Group 1 - The Malaysian Ministry of Trade announced the termination of anti-dumping duties on imports from South Korea and Vietnam, effective Monday [1]

6月19日，印度财政部税收局发布通报称，接受印度商工部于2025年3月21日对原产于或进口自中国大 陆、俄罗斯以及中国台湾地区的乙腈作出的反倾销肯定性终裁建议，决定对涉案产品征收为期5年的反 倾销税，分别为中国大陆202-481美元/吨，俄罗斯292美元/吨，中国台湾地区233美元/吨。本案涉及印 度海关编码292690项下的产品。措施自本通报发布于官方公报之日起生效。 ...

Core Viewpoint - India has decided to impose anti-dumping duties on Chinese imports of the herbicide Pendimethalin and its intermediate, PEDA, for a period of five years, following a positive final ruling from the Ministry of Commerce [1] Group 1: Anti-Dumping Duties - The Indian Ministry of Finance announced the imposition of anti-dumping duties ranging from $1,246.9 to $2,017.9 per ton on Pendimethalin and PEDA imported from China [1] - The duties will take effect from the date of publication in the official gazette [1] - This decision is based on the recommendation made by the Indian Ministry of Commerce on March 21, 2025 [1]

Core Viewpoint - The Indian government has decided to impose anti-dumping duties on insoluble sulfur imported from China and Japan for a period of five years, following a positive final ruling by the Ministry of Commerce on March 7, 2025 [1] Group 1: Anti-Dumping Duties - The anti-dumping duty for Chinese manufacturers is set at $307 per ton [1] - The duty for Shikoku Chemicals Corporation from Japan is $259 per ton, while other Japanese manufacturers face a duty of $358 per ton [1] - The products affected fall under Indian customs codes 28020010, 38123930, and 38249900 [1] Group 2: Investigation Background - The investigation was initiated on March 27, 2024, based on a request from Oriental Carbon & Chemicals Limited, a domestic company in India [1] - The Ministry of Commerce's positive final ruling was made on March 7, 2025, confirming the need for anti-dumping measures [1]

Core Viewpoint - The U.S. International Trade Commission (ITC) has determined that the prices of solar photovoltaic (PV) panels imported from four Southeast Asian countries, including Vietnam and Thailand, have been improperly suppressed, leading to the imposition of countervailing and anti-dumping duties on these imports [1]. Group 1: ITC Findings - The ITC's final ruling on May 20 confirmed that "crystalline silicon photovoltaic cells" imported from Vietnam, Thailand, Cambodia, and Malaysia are sold at prices below fair value due to government subsidies [1]. - The U.S. Department of Commerce is expected to initiate countervailing and anti-dumping duties within a week, with varying rates for each country and company [1]. Group 2: Duty Rates - The highest combined duties for Cambodian companies will exceed 650%, while some companies are classified as local entities of Chinese firms, with rates for Cambodian companies potentially exceeding 3400% [1]. - Since 2022, the U.S. has applied a special exemption for duty-free imports of solar power-related products from these four countries, which is set to expire in June 2024 [1]. Group 3: Background and Investigation - The investigation into the imposition of countervailing and anti-dumping duties began under the Biden administration, with the ITC making a preliminary determination in June 2024 that "improper dumping behavior" exists [1].

Report Summary 1. Report Industry Investment Ratings No investment ratings are provided in the report. 2. Core Views - **Iron Ore**: Short - term bullish factors have been realized, and the upward driving force is slowing down [2][4]. - **Rebar and Hot - Rolled Coil**: Both are in low - level oscillations [2][7][8]. - **Silicon Ferrosilicon and Manganese Silicide**: Due to the resonance of the black - metal sector and the resumption of Australian ore shipments, they are in weak oscillations [2][13]. - **Coke and Coking Coal**: Both are in bottom - level oscillations [2][18]. - **Steam Coal**: With the increase in coal mine inventories, it is in a weak and oscillating state [2][22]. - **Logs**: In a weak oscillation [2][25]. 3. Summary by Related Catalogs Iron Ore - **Fundamental Tracking**: The futures closed at 725.0 yuan/ton, up 2.5 yuan/ton (0.35%). The import and domestic ore prices had minor changes, and the basis and spreads also showed different fluctuations [5]. - **Macro and Industry News**: On May 20, the 5 - year LPR was 3.5% (down from 3.6% last month), and the 1 - year LPR was 3% (down from 3.1% last month) [5]. - **Trend Intensity**: - 1, indicating a bearish trend [5]. Rebar and Hot - Rolled Coil - **Fundamental Tracking**: RB2510 closed at 3,058 yuan/ton, down 18 yuan/ton (-0.59%); HC2510 closed at 3,202 yuan/ton, down 12 yuan/ton (-0.37%). Spot prices in different regions had minor changes, and the basis and spreads also fluctuated [8]. - **Macro and Industry News**: South Korea continued to impose anti - dumping duties on stainless steel sheets from China, etc. In April 2025, China's crude steel output was 8602 million tons, with daily output down 4.3% month - on - month. From January to April, Hebei had the highest crude steel output [8][10]. - **Trend Intensity**: 0 for both, indicating a neutral trend [10]. Silicon Ferrosilicon and Manganese Silicide - **Fundamental Tracking**: Futures prices of different contracts decreased. Spot prices of silicon ferrosilicon and manganese silicide had different changes, and the price spreads also fluctuated [13]. - **Macro and Industry News**: In April 2025, China's silicon - manganese exports and imports, manganese ore imports data were released. South32 resumed Australian manganese ore exports, and NMT announced the June 2025 manganese ore shipment price to China [15][16]. - **Trend Intensity**: 0 for both, indicating a neutral trend [17]. Coke and Coking Coal - **Fundamental Tracking**: JM2509 closed at 838.5 yuan/ton, down 6.5 yuan/ton (-0.77%); J2509 closed at 1407.5 yuan/ton, down 20.5 yuan/ton (-1.44%). Spot prices and basis, spreads had different changes [18]. - **Price and Position Situation**: Northern port coking coal quotes and May 20 CCI metallurgical coal index were provided. On May 20, for JM2509, long positions increased by 6841 hands, short positions increased by 6888 hands; for J2509, long positions increased by 750 hands, short positions increased by 582 hands [18][19][20]. - **Trend Intensity**: 0 for both, indicating a neutral trend [21]. Steam Coal - **Previous Day's Domestic Market**: ZC2506 had no trading, with an opening price of 931.6 yuan/ton, a high of 931.6 yuan/ton, a low of 840.0 yuan/ton, and a closing price of 840.0 yuan/ton, down 51.4 yuan/ton from the previous settlement price [22]. - **Fundamentals**: Southern port and domestic origin quotes of steam coal were given. On May 20, for ZC2506, long and short positions both decreased by 0 hands [23]. - **Trend Intensity**: 0, indicating a neutral trend [24]. Logs - **Fundamental Tracking**: Futures prices, trading volumes, and open interests of different contracts had different changes. Spot prices of various types of logs in different regions were mostly stable [27]. - **Macro and Industry News**: From January to April 2025, China's real estate development investment decreased by 10.3% year - on - year [29]. - **Trend Intensity**: - 1, indicating a bearish trend [29].

Group 1 - The Ministry of Commerce has announced the imposition of anti-dumping duties on imports of copolymer formaldehyde originating from the United States, the European Union, Taiwan, and Japan, effective from May 19, 2025, for a period of five years [1] - The investigation concluded that the copolymer formaldehyde industry in mainland China has suffered substantial damage due to dumping practices, establishing a causal relationship between dumping and the damage [1] Group 2 - Copolymer formaldehyde, also known as polyoxymethylene copolymer, has high mechanical strength, fatigue resistance, and creep resistance, making it suitable for various applications [2] - It can partially replace metals such as copper, zinc, tin, and lead, and is used in automotive parts, electronics, industrial machinery, daily necessities, sports equipment, medical devices, piping, and construction materials [2]

Group 1 - The Ministry of Commerce has announced the recognition of dumping of imported copolymer formaldehyde from the United States, European Union, Taiwan, and Japan, which has caused substantial damage to the domestic copolymer formaldehyde industry in mainland China, establishing a causal relationship between dumping and the damage [1] - Starting from May 19, 2025, anti-dumping duties will be imposed on imported copolymer formaldehyde from the aforementioned regions for a period of five years [1] Group 2 - Copolymer formaldehyde, also known as polyoxymethylene copolymer or polyoxymethylene, has high mechanical strength, fatigue resistance, and creep resistance, making it suitable for replacing metals such as copper, zinc, tin, and lead [2] - The applications of copolymer formaldehyde include automotive parts, electronic appliances, industrial machinery, daily necessities, sports equipment, medical devices, piping components, and construction materials [2]

Core Viewpoint - The Ministry of Commerce of China has initiated an anti-dumping investigation against imports of copolymer formaldehyde originating from the United States, European Union, Taiwan, and Japan, concluding that these imports are causing substantial harm to the domestic industry [1] Group 1 - The final ruling determined that the imports from the specified regions are being dumped, which has caused material injury to the domestic copolymer formaldehyde industry [1] - There is a causal relationship between the dumping and the material injury suffered by the domestic industry [1] - The Ministry of Commerce has recommended the imposition of anti-dumping duties to the State Council Tariff Commission, which will make the final decision on the matter [1] Group 2 - The anti-dumping duties will be effective from May 19, 2025, targeting imports from the United States, European Union, Taiwan, and Japan [1] - The investigation and subsequent ruling are in accordance with the Anti-Dumping Regulations of the People's Republic of China [1]