根据《反倾销条例》第三十八条规定，商务部向国务院关税税则委员会提出征收反倾销税的建议，国务 院关税税则委员会根据商务部的建议作出决定，自2025年7月5日起，对原产于欧盟的进口相关白兰地征 收反倾销税。 ...

Group 1 - The core point of the news is the escalation of trade tensions due to Trump's imposition of "reciprocal tariffs" on multiple countries, which has led to significant international anxiety [1][5] - Trump announced a 90-day delay for most countries to negotiate terms before the tariffs take effect, indicating a strategy of pressure and negotiation [3][11] - China has responded strongly by imposing tariffs on 30 countries and warning against any country that compromises with the U.S. at China's expense [1][28] Group 2 - Trump's "reciprocal tariffs" are seen as a low-cost strategy for the U.S., allowing it to potentially gain billions without significant investment [9][12] - The strategy involves leveraging negotiations to pressure countries into compliance, particularly targeting China [14][16] - Countries like the EU and the UK are aligning with the U.S. to counter China, indicating a shift in international trade dynamics [19][21] Group 3 - Indonesia is negotiating with the U.S. for tariff reductions, which may involve limiting China's influence in its nickel mining sector [26][28] - China's response includes imposing anti-dumping duties on imports from several countries, signaling a commitment to protect its domestic industries [30][32] - The situation highlights the ongoing geopolitical struggle, with countries needing to navigate their positions carefully to avoid backlash from either the U.S. or China [5][17]

1. Report Investment Rating - There is no information about the industry investment rating in the report. 2. Core Viewpoints - On July 1, the silicon ferroalloy 2509 contract closed at 5270, down 2.04%. The spot price of silicon ferroalloy in Ningxia dropped by 40 yuan/ton to 5230. The开工 rate is running at a low level, the price of semi - coke in Ningxia on the cost side has decreased, and the overall expectation of steel demand is still weak. Attention should be paid to market sentiment disturbances under tariff policy changes. The production profit of ferroalloys is currently negative, with a spot profit of - 310 yuan/ton in Inner Mongolia and - 290 yuan/ton in Ningxia. Technically, the 4 - hour cycle K - line is between the 20 and 60 moving averages, and it should be treated as a volatile operation [2]. - On July 1, the manganese silicon 2509 contract closed at 5624, down 0.95%. The spot price of manganese silicon in Inner Mongolia dropped by 20 yuan/ton to 5480. From a fundamental perspective, the manufacturers'开工 rate has rebounded for 6 consecutive weeks at a low level, and the overall inventory is still high. On the cost side, the port inventory of imported manganese ore increased by 0.9 million tons, and the downstream hot metal production is running at a high level. In terms of profit, the spot profit in Inner Mongolia is - 120 yuan/ton, and in Ningxia it is - 210 yuan/ton. In the market, steel mills are cautious in purchasing, and the tender price continues to decline. Technically, the 4 - hour cycle K - line is between the 20 and 60 moving averages, and it should be treated as a volatile operation [2]. 3. Summary by Directory 3.1 Futures Market - SM主力合约收盘价 was 5,624.00 yuan/ton, down 18.00 yuan; SF主力合约收盘价 was 5,270.00 yuan/ton, down 74.00 yuan. - SM期货合约持仓量 was 572,733.00 hands, up 81.00 hands; SF期货合约持仓量 was 420,269.00 hands, up 23,161.00 hands. - The net position of the top 20 in manganese silicon was - 26,211.00 hands, up 9,264.00 hands; the net position of the top 20 in silicon ferroalloy was - 47,967.00 hands, up 6,075.00 hands. - The SM1 - 9 month contract spread was 38.00 yuan/ton, up 6.00 yuan; the SF1 - 9 month contract spread was - 24.00 yuan/ton, down 8.00 yuan. - The SM仓单 was 88,062.00 sheets, down 670.00 sheets; the SF仓单 was 9,109.00 sheets, up 787.00 sheets [2]. 3.2 Spot Market - The price of FeMn68Si18 in Inner Mongolia was 5,480.00 yuan/ton, down 20.00 yuan; the price of FeSi75 - B in Inner Mongolia was 5,250.00 yuan/ton, down 30.00 yuan. - The price of FeMn68Si18 in Guizhou was 5,550.00 yuan/ton, unchanged; the price of FeSi75 - B in Qinghai was 5,170.00 yuan/ton, unchanged. - The price of FeMn68Si18 in Yunnan was 5,500.00 yuan/ton, unchanged; the price of FeSi75 - B in Ningxia was 5,230.00 yuan/ton, down 40.00 yuan. - The manganese silicon index average was 5,490.00 yuan/ton, up 25.00 yuan; the SF主力合约基差 was - 40.00 yuan/ton, up 34.00 yuan. - The SM主力合约基差 was - 144.00 yuan/ton, down 2.00 yuan [2]. 3.3 Upstream Situation - The price of South African ore (Mn38 block) at Tianjin Port was 35.00 yuan/ton - degree, unchanged; the price of silica stone (98% in the northwest) was 210.00 yuan/ton, unchanged. - The price of secondary metallurgical coke in Wuhai, Inner Mongolia was 850.00 yuan/ton, unchanged; the price of semi - coke (medium material in Shenmu) was 640.00 yuan/ton, unchanged. - The manganese ore port inventory was 422.40 million tons, up 0.90 million tons [2]. 3.4 Industry Situation - The manganese silicon企业开工率 was 39.21%, up 2.82 percentage points; the silicon ferroalloy企业开工率 was 31.70%, down 0.99 percentage points. - The manganese silicon supply was 179,235.00 tons, up 2,625.00 tons; the silicon ferroalloy supply was 97,500.00 tons, down 400.00 tons. - The manganese silicon厂家库存 was 221,800.00 tons, up 15,900.00 tons; the silicon ferroalloy厂家库存 was 6.94 million tons, up 0.14 million tons. - The manganese silicon全国钢厂库存 was 15.15 days, down 0.29 days; the silicon ferroalloy全国钢厂库存 was 15.20 days, down 0.24 days. - The demand for manganese silicon from the five major steel types was 125,881.00 tons, up 2,164.00 tons; the demand for silicon ferroalloy from the five major steel types was 20,354.20 tons, up 389.80 tons [2]. 3.5 Downstream Situation - The 247家钢厂高炉开工率 was 83.84%, unchanged; the 247家钢厂高炉产能利用率 was 90.85%, up 0.04 percentage points. - The crude steel output was 8,654.50 million tons, up 52.60 million tons [2]. 3.6 Industry News - Domestic leading photovoltaic glass enterprises plan to collectively reduce production by 30% starting from July to break the "involution - style" competition, and the supply of domestic photovoltaic glass is expected to decline rapidly. - Starting from July 1, China will continue to impose anti - dumping duties on imported stainless steel billets and stainless steel hot - rolled sheets/coils originating from the EU, the UK, South Korea, and Indonesia for a period of 5 years. - Trump said he would not extend the July 9 deadline, set tariffs for each country, and threatened to impose a 25% tariff on Japanese cars. The EU is willing to accept the US "benchmark tariff" but seeks exemptions for key industries. Canada has cancelled the digital service tax, and the US and Canada will resume trade negotiations. South Korea's primary task is to obtain a tariff extension permit. - From January to May this year, the national crude steel output was 432 million tons, a year - on - year decrease of 1.7%. The apparent domestic consumption of crude steel was 380 million tons, a year - on - year decrease of 4% [2].

Domestic News - The Ministry of Commerce announced that starting from July 1, 2025, anti-dumping duties will continue to be imposed on imports of stainless steel billets and stainless steel hot-rolled sheets/strips originating from the EU, UK, South Korea, and Indonesia, with a duration of 5 years [1]. International News - China's dual aircraft carriers successfully completed long-range combat training [3]. - The State Administration of Foreign Exchange issued a new batch of QDII quotas totaling $3.08 billion [3]. - The Ministry of Foreign Affairs indicated a conditional resumption of seafood imports from certain regions of Japan [3]. - Policies aimed at further deepening financial services for new industrialization are expected to be researched and introduced [3]. - The Ministry of Commerce expressed strong dissatisfaction and firm opposition to the Canadian government's closure of Hikvision's operations in Canada [3]. - The Ministry of Finance stated that foreign investors can offset 10% of the corresponding tax amount based on their investment amount if they invest directly from distributed profits [3]. - Citigroup projected that the supply gap in the gold market is expected to peak in Q3 2025, followed by a gradual decline due to decreased investment demand [3]. - Federal Reserve's Bostic maintained the expectation of one rate cut this year and three rate cuts next year [3]. - Reports indicated that U.S. President Trump will sign an executive order on Monday to ease sanctions on Syria [3]. - U.S. Treasury Secretary Basant mentioned a wave of trade agreements is expected to be signed in the final week before the July 9 deadline [3]. - President Trump anticipated that due to low oil prices, Ukraine may reach a ceasefire agreement with Russia [3].

Core Viewpoint - The Ministry of Commerce has proposed to the State Council Tariff Commission to continue anti-dumping measures on imports of stainless steel billets and hot-rolled sheets/strips from the EU, UK, South Korea, and Indonesia for an additional five years starting from July 1, 2025 [1] Group 1 - The anti-dumping duties will be imposed on stainless steel products originating from the EU, UK, South Korea, and Indonesia [1] - The implementation period for the continued anti-dumping measures is set for five years [1] - The decision follows the investigation results as per Article 50 of the Anti-Dumping Regulations [1]

Core Viewpoint - The Indian Ministry of Finance has announced the imposition of anti-dumping duties on plastic processing machines imported from mainland China and Taiwan for a period of five years, following a positive final ruling by the Ministry of Commerce [1][3]. Group 1: Anti-Dumping Duties - The anti-dumping duties are set at CIF 0%-63% for products from mainland China and CIF 0%-53% for those from Taiwan [1]. - The affected products include various plastic processing machines or injection molding machines with clamping forces between 40 tons and 1500 tons, including semi-knocked down (SKD) and completely knocked down (CKD) assemblies [1][3]. Group 2: Exemptions - Certain products are exempt from these duties, including blow molding machines classified under Indian customs code 84773000, vertical injection molding machines, and all electric injection molding machines with independent servo motor control [1][2]. - Additionally, imported independent parts/components and machines used for producing non-injection molding machines are also excluded from the duties [2][3]. Group 3: Background of the Investigation - The investigation was initiated on March 29, 2024, following a request from the Plastics Machinery Manufacturers Association of India [3]. - The final ruling was made on March 27, 2025, confirming the anti-dumping measures [3].

Core Viewpoint - The Indian Ministry of Finance has decided to cancel the anti-dumping duties on Zhejiang Kingdecor Co., Ltd. while continuing to impose duties on other Chinese manufacturers of decorative paper, following a positive final ruling from the Ministry of Commerce [1][2]. Group 1: Anti-Dumping Duties - The Indian Ministry of Finance announced the cancellation of anti-dumping duties for Zhejiang Kingdecor Co., Ltd. while maintaining duties for other manufacturers, with rates set at $110/ton for Shandong Boxing Ouhua Special Paper Co., Ltd. and Zibo OU-MU Special Paper Co., Ltd., and $297/ton for Hangzhou Huawang New Material Technology Co., Ltd. [1] - The anti-dumping measures are effective from December 27, 2021, and will last for five years [1]. - The investigation into the anti-dumping duties was initiated on September 30, 2020, based on a complaint from ITC Limited Paperboards and Specialty Papers Division [2]. Group 2: Investigation and Review Process - The Ministry of Commerce initiated a review investigation on March 28, 2024, based on requests from Hangzhou Huawang New Material Technology Co., Ltd. and various Indian importers and manufacturers [3]. - This review aims to reassess the scope of the products involved and to re-determine the dumping margins, covering all aspects of previous final investigation results [3]. - The positive final ruling from the Ministry of Commerce was issued on March 25, 2025, confirming the findings of the review [3].

商务部：自2025年6月28日起，对原产于欧盟的进口甲苯胺继续征收反倾销税，实施期限为5年。 相关链接 ...

智通财经6月27日电，商务部裁定，如果终止反倾销措施，原产于欧盟的进口甲苯胺对中国的倾销可能 继续或再度发生，对中国甲苯胺产业造成的损害可能继续或再度发生。依据《反倾销条例》第五十条的 规定，商务部根据调查结果向国务院关税税则委员会提出继续实施反倾销措施的建议，国务院关税税则 委员会根据商务部的建议作出决定，自2025年6月28日起，对原产于欧盟的进口甲苯胺继续征收反倾销 税，实施期限为5年。 商务部：6月28日起对原产于欧盟的进口甲苯胺继续征收反倾销税 实施期限为5年 ...

投资咨询业务资格 证监发【2014】217号 美联储按兵不动，铜铝震荡整理 ——铜铝周报2025.06.23 作者： 刘培洋 联系方式：0371-58620083 电子邮箱：liupy_qh@ccnew.com 执业证书编号：F0290318 投资咨询编号：Z0011155 本期观点 | 品种 | 主要逻辑 | 策略建议 | 风险提示 | | --- | --- | --- | --- | | | 1、宏观面：国内5月经济数据仍有韧性，美联储6月会议继续暂停降 | 沪铜2508合约 | | | | 息，关注中东局势和美国关税政策变化。 | 上方参考压力 | 1、国内外宏 | | | 2、基本面：从供应端来看，交易所仓单大量流出，俄罗斯低价货源 | 位80000元/吨 | 观政策及经 | | 铜 | 在市场大量销售，但市场承接能力有限。库存方面，截至6月5日周 | 一线，下方参 | 济数据变化； | | | 四，全国主流地区铜库存为14.6万吨，环比上升0.11万吨。 | 考支撑位 | 2、国外铜矿 | | | 3、整体逻辑：铜矿紧张预期和美国对铜征收关税预期继续支持铜价， | | | | | 但关税对经济冲击 ...