Group 1 - Brazil's Ministry of Development, Industry, Trade and Services announced a preliminary affirmative ruling on anti-dumping for ethanolamines originating from China, but did not recommend the imposition of temporary anti-dumping duties, continuing the investigation and extending the final ruling deadline to 18 months from the initiation of the case [1] - The case involves products under the Mercosur tax codes 2922.11.00 and 2922.12.00 [1] Group 2 - Brazil's Ministry of Development, Industry, Trade and Services initiated an anti-dumping investigation on ethanolamines from China based on a request from domestic company Oxiteno S.A. Indústria e Comércio, with the investigation period set from April 2023 to March 2024 and the damage investigation period from April 2019 to March 2024 [2]

Group 1 - The European Commission announced a final ruling on countervailing duties for single-mode optical fiber cables originating from India, imposing duties ranging from 3.7% to 8.1% [1] - The anti-dumping duties for the involved Indian products have been adjusted to a range of 2.9% to 8.8% [1] - The investigation period for subsidies is from October 1, 2022, to September 30, 2023, while the injury investigation period spans from January 1, 2020, to the end of the subsidy investigation period [1]

Core Viewpoint - The European Union has made a final ruling on anti-dumping measures against vanillin originating from China, imposing a final anti-dumping tax of 131.1% on specific vanillin products [1] Group 1: Anti-Dumping Ruling - The European Commission announced on June 12 that it will impose a final anti-dumping tax of 131.1% on vanillin with a molecular formula of C8H8O3 or C9H10O3 and a purity by weight greater than 95% [1] - The products affected by this ruling include synthetic vanillin, natural vanillin, bio-based synthetic vanillin (bio vanillin), and ethyl vanillin [1] - Mixtures of different aromatic chemicals with a purity by weight less than 95% are not subject to the aforementioned anti-dumping tax [1] Group 2: Investigation Timeline - The European Commission initiated an anti-dumping investigation into vanillin originating from China on May 24, 2024 [1]

Core Viewpoint - The European Commission has made a preliminary affirmative anti-dumping ruling on Chinese-made headless screws, imposing varying temporary anti-dumping duties on several companies [1] Summary by Relevant Categories Anti-Dumping Duties - Zhejiang Junyue Standard Parts Co., Ltd. faces a temporary anti-dumping duty of 62.3% - Brother Group companies, including Jiaxing Hainet Standard Parts Co., Ltd., Zhejiang Morgan Brothers Technology Co., Ltd., and Jiaxing Brothers Standard Parts Co., Ltd., are subject to a temporary anti-dumping duty of 63.9% - Chinafar Group companies, including Jiaxing Huayuan Standard Parts Co., Ltd. and Jiangsu Zhibiao General Parts Co., Ltd., have a temporary anti-dumping duty of 80.7% - Other cooperating enterprises face a temporary anti-dumping duty of 67.4% - Other companies not cooperating are subject to a temporary anti-dumping duty of 80.7% [1] Investigation Periods - The dumping investigation period is from July 1, 2023, to June 30, 2024 - The damage investigation period is from January 1, 2021, until the end of the dumping investigation period [1] Stakeholder Participation - Interested parties must submit requests for hearings within 5 calendar days from the announcement date - Comments on the case must be submitted within 15 calendar days from the announcement date [1]

Core Points - The U.S. Department of Commerce issued a final ruling on June 16, 2025, regarding anti-dumping duties on brake drums imported from China and Turkey, with dumping rates for Chinese producers/exporters ranging from 77.14% to 160.79% and for Turkish producers/exporters from 15.22% to 149.29% [1] - The final ruling also included countervailing duties, with a subsidy rate of 446.83% for several Chinese companies that did not participate in the investigation, while other Chinese producers/exporters faced a subsidy rate of 11.94% [1] - The U.S. International Trade Commission (ITC) is expected to make a final determination on the injury caused by the dumping and subsidies on July 28, 2025 [1] Timeline of Events - On July 10, 2024, the U.S. Department of Commerce initiated anti-dumping and countervailing duty investigations on brake drums imported from China and Turkey [2] - The preliminary countervailing duty ruling was made on November 25, 2024, followed by the preliminary anti-dumping ruling on January 24, 2025 [2]

据中国贸易救济信息网，6月11日，美国商务部发布公告，对进口自中国的渣罐（Slag Pots）作出反倾 销肯定性初裁，因中国企业未参与应诉，初步裁定中国生产商/出口商的倾销率为294.43%（抵消补贴后 的保证金调整为278.81%）。美国商务部预计将于2025年8月25日作出反倾销终裁。本案主要涉及美国 海关编码7309.00.0090项下产品。2025年1月21日，美国商务部宣布对进口自中国的渣罐发起反倾销和反 补贴调查。2025年3月27日，美国商务部对进口自中国的渣罐作出反补贴初裁。 ...

1. Report Industry Investment Rating No information about the industry investment rating is provided in the report. 2. Core View of the Report The previous weak market of coke and coking coal futures has changed, and positive factors in the fundamentals and news are accumulating. However, considering the continued impact of the previous high supply and only an expected decline in supply in the future, whether it will lead to a turnaround in the market needs further verification by the market. It is expected that the spot prices of coke and coking coal and the coke futures price may continue to fluctuate weakly, but the coking coal futures price has a demand to repair a large discount and may turn to rebound or fluctuate strongly. There is a possibility of narrowing the price difference between coking coal futures and spot, and the decline in the coke - coking coal ratio also helps investors try the arbitrage opportunity of going long on coking coal and short on coke [11]. 3. Summary by Relevant Catalogs 3.1行情回顾与后市展望 (Market Review and Future Outlook) - **Market Performance on June 11th**: The main contract 2509 of coke futures oscillated and rebounded for two consecutive days, while the main contract 2509 of coking coal futures first rose and then fell, hitting a recent rebound high during the session. The J2509 contract closed at 1356 yuan/ton, up 1.31%, with a trading volume of 25,401 lots and a position of 52,791 lots, a decrease of 1,227 lots. The JM2509 contract closed at 783.5 yuan/ton, up 1.10%, with a trading volume of 1,152,104 lots and a position of 557,029 lots, a decrease of 10,814 lots [5]. - **Spot Market and Technical Indicators**: On June 11th, the quasi - first - class metallurgical coke flat - price index in Rizhao Port, Qingdao Port, and Tianjin Port was 1,270 yuan/ton, with no change. The low - sulfur main coking coal prices in some areas decreased. The daily KDJ indicators of the 2509 contracts of coke and coking coal continued to rise, and the daily MACD red columns of the 2509 contracts of coke and coking coal enlarged for three consecutive days [8]. - **Future Outlook for Coke**: In the past six weeks, the coke output of independent coking plants has slightly declined after hovering near the highest level since early August last year. Since late March, the coke output of steel mills has been gradually declining. In the past seven weeks, the port coke inventory has significantly decreased, but the de - stocking speed of steel mill inventory is slow, and the coking plant inventory has increased for four consecutive weeks, adding new downward pressure on coke prices. The profit per ton of coke has been in a loss for three consecutive weeks, but the loss narrowed in the week of June 6th [10]. - **Future Outlook for Coking Coal**: From January to April, the year - on - year growth of imports turned negative, but the absolute value of imports remained at a high level, and the overall loose pattern was difficult to reverse. The raw coal inventory of coal washing plants reached a new high since February 2021, and the clean coal inventory reached a new high since October 2020. In the past seven weeks, the inventory of independent coking plants has significantly decreased, the port inventory has slightly rebounded from the lowest level since early August last year, and the steel mill inventory has significantly decreased for two consecutive weeks. The raw coal and clean coal output of coking coal mines has significantly decreased for three consecutive weeks. From late May to early June, the customs clearance volume of Mongolian coal decreased significantly compared with the previous two weeks [10]. - **News and Comprehensive Analysis**: Some coal mines in Shanxi stopped or reduced production due to the completion of monthly production tasks; the new "Mineral Resources Law" will be officially implemented on July 1st, which will help the coal price stop falling and rebound; after the third round of price cuts for coke procurement by some steel mills in Tangshan, some steel mills in Xingtai, Tianjin, Shijiazhuang and other places lowered the procurement price of wet - quenched coke by 70 yuan/ton and the procurement price of dry - quenched coke by 75 yuan/ton, starting from 0:00 on June 6th [11]. 3.2行业要闻 (Industry News) - **National Development and Reform Commission's Investment in Livelihood Projects**: Since the 14th Five - Year Plan, the National Development and Reform Commission has increased investment in livelihood construction. It is expected that the central budget - funded investment in social undertakings this year will be more than 30% higher than that at the end of the 13th Five - Year Plan [12]. - **Local Government Debt and Investment**: Many provinces have adjusted their budgets after receiving the annual debt - issuing quota from the Ministry of Finance, increasing their debt - issuing quota and expenditure to support stable growth and structural adjustment [13]. - **Automobile Industry Price War**: In May, some automobile enterprises significantly lowered the prices of new energy vehicles again, causing panic in the industry. The China Association of Automobile Manufacturers issued an initiative to maintain fair competition, and the relevant person in charge of the Ministry of Industry and Information Technology supported the initiative and will strengthen the rectification of "involution - style" competition in the automobile industry [13]. - **Railway Transport Breakthrough**: On June 6th, the Xinshuo Railway became the third railway line in China with a 20,000 - ton heavy - haul transport capacity, significantly improving the overall level of heavy - haul railway transport in China [13]. - **Company Information**: Benxi Steel Plate Co., Ltd. introduced its raw material supply and product sales. Its iron ore raw materials are about 60% purchased from the group, and coking coal and coke are mainly purchased from long - term contracts with domestic mines. Huayang Co., Ltd. stated that its coal mines are operating normally, and the increasing power demand during the "peak summer" in the third quarter will support the coal market [13]. - **Regional Energy Plan**: The "Implementation Plan for Carbon Peak in the Energy Field of Yangquan City" proposes that by 2025, the total coal production capacity of the city will be stable at about 57.4 million tons per year, and the proportion of advanced coal mine production capacity will be stable at about 95% [14]. - **International Trade and Market Information**: Mexico launched an anti - dumping sunset review investigation on cold - rolled steel sheets originating from China; in April 2025, Australia's coal export value decreased both month - on - month and year - on - year; in May 2025, the coal export volume of Australia's North Queensland ports decreased year - on - year but increased month - on - month; in May 2025, Russia's coal exports to China by railway increased both month - on - month and year - on - year [14]. - **Energy Outlook in the United States**: The U.S. Energy Information Administration (EIA) expects that the electricity consumption in the United States will reach a record high in 2025 and 2026; the U.S. coal production in 2025 is expected to be 512 million short tons (464 million tons), and the coal consumption is expected to be 428 million short tons, a year - on - year increase of 4.16%; low oil prices and a decrease in the number of drilling rigs will affect the U.S. crude oil production trend in 2026 [14]. - **OPEC's View on Oil Demand**: OPEC Secretary - General Al - Ghais said that oil demand will maintain strong growth in the next 25 years, and global energy demand will increase by 24% from now to 2050, with oil demand exceeding 120 million barrels per day [15]. - **Russian Policy**: Russian President Putin extended the counter - measures against the price cap on Russian oil and oil products until December 31, 2025 [15]. - **World Bank's Economic Forecast**: The World Bank lowered the global economic growth forecast for 2025 from 2.7% to 2.3%, warning that the 2020s may be the weakest decade since the Apollo moon landing [15]. - **Indian Coal Production**: In May 2025, India's coal production increased both month - on - month and year - on - year, with a year - on - year increase of 2.83% and a month - on - month increase of 5.34% [15]. 3.3数据概览 (Data Overview) The report presents multiple data charts, including the spot price index of metallurgical coke in major markets, the summary price of main coking coal in major markets, the production and capacity utilization rate of coking plants and steel mills, the national daily average pig iron production, the coke inventory of ports/steel mills/coking plants, the profit per ton of independent coking plants, the production and operating rate of coal washing plants, the raw coal and clean coal inventory of coal washing plants, the coking coal inventory of ports/coking plants/steel mills, and the basis of Rizhao Port's quasi - first - class coke and September contracts and Linfen's low - sulfur main coking coal and September contracts. All data sources are from Mysteel and the Research and Development Department of CCB Futures [19][20][22][29][30][33].

Group 1 - The first meeting of the China-US economic and trade consultation mechanism was held in London, emphasizing mutual benefit and cooperation to resolve trade differences [3] - The Chinese Ministry of Foreign Affairs reiterated its opposition to economic coercion in response to the sale of Hong Kong's Cheung Kong's overseas port assets [4] - Guangdong's Commerce Department confirmed that the old-for-new appliance policy will not end prematurely, despite rumors [5] Group 2 - The China Securities Association plans to initiate a special evaluation of securities companies' support for listed companies' mergers and acquisitions in 2025 [28] - The China Futures Association reported a 4.51% year-on-year decline in national futures market trading volume in May [29] - The insurance technology sector is experiencing a wave of IPOs, but stock performance has been generally poor due to low investor confidence [30] Group 3 - The EU has launched an anti-dumping investigation into 1,4-butanediol originating from China, Saudi Arabia, and the US [32] - Seven associations in China have jointly advocated against excessive packaging of goods to promote green consumption [33] - The photovoltaic component market is facing supply-demand mismatches, leading to price declines and profit pressures for companies, despite increasing export volumes [34]

Core Viewpoint - The U.S. International Trade Commission (ITC) has made a preliminary affirmative ruling in the first sunset review of anti-dumping and countervailing duties on carbon alloy steel screws imported from China, India, Thailand, and Taiwan, indicating that the removal of these measures could lead to substantial harm to the U.S. domestic industry [1] Group 1 - The ITC's ruling confirms that if the current anti-dumping and countervailing measures are lifted, substantial damage to the U.S. domestic industry from imports of the involved products may continue or reoccur within a reasonably foreseeable period [1] - The existing anti-dumping and countervailing measures will remain in effect following the ITC's decision [1]

Group 1 - Guangkang Biochemical's stock price reached a historical high due to favorable news since May, prompting major shareholders to reduce their holdings [2] - On June 3, Guangkang Biochemical announced a reduction of 2.22 million shares, accounting for 6% of the total share capital, leading to a stock price drop of 13.16% on June 4 [2][3] - Following the initial drop, the stock rebounded with a 15.52% increase on June 5 and continued to rise, exceeding a 10% increase by June 6 [2] Group 2 - The stock price surge is attributed to two main events: the anti-dumping investigation on imported chlorpyrifos from India and the explosion at Youdao Chemical in Shandong [3][4] - The Ministry of Commerce's final ruling on May 6 imposed anti-dumping duties of 48.4% to 166.2% on Indian companies, which is expected to boost domestic chlorpyrifos prices [3] - Guangkang Biochemical, as a producer of chlorpyrifos intermediates, is positioned to benefit directly from these developments, with stock price increases of 7.67% on May 7 and 17.16% on May 8 [3] Group 3 - The explosion at Youdao Chemical, which has a significant production capacity of chlorpyrifos, raised concerns about potential supply shortages of key raw materials, further driving up Guangkang Biochemical's stock price by over 68% from May 27 to June 3 [4] - Guangkang Biochemical's Kamine production capacity is 2,500 tons, with environmental and safety approvals in progress [4] - The overall pesticide market has been experiencing a downturn since 2023, with significant price declines affecting profitability [6][7] Group 4 - In 2024, Guangkang Biochemical reported a revenue of 723 million yuan, a year-on-year increase of 46.15%, while net profit grew by 15.33% to 34.68 million yuan [6] - The company's main products include fungicides, insecticides, and herbicides, with a notable decline in prices observed in the market [6] - The pesticide market is expected to remain weak in 2025, with excess supply and slow inventory digestion posing challenges [7][8]