Group 1 - The core point of the article indicates that the U.S. has found that its steel industry is being harmed by certain steel imports, leading to an anti-dumping investigation [1] - The investigation specifically targets steel imports from Vietnam and other countries [1]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints Market Analysis - Overseas consumption remains at a high level, with India continuing to show significant growth. From January to May 2025, overseas crude steel production totaled 35,151 million tons, a year-on-year decrease of 0.8%, but a year-on-year increase of 0.3% in May. Overseas crude steel consumption totaled 40,416 million tons, a year-on-year increase of 1.5%. From January to June, China's net exports of crude steel equivalent totaled 5,266 million tons, a year-on-year increase of 20.6% [4]. - Domestic steel exports have increased significantly, while domestic demand remains stable, leading to strong demand for raw materials. From January to June 2025, domestic crude steel production totaled 55,152 million tons, a year-on-year increase of 0.4%. Crude steel consumption totaled 48,481 million tons, a year-on-year increase of 0.7%. In June, both production and consumption of domestic crude steel showed positive trends. In the first half of the year, China's net exports of crude steel equivalent totaled 6,362 million tons, a year-on-year increase of 21.3%. In June, the total of crude steel production and exports reached 9,621 million tons, a year-on-year increase of 5.4%. During the same period, domestic pig iron production totaled 44,865 million tons, a year-on-year increase of 3.1%, and iron ore consumption increased by 2,198 million tons [4]. - The supply of iron elements is tight, and inventory is at a medium level. From January to June, domestic steel consumption remained resilient. In June, domestic crude steel consumption increased by 3.3% year-on-year, and net exports of crude steel equivalent increased by 22.1%. The total of domestic demand and exports in June decreased month-on-month but increased significantly year-on-year. In the first half of the year, steel mills adopted a production - based - on - sales strategy, and steel inventory continued to decline. Currently, the total iron ore inventory is at a medium level, and steel and scrap steel inventories are at low levels. In the short term, the iron ore market remains in a tight - balance state [5][6]. - The supply of carbon elements is relatively tight due to decreased production and imports. Since the beginning of this year, the supply of carbon elements has been significantly affected by domestic production and imports, and the market is in a tight - balance state. The inventory of carbon elements has been continuously decreasing. After the Spring Festival, the de - stocking trend of carbon elements was stronger than in previous years. From mid - June, with the continuous decline in coking coal supply and strong domestic steel consumption and exports, the inventory of coking coal and carbon elements began to decline, and the coking coal price continued to rebound [7]. Strategy - The annual outlook suggests that the rate of iron ore inventory accumulation will narrow, and the supply and demand of coking coal and coke will remain in a tight - balance state [8]. 3. Summary by Directory 2025 1 - 5 Global Steel Industry Supply and Demand Analysis Overseas Consumption Remains High, India Continues to Grow Significantly - From January to May 2025, overseas crude steel production totaled 35,151 million tons, a year-on-year decrease of 0.8%, but a year-on-year increase of 0.3% in May. Overseas crude steel consumption totaled 40,416 million tons, a year-on-year increase of 1.5%. From January to June, China's net exports of crude steel equivalent totaled 5,266 million tons, a year-on-year increase of 20.6% [16]. - From January to May 2025, overseas total iron production totaled 22,055 million tons, a year-on-year decrease of 0.5%, and iron ore consumption decreased by 178 million tons. In May, overseas total iron production increased by 1.8% year-on-year. From January to May, overseas scrap steel consumption totaled 16,611 million tons, a year-on-year decrease of 1.3% [21]. Domestic Demand Remains Stable, Exports Increase Significantly, and Raw Material Demand Remains Strong - From January to June 2025, domestic crude steel production totaled 55,152 million tons, a year-on-year increase of 0.4%. Crude steel consumption totaled 48,481 million tons, a year-on-year increase of 0.7%. In June, both production and consumption of domestic crude steel showed positive trends. In the first half of the year, China's net exports of crude steel equivalent totaled 6,362 million tons, a year-on-year increase of 21.3%. In June, the total of crude steel production and exports reached 9,621 million tons, a year-on-year increase of 5.4%. During the same period, domestic pig iron production totaled 44,865 million tons, a year-on-year increase of 3.1%, and iron ore consumption increased by 2,198 million tons [25]. Anti - Dumping Investigations Cause Disturbances, but Exports Remain Resilient - In 2024, China's steel exports exceeded 100 million tons, reaching a new high since 2017. In the first half of 2025, China's steel exports totaled 5,815 million tons, an increase of 475 million tons compared to the same period last year. Among the top 10 export destinations, Vietnam, South Korea, and India saw significant declines in imports from China due to tariff increases. Overall, exports remain strong, and most steel products continue to show growth in exports [32]. Iron Element Supply is Tight, Inventory Remains at a Medium Level Domestic Iron Ore Production Declines Month - on - Month, Supply Decreases Year - on - Year in the First Half - From January to June, the cumulative output of domestic iron ore concentrate powder was 12,862 tons, a year-on-year decrease of 5.0%, continuing the low - supply situation since the second half of last year. It is expected that some production will be replenished in the second half of the year [42]. Iron Ore Supply from Australia and Brazil Increases, Supply from Non - Mainstream Sources Continues to Shrink - From January to June, China's total iron ore imports were 59,255 million tons, a year-on-year decrease of 2.9%. Among them, imports from Australia were 36,417 million tons, a slight year-on-year decrease of 0.1%; imports from Brazil were 11,948 million tons, a decrease of 4.1%. Imports from South Africa and India were 2,050 million tons and 1,337 million tons respectively, with year-on-year changes of + 3.4% and - 46.5%. Imports from other non - Australian, Brazilian, Indian, and South African countries were 7,503 million tons, a year-on-year decrease of 2.0%. Overall, in June, the decline in iron ore imports from Australia and Brazil narrowed, and the supply from non - mainstream sources showed a contraction trend [44]. Domestic Demand Remains Resilient, Exports are Strong, and Iron Element Inventory is at a Medium - Low Level - From January to June, domestic steel consumption remained resilient. In June, domestic crude steel consumption increased by 3.3% year-on-year, and net exports of crude steel equivalent increased by 22.1%. The total of domestic demand and exports in June decreased month-on-month but increased significantly year-on-year. In the first half of the year, steel mills adopted a production - based - on - sales strategy, and steel inventory continued to decline. Currently, the total iron ore inventory is at a medium level, and steel and scrap steel inventories are at low levels. In the short term, the iron ore market remains in a tight - balance state [56][57]. Production and Imports Decrease, Carbon Element Supply is Relatively Tight Falling Prices and Safety Production Measures Lead to a Decrease in Domestic Coking Coal Production - Since 2023, coal production has been affected by frequent coal mine accidents. In order to eliminate safety hazards and strengthen safety production, relevant government agencies have issued a series of coal production safety policies. At the beginning of this year, the impact of coal mine accidents on supply gradually subsided, and domestic coking coal supply quickly recovered, putting pressure on coking coal prices. In June, affected by the continuous decline in coking coal prices, the pressure on coal mine inventory increased, and coking coal production continued to decline. As of July 17, the daily average output of raw coal and clean coal from sample mines was lower than the same period last year [58][60]. Continuous Price Decline Leads to a Decrease in Coking Coal Imports - In the past few years, imports of coking coal from Mongolia and Russia have continued to increase. In 2024, China's net imports of coking coal reached a record high of 12,114 million tons. From January to June this year, China's net imports of coking coal were 5,282 million tons, a year-on-year decrease of 7.36%. Among them, imports from Mongolia decreased by 479 million tons, imports from Russia decreased by 2 million tons, and imports from Australia decreased by 23 million tons. Imports from the United States increased by 206 million tons in the first half of the year, but the import volume was zero in May and June [62][63]. Carbon Element Supply and Demand are in a Tight - Balance State, Inventory Structure is Continuously Optimized - Since the beginning of this year, the supply of carbon elements has been significantly affected by domestic production and imports, and the market is in a tight - balance state. The inventory of carbon elements has been continuously decreasing. After the Spring Festival, the de - stocking trend of carbon elements was stronger than in previous years. From mid - June, with the continuous decline in coking coal supply and strong domestic steel consumption and exports, the inventory of coking coal and carbon elements began to decline, and the coking coal price continued to rebound. Currently, the inventory structure of carbon elements shows a high degree of balance [72]. Re - evaluation of Iron and Carbon Elements Iron Element Supply is Expected to Recover, Iron Ore Inventory will be at a Medium - High Level - In April, overseas consumption was lower than expected, and overseas crude steel production and sales data were revised downwards. It is estimated that overseas crude steel consumption will increase by 1.4% year-on-year in 2025, while crude steel production is expected to decrease by 0.1%. Overseas demand for crude steel imports remains strong, and it is expected to increase by more than 1,350 million tons compared to 2025. Overseas scrap steel consumption is expected to decrease by 679 million tons, and overseas total iron production is expected to increase by 612 million tons, equivalent to an increase of 979 million tons in iron ore consumption. Based on the assumption that domestic steel consumption will increase by 0.4% year-on-year and considering the increase in iron ore imports in the second half of this year, relevant supply assumptions are made [77]. Production Increases, Imports Decrease, Supply and Demand of Coking Coal and Coke are in a Tight - Balance State - Based on the assumption of an increase in crude steel and pig iron production, it is estimated that the consumption of coke (for ironmaking) will increase by 652 million tons in 2025. Considering the poor coking profit in the past, coking plants generally adopt a production - based - on - sales strategy. The annual coke production is expected to increase by 439 million tons. The coke market will remain in a tight - balance state, and inventory will remain at a low level. Given the current decline in domestic coking coal production and a significant decrease in imports, the coking coal market will also be in a tight - balance state, and coking coal inventory is expected to reach a low level [3][7].

Core Viewpoint - Pakistan's National Tariff Commission has initiated an anti-dumping investigation against soda ash originating from Turkey and Kenya, responding to a request from local producers [1] Group 1: Investigation Details - The anti-dumping investigation period is set from April 1, 2024, to March 31, 2025 [1] - The damage investigation period will cover from April 1, 2022, to March 31, 2025 [1] - The preliminary ruling is expected to be made within 60 to 180 days from the date of the case filing [1]

Core Viewpoint - The Indian Ministry of Commerce has initiated a mid-term review investigation into the anti-dumping measures on jute products originating from or imported from Bangladesh and Nepal, following a request from domestic industry associations [1] Group 1: Investigation Details - The investigation will assess whether there is a need to re-evaluate the dumping margins and the extent of damage caused by exporters/producers from Bangladesh and Nepal [1] - The period for the anti-dumping investigation is set from April 2024 to March 2025, lasting 12 months [1] - The damage investigation will cover multiple periods: April 2021 to March 2022, April 2022 to March 2023, April 2023 to March 2024, and April 2024 to March 2025 [1]

Core Viewpoint - The announcement by Sanyuan Biotech regarding the preliminary ruling of the U.S. anti-dumping investigation on erythritol indicates a significant potential impact on the company's operations and market strategy due to a high anti-dumping tax rate of 450.64% [3][4]. Group 1: Investigation and Tax Implications - Sanyuan Biotech has been subjected to a preliminary anti-dumping tax of 450.64% as a mandatory respondent in the U.S. Department of Commerce's investigation [3]. - The investigation is ongoing, and the final ruling is expected to be announced on November 23, 2025 [3]. - Cargill, Incorporated has initiated a request for anti-dumping and countervailing investigations against erythritol products originating from China [3]. Group 2: Market Impact and Strategic Response - The ongoing anti-dumping and countervailing investigations have negatively affected Sanyuan Biotech's sales in the U.S. market [4]. - The company is shifting its sales strategy from an export-focused approach to a balanced domestic and international strategy, emphasizing the domestic health consumer market [4]. - Sanyuan Biotech is also expanding into emerging markets in Southeast Asia, India, the Middle East, and along the Belt and Road Initiative to mitigate the adverse effects of the U.S. market situation [4]. Group 3: Financial Performance and Market Position - Sanyuan Biotech, a leading domestic erythritol producer, entered the capital market in 2022, benefiting from a booming sugar substitute market [4]. - However, the company has faced significant challenges, including oversupply in the sugar substitute market leading to price declines and the negative impact of the anti-dumping investigation, resulting in a substantial drop in stock price [4]. - Despite some improvement in performance, the company's stock price remains low, indicating ongoing growth challenges [5].

Report Industry Investment Rating - No relevant content provided Core Viewpoints - The lead market has a supply - demand stalemate with no obvious contradictions. Tight raw materials and peak - season expectations support lead prices, and short - term prices are expected to be range - bound [1] - The zinc market has increasing supplies of both zinc ore and zinc ingots, while demand is in the off - season with an emerging inventory build - up trend. Fundamentals are weak, and short - term zinc prices are expected to be weakly range - bound. Consider shorting on rallies [1] Summary by Related Catalogs Lead Price and Market Data - The average price of SMM1 lead ingots decreased by 0.59% from the previous day, and the closing price of the main Shanghai lead contract dropped by 0.21% [1] - The LME 3 - month lead futures (electronic) closed at $1,978/ton, down 1.15% [1] News and Policies - In 2024, the GCC launched an anti - dumping investigation on lead - acid batteries from China or Malaysia. Different tariff ranges will be imposed on Chinese or Chinese - funded lead - acid battery enterprises [1] Fundamentals - There is no expected increase in lead concentrate imports, and processing fees are likely to rise. A primary lead smelter had a minor decline in production due to equipment maintenance [1] - In the secondary lead sector, waste lead - acid battery prices are likely to rise, and recyclers' supplies are limited. Secondary lead smelters face raw material shortages and cost issues, with overall low production [1] - The demand side is transitioning from the off - season to the peak season, and downstream purchasing may improve, reducing the drag on lead prices [1] Zinc Price and Market Data - The average price of SMM1 zinc ingots decreased by 0.45% from the previous day, and the main Shanghai zinc contract closed down 0.18% [1] - The LME 3 - month zinc futures (electronic) closed at $2,699.50/ton, down 0.07% [1] News and Policies - Vedanta's Q2 2025 report shows a 7% year - on - year increase in zinc concentrate production to 322,000 tons. Zinc India's production increased by 19% to 265,000 tons, and Zinc International's production increased by 50% to 57,000 tons [1] Fundamentals - Zinc smelters have sufficient raw material inventories, and zinc ore processing fees are rising. The production limit due to raw material shortages is weakening, and production is expected to increase [1] - Demand is in the off - season. Although zinc prices dropped and downstream buying increased zinc inventories, overall purchasing remains limited [1]

Core Viewpoint - The Ministry of Commerce of China has concluded an anti-dumping investigation on imported brandy from the EU, determining that there is dumping with a margin of 27.7% to 34.9%, and has accepted price commitments from 34 EU companies to avoid anti-dumping duties [3]. Group 1: Investigation Findings - The final ruling indicates that the domestic brandy industry in China is threatened by substantial damage due to dumping practices from the EU [3]. - The investigation was initiated on January 5, 2024, and followed strict adherence to Chinese laws and WTO rules, leading to a preliminary ruling on August 29, 2024 [3]. Group 2: Price Commitments - The Ministry accepted price commitments from 34 EU companies, allowing them to export without anti-dumping duties if they meet the agreed price levels [1]. - The acceptance of price commitments reflects China's cautious approach to trade remedy measures and aims to maintain fair market competition [2]. Group 3: Industry Response - The domestic brandy industry supports the final ruling and the acceptance of price commitments, while the EU industry has also welcomed this decision [2].

Core Viewpoint - The Ministry of Commerce of China has announced the final ruling on the anti-dumping investigation regarding imported brandy from the European Union, confirming the existence of dumping and substantial damage to the domestic industry, with a dumping margin of 27.7% to 34.9% [5]. Group 1: Final Ruling Details - The final ruling states that 34 EU companies' price commitments were accepted, meaning their products will not be subject to anti-dumping duties if they meet the agreed price conditions [2][5]. - The anti-dumping tax will be implemented starting from July 5, 2025, for a duration of five years, based on the Ministry's recommendation to the State Council Tariff Commission [5]. Group 2: Investigation Background - The investigation was initiated on January 5, 2024, following a request from the domestic brandy industry, and was conducted in accordance with Chinese laws and WTO rules [10]. - The products under investigation are defined as spirits obtained by distilling grape wine in containers holding less than 200 liters, commonly referred to as brandy [6][7][8]. Group 3: Considerations for Price Commitments - The acceptance of price commitments reflects China's cautious approach to trade remedy measures, aiming to maintain fair competition in the market [4]. - The domestic industry supports the final ruling and the price commitment approach, while the EU industry has also expressed approval [4].

Core Viewpoint - The Ministry of Commerce of China announced the final ruling on the anti-dumping investigation regarding imported brandy from the European Union, confirming the existence of dumping with a margin of 27.7% to 34.9% [1] Group 1: Investigation Details - The investigation was initiated on January 5, 2024, following a request from the domestic industry [1] - The final ruling was published on July 4, 2025, and the anti-dumping measures will be implemented starting July 5, 2025, for a duration of five years [1] - The investigation was conducted in accordance with laws and regulations, ensuring the rights of all stakeholders were protected [1] Group 2: Price Commitment - Some EU industry associations and companies submitted price commitment applications within the stipulated timeframe after the preliminary ruling [1] - The Ministry of Commerce accepted the price commitments that complied with Chinese laws, allowing exporters to avoid anti-dumping duties if they adhere to the agreed conditions [1] Group 3: Trade Relations - China emphasizes the cautious use of trade remedy measures and the acceptance of price commitments reflects its willingness to resolve trade disputes through dialogue [2] - There is a call for enhanced communication and cooperation between China and the EU to address economic and trade differences [2]

Group 1 - The 80th anniversary exhibition of the victory in the War of Resistance against Japan will open to the public on July 8 and will be a permanent display [1] - The Ministry of Commerce will soon make a final ruling on the anti-dumping investigation of brandy from the European Union [1] Group 2 - A total of 34 new independent new-type energy storage power stations are under construction in Inner Mongolia [3] - Beijing plans to regulate individuals renting out 10 or more housing units [3] Group 3 - The Chinese consulate in Barcelona has issued a reminder for citizens and visitors to be cautious about personal and property safety following a robbery incident [4] - The Brazilian financial system has suffered a cyber attack, prompting urgent intervention from the central bank [4] Group 4 - The police reported that all 10 individuals involved in the assault of a first-year female student have been apprehended, and the victim has received medical treatment [10] - A kindergarten in Gansu has been investigated for using additives that caused abnormal blood lead levels in some children [10]