Core Insights - In March, China's steel exports reached 10.46 million tons, exceeding 10 million tons for the month again. In the first quarter, steel exports totaled 27.43 million tons, a year-on-year increase of 6.3%, marking one of the rare increases in recent years [1] - The increase in steel exports is attributed to domestic exporters and foreign clients rushing to export due to concerns over potential trade remedy investigations and uncertainties from the U.S. tariff war later in the year [1] - The Chinese steel industry is facing unprecedented challenges, with U.S. tariffs on Chinese steel products rising to 70% due to measures like "232" and "301," affecting specific products such as pipes and coated sheets [1] Industry Statistics - In 2024, China faced 33 trade remedy cases against its steel products, surpassing the total number of cases from 2020 to 2023, with 8 new investigations since the beginning of the year [2] - The National Bureau of Statistics reported that China's crude steel production for 2024 is projected at 1.005 billion tons, with apparent consumption at 892 million tons, indicating that domestic demand remains the primary focus for the steel industry [2] - The domestic demand for steel is declining, and the structural adjustments are causing pain points, leading to a rapid increase in steel supply while demand is decreasing, disrupting the fragile market balance [2]

Group 1 - The article discusses the current state of the domestic stock market, which is relatively stable with minor declines in major indices, indicating a lack of significant opportunities [3] - The focus shifts to the U.S. market, where high-level officials are concerned about the market returning to a "danger zone" following previous tensions with China [3] - U.S. Treasury Secretary Janet Yellen is employing a "carrot and stick" approach in dealing with China, suggesting that China has a responsibility to resolve trade issues, which reflects a shift from direct confrontation to a more diplomatic stance [3] Group 2 - The technology sector, particularly semiconductors and artificial intelligence, has shown slight increases, but significant growth is not expected before the upcoming holiday [3] - The article highlights the ongoing effects of recent meetings and discussions, which continue to influence market sentiment and performance [3]

Group 1 - The Chinese government emphasizes that there are no winners in the trade war initiated by the US, urging the US to engage in dialogue based on equality and mutual respect [3][4] - The Chinese Ministry of Commerce has released information regarding specific projects related to Boeing's aircraft delivery and associated tariffs, reiterating China's consistent stance on tariff issues [4] - China expresses an open attitude towards cultural exchange and cooperation with South Korea, encouraging both sides to work together to advance cooperation across various fields [5] Group 2 - China calls for restraint between India and Pakistan, highlighting the importance of their peaceful coexistence for regional stability and development [6] - The Chinese government supports all efforts aimed at peace regarding the Ukraine crisis, advocating for dialogue and negotiation to resolve the situation [7] - China maintains a traditional friendship with Syria, supporting the country's peace and reconstruction efforts through inclusive dialogue while opposing terrorism and extremism [8]

4月29日，外交部发言人郭嘉昆主持例行记者会。 外交部：关税战、贸易战没有赢家 有记者就美国财长相关涉华言论提问。 对此，郭嘉昆表示，中方多次阐明关税战、贸易战没有赢家。这场关税战是美方发起的，如果美方想通过对话 谈判解决问题，就应该停止威胁施压，在平等、尊重、互惠的基础上同中方开展对话。 外交部：美方应停止威胁和施压 有记者就波音公司飞回拟交付飞机以及相关关税问题提问。 对此，郭嘉昆表示，有关具体的项目中国商务部已经发布了有关消息，你可以查阅。我想，中方在关税问题上 的立场是一贯的。我们也想再次强调，如果美方希望通过对话来解决问题的话，那么就要停止威胁和施压，在 平等、尊重、互惠的基础上同中方开展对话。 外交部：望韩方与中方共同努力，推动双方各领域交流合作向前发展 有记者就中韩关系有关问题提问。 图片来源：外交部网站 对此，郭嘉昆表示，我不了解你提到的有关演出的具体的情况。我想强调的是，我们对同韩方开展有益的文化 交流合作持开放的态度，希望韩方与中方共同努力，推动双方各领域交流合作向前发展。 外交部：呼吁印巴双方保持克制 共同维护地区的和平与稳定 有记者就印度和巴基斯坦因克什米尔地区恐袭事件关系紧张相关问题 ...

观察者网消息，美方挑起关税战前夕，美国零售巨头沃尔玛公司曾打起"将关税负担转嫁中方"的歪脑筋， 在被中方约谈后，这才开始想起来"找补"。 据香港《南华早报》4月29日报道，在中美贸易争端升级而导致货运量锐减后，最近几天，沃尔玛和其他 美国主要零售商已通知中国江浙地区的部分制造商恢复供货。 "我们的长期合作伙伴沃尔玛已经通知我们开始（向美国）发货，我们不需要承担（对中国商品）新关税 的额外成本。"4月28日，宁波一家大型文具办公用品出口商的副总裁透露，已收到沃尔玛的通知，要求它 们恢复对美国的正常供货。该公司表示，新进口关税的成本将由美国客户承担。此外，江苏也至少有一家 出口商接到了需求复苏的备货通知。 另据香港《明报》4月26日报道，近期正举行的第137届中国进出口商品交易会（广交会）期间，多名出口 商也不约而同提到，在沃尔玛、家得宝（Home Depot）、塔吉特（Target）等零售巨头于当地时间4月21日 同美国总统特朗普会谈后，沃尔玛已通知中国供应商恢复发送因本月初关税战开打而暂时停运的货物，关 税由美方买家承担。 美国一家沃尔玛购物超市 资料图 "我们了解到，（美国）主要零售商已建议其中国供应商恢复 ...

Core Viewpoint - The Chinese government emphasizes that there are no winners in the trade war initiated by the United States, advocating for dialogue based on equality, respect, and reciprocity [1] Group 1 - The Chinese Ministry of Foreign Affairs reiterates its stance that the trade war and tariff conflict have no winners [1] - The spokesperson, Guo Jia Kun, states that the trade war was initiated by the U.S. [1] - The Chinese side calls for the U.S. to cease threats and pressure if it wishes to resolve issues through dialogue [1]

Group 1 - The core viewpoint is that China's steel exports are facing unprecedented challenges due to trade investigations and tariffs imposed by various countries, particularly the United States [1][2][3] - In March, China's steel exports reached 10.46 million tons, exceeding 10 million tons for the month, and the first quarter exports totaled 27.43 million tons, a year-on-year increase of 6.3% [1] - The increase in exports is attributed to domestic exporters and foreign clients rushing to export before potential trade relief investigations and tariff uncertainties take effect later in the year [1] Group 2 - The U.S. has increased tariffs on Chinese steel products to 70%, with some products facing tariffs exceeding this rate, impacting the overall export dynamics [2] - The U.S. imports less than 1% of China's total steel exports, primarily consisting of pipes, wires, seamless tubes, and tinplate [2] - In 2024, China's indirect steel exports are projected to reach 134 million tons, with 16.6 million tons directed to the U.S., which will be significantly affected by the current tariff levels [2] Group 3 - The U.S. tariff barriers have triggered a chain reaction, leading countries like the EU, Canada, Turkey, and India to initiate safeguard investigations on imported steel products [3] - In 2024, China faced 33 trade remedy cases, surpassing the total number of cases from 2020 to 2023, with 8 new investigations occurring since the beginning of the year [3] - It is predicted that the combination of high U.S. tariffs and other countries' trade barriers could impact China's direct and indirect steel exports by over 20 million tons by 2025, primarily affecting high-end steel products [3]

Report Summary 1. Report Industry Investment Rating No industry investment rating is provided in the report. 2. Report's Core View - For the nickel market, although the price has rebounded due to the fading of the tariff - war sentiment, the overall nickel element is in surplus with strong nickel ore prices, and there is significant upward pressure. Despite favorable policy stimuli, the economic slowdown is inevitable. It is expected to oscillate weakly in the short - term, and the mid - to long - term strategy is to sell and hedge on price increases [3]. - For the stainless steel market, after the sentiment of the Sino - US tariff war fades, the price has returned. With strong nickel ore prices and increased nickel - iron costs, along with reduced production of 300 - series stainless steel, and recent policy stimuli, but weak demand, it is expected to oscillate in the short - term. The mid - to long - term strategy is also to sell and hedge on price increases [5]. 3. Summary by Related Catalogs Nickel Variety - **Market Analysis** - On April 29, 2025, the main contract 2506 of Shanghai nickel opened at 125,250 yuan/ton and closed at 124,690 yuan/ton, a change of - 0.83% from the previous trading day. The trading volume was 201,951 lots, and the open interest was 70,157 lots [1]. - The main contract of Shanghai nickel opened lower and oscillated downward on the night session of Friday, rebounded slightly after the opening of the day session but continued to fall, and then oscillated and rebounded after getting support. It closed with a medium - sized negative line. The trading volume and open interest increased compared with the previous trading day [2]. - The National Development and Reform Commission will introduce measures to stabilize employment and the economy, and the People's Bank of China will use a moderately loose monetary policy and may cut reserve requirements and interest rates. The first - phase nickel ore domestic trade base price in Indonesia in May is expected to drop by about 1 US dollar, while the domestic trade premium will rise by 2 US dollars to 26 - 27 US dollars, with an overall increase of about 1 US dollar. Currently, nickel ore prices remain firm [2]. - In the spot market, Jinchuan nickel's morning quotation decreased by about 1,625 yuan/ton compared with the previous trading day, and the prices of mainstream brands also decreased. The nickel price oscillated weakly, and downstream buyers remained on the sidelines. The spot trading of refined nickel was generally average, and most spot premiums and discounts remained stable. Jinchuan nickel's premium changed by 100 yuan/ton to 2,250 yuan/ton, imported nickel's premium changed by - 50 yuan/ton to 150 yuan/ton, and nickel beans' premium was - 450 yuan/ton. The previous trading day's Shanghai nickel warehouse receipts were 24,632 (- 168.0) tons, and LME nickel inventories were 201,426 (- 1,044) tons [2]. - **Strategy** - The short - term strategy is mainly range - bound operations, and the mid - to long - term strategy is to sell and hedge on price increases. For single - side trading, it is mainly range - bound operations, while there are no strategies for inter - period, cross - variety, spot - futures, and options trading [3]. Stainless Steel Variety - **Market Analysis** - On April 29, 2025, the main contract 2506 of stainless steel opened at 12,725 yuan/ton and closed at 12,765 yuan/ton. The trading volume was 186,219 lots, and the open interest was 103,278 lots [3]. - The main contract of stainless steel oscillated sideways slightly after the opening of the night session, fell slightly after the opening of the day session and then oscillated upward, closing with a medium - sized positive line. The trading volume increased, and the open interest decreased compared with the previous trading day [4]. - Similar to the nickel market, relevant policies were announced, and the situation of Indonesian nickel ore prices was the same. Nickel - iron prices were 970 - 975 yuan/nickel. The production of 300 - series stainless steel in April and May decreased [4]. - In the spot market, the stainless steel market oscillated upward, the cold - rolled price rebounded slightly, and the trading of low - priced resources was okay, meeting just - in - time demand. The stainless steel price in Wuxi market was 12,950 yuan/ton, and in Foshan market was 13,000 yuan/ton. The premium and discount of 304/2B were 355 to 555 yuan/ton. The ex - factory tax - included average price of high - nickel pig iron decreased by 1.50 yuan/nickel point to 968.5 yuan/nickel point [5]. - **Strategy** - The short - term strategy is range - bound oscillations, and the mid - to long - term strategy is to sell and hedge on price increases. For single - side trading, it is neutral, while there are no strategies for inter - period, cross - variety, spot - futures, and options trading [5].

王毅外长刚从东南亚回国，搞定了东盟，结果后脚印度就背刺中国，对中方钢铁加重税，通过损害中国利益给美国纳投名状，换取特朗普放一马，对此中国 也准备了后招。 第一，日前外交部对外宣布，王毅外长将于4月25日至30日，分别前往哈萨克斯坦和巴西，出席中国-中亚外长会和中哈外长战略对话，以及金砖外长会和金 砖安全事务高级代表会议。 发言人郭嘉昆表示，这次金砖外长会期间，王毅外长将同各方就金砖合作以及当前国际重要形势交换意见，推动"大金砖合作"高质量发展，为金砖领导人峰 会做准备。 第二，继俄能源部长访华之后，俄车里雅宾斯克州州长又来华访问，希望加强与大连企业在钢制品领域的合作，此外俄总统特别代表季托夫也将于周四访 华。 当然，印度充当金砖国家组织的刺头，中国也有的是招对付他。 一来，王毅外长将赴巴西参会，如果印度非要跟金砖成员国唱反调的话，那么被孤立的只会是印度自己。 一方面，印尼刚加入金砖组织不久，已经在关税问题上跟中国统一阵线，等于印度在金砖的话语权和影响力被进一步稀释了，很难翻起什么浪花，拉拢其他 国家站在中国对立面；另一方面，金砖轮值主席国巴西反对美国的对等关税，这就注定了印度对美国妥协的做法，不会受到欢迎和支 ...

Group 1 - The Trump administration is expected to take measures to alleviate the impact of its auto tariff policy, including preventing the stacking of tariffs on imported cars and easing tariffs on certain imported auto parts [1][4] - The decision will have retroactive effects, allowing car manufacturers who have already paid tariffs to apply for refunds [1][4] - The new measures include adjustments to the previously announced 25% tariff on foreign auto parts, with potential tax refunds for manufacturers based on the value of cars produced domestically [4][5] Group 2 - The 25% tariff on imported cars and key auto parts officially took effect on May 3, which is seen as a significant escalation in the trade war following tariffs on steel and aluminum [4][5] - The tariffs are expected to have a severe impact on economies of neighboring countries like Canada and Mexico, as well as allies such as the EU, Japan, and South Korea, prompting strong reactions from foreign governments [4][5] - Many U.S. companies and media outlets express concerns that the auto tariffs could negatively affect the U.S. economy, with predictions of increased car costs for consumers and potential job losses in the auto industry [5]