. is pressuring South Korea to expand the scope of the U.S.-Korea Mutual Defense Treaty to include the entire Indo-Pacific region, particularly concerning Taiwan [6][8]. Group 3: Economic Consequences - China remains South Korea's largest trading partner, with bilateral trade expected to exceed $310 billion in 2024, raising concerns about the economic impact of tariff measures against Chinese goods [8][10]. - The potential involvement of South Korea in Taiwan-related issues could severely damage the political foundation of Sino-Korean relations, reminiscent of past tensions caused by the THAAD missile defense system [8][10]. Group 4: Strategic Considerations - The South Korean business community generally favors maintaining good relations with China, while the government faces pressure from the U.S. to take actions that may harm these relations [10][12]. - Analysts suggest that while South Korea may increase military spending under U.S. pressure, direct involvement in Taiwan conflicts is unlikely due to regional security concerns [10][12]. - The Chinese government has firmly stated its opposition to any agreements that compromise its interests, warning South Korea against using Chinese interests as leverage in negotiations with the U.S. [12][14].

Group 1 - The U.S. has announced the results of an anti-dumping investigation into Canadian lumber, determining that Canada has been dumping softwood lumber and will impose anti-dumping duties [1] - The Canadian dollar has appreciated against the U.S. dollar, with an increase of 0.5% [1] - The Canadian stock index has maintained an increase of nearly 0.5% [1] Group 2 - The yield on Canadian 10-year government bonds has decreased by over 3 basis points, stabilizing around a daily low of 3.508% [1]

Core Viewpoint - Brazil's Ministry of Development, Industry, Trade and Services has made a preliminary affirmative ruling on anti-dumping measures against polyester yarn originating from China, but has not recommended the imposition of temporary anti-dumping duties, continuing the investigation and extending the final ruling deadline to 18 months from the date of filing [1] Group 1 - Brazil's foreign trade secretariat issued announcement No. 58 of 2025 regarding the anti-dumping investigation [1] - The investigation pertains to polyester yarn imported from China [1] - The final ruling deadline has been extended to 18 months from the initiation of the case [1]

Core Viewpoint - Turkey's Ministry of Trade has issued a final affirmative ruling on anti-dumping measures against fiberglass reinforced materials originating from Egypt and Bahrain, imposing specific anti-dumping duties on these products [1] Summary by Category Anti-Dumping Measures - The anti-dumping duties are applied to the cost, insurance, and freight (CIF) price of the products [1] - The specific duties are as follows: - Jushi Egypt for Fiberglass Industry S.A.E. (Egypt) is subject to a duty of 9.58% - Other Egyptian companies face a duty of 14.63% - CPIC Abahsain Fiberglass W.L.L. (Bahrain) is subject to a duty of 20% - Other Bahraini companies face a duty of 23.61% [1] Duration of Measures - The anti-dumping measures will be effective for a period of five years from the date of the announcement [1]

Core Viewpoint - Turkey's Ministry of Trade has issued a definitive anti-dumping ruling against granite originating from Egypt, imposing anti-dumping duties on specific Egyptian companies and other entities [1] Summary by Category Anti-Dumping Measures - The anti-dumping duties are set at 49% for Gracore for Mining Export Marble and Granite, 55% for AL Adnan Stone for Marble and Granite, and 66% for other Egyptian companies [1] - These measures will take effect immediately from the date of the announcement and will remain in place for five years [1]

Core Viewpoint - The European Commission has made a preliminary anti-dumping ruling against Chinese-origin fused alumina, indicating significant tariffs on specific companies involved in the production [1] Company Summary - Chongqing Saiter Corundum Co., Ltd. faces a temporary anti-dumping tax of 125.2% [1] - Luoyang Runbao Grinding Materials Co., Ltd. is subject to a temporary anti-dumping tax of 111.9% [1] - Other cooperating companies will incur a temporary anti-dumping tax of 118.8% [1] - Non-cooperating companies face a higher temporary anti-dumping tax of 136.3% [1] Industry Summary - The anti-dumping investigation period is set from October 1, 2023, to September 30, 2024, while the damage investigation period spans from January 1, 2021, to the end of the dumping investigation period [1] - Stakeholders have a limited timeframe to submit hearing requests within 5 days and case comments within 15 days following the announcement [1] - The European Commission initiated the anti-dumping investigation on November 21, 2024, targeting Chinese-origin fused alumina [1]