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].

// 今日关注 // 1 、中美经贸磋商机制首次会议在英国伦敦举行 2 、外交部回应香港长和出售海外港口资产 3 、兴业证券：截至目前，未得到任何有关"与华福证券合并"的信息 4 、中证协拟启动 2025 年券商支持上市公司并购重组能力专项评价 5 、美国通胀意外低于预期， 5 月整体 CPI 同比增 2.4 % // 中国债券预警 // // 宏观预警 // 1 、中美经贸磋商机制首次会议在英国伦敦举行 据央视新闻，中美经贸中方牵头人、国务院副总理何立峰与美方牵头人、美国财政部长贝森特及 商务部长卢特尼克、贸易代表格里尔在英国伦敦举行中美经贸磋商机制首次会议。何立峰表示， 本次会议是在两国元首今年 6 月 5 日战略共识指引下开展的一次重要磋商。中方对中美经贸问题 的态度和立场是明确的、一贯的。中美经贸关系的本质是互利共赢，中美在经贸领域合则两利、 斗则俱伤。贸易战没有赢家，中方不愿打，但也不怕打。双方应通过平等对话、互利合作解决经 贸分歧，中方对经贸磋商是有诚意的，也是有原则的。下一步，双方要按照两国元首通话达成的 重要共识和要求，进一步发挥好中美经贸磋商机制作用，不断增进共识、减少误解、加强合作。 2 ...

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]

2025年5月29日，墨西哥经济部发布公告，就对华PET(聚对苯二甲酸乙二醇酯)反倾销调查做出最终裁 决。中银国际业务部主任、高级合伙人贾征律师作为主办律师，陈瑶律师、赵睿轩律师作为协办律师在 本案中代理万凯新材料股份有限公司和重庆万凯新材料科技有限公司参与应诉，并协助客户在最终裁决 中获得唯一的零税率，其他出口企业的税率为40美元每吨至260美元每吨。这是中国企业首次在墨西哥 对华反倾销调查中赢得零税率，具有十分重大的意义。 律师团队 中银律师贸易救济及WTO法律服务中心拥有一批理论成果丰硕、实践经验丰富、代理业绩优秀的律师 和会计师，业务领域涵盖反倾销、反补贴、保障措施、WTO谈判和争端解决、贸易壁垒调查、与贸易 有关的投资措施、服务贸易、海关法等。中银律师的服务贯穿反倾销事务的各个阶段，包括原案调查中 的应诉和申诉、各种行政复审、司法审查以及征税和退税方面的服务。中银贸易救济和WTO服务中心 的宗旨是：善用各国国内法和WTO规则，捍卫国家和企业的自由贸易权利，维护企业的正当权益，以 企业需求为己任，打造国际一流贸易救济和WTO法律服务品牌。 2024年1月29日，墨西哥经济部对华PET发起反倾销调查。2 ...

Group 1: Research Background - Steel mills are showing high production enthusiasm, with pig iron output reaching the highest level for the same period since March before starting to decline, leading to accumulated supply pressure [1] - Hebei, as the largest steel production base in China, accounts for 20%-30% of the national output, primarily in plate products, making its production dynamics significantly influential on the national market [1] - The demand for steel is expected to decline seasonally, but the "export rush" effect has shown strong resilience in steel demand, with export volumes increasing year-on-year [1] Group 2: Production and Output - Most steel mills have adopted an over-ordering strategy, with orders from downstream processing plants typically ranging from 15 to 30 days, and some products scheduled for production until the end of July [2] - Steel mills are currently enjoying decent profits, with immediate profits around 100-200 yuan per ton, and some mills achieving net profits exceeding 100 yuan per ton [2] Group 3: Export Situation - Export profits remain acceptable, with increases in the export volumes of rebar, steel billets, and wire rods, particularly to the Middle East and Africa, while reductions are noted in exports to South Korea and Japan [4] - There is potential for screening orders in steel billet exports, and while some believe that the export rush may deplete future demand, the actual impact may not be as significant as anticipated [4] Group 4: Inventory and Expectations - Inventory levels among steel mills and traders are low, with steel mill inventories dropping from 20,000 tons to 4,000 tons, indicating a need for inventory building based on market fluctuations [6] - Some anticipate that upcoming events such as the Shanghai Cooperation Organization summit in July and the World University Games in August may impact short-term supply, while others doubt the effectiveness of policy-driven production restrictions due to local GDP pressures [6] Group 5: Seasonal Demand Outlook - The negative feedback from the industrial sector in June may be difficult to realize, as steel mills are currently profitable and production is stable, making significant production cuts unlikely [7] - The resilience of plate demand is a key variable influencing the overall demand for steel during the off-season, with expectations that plate demand may outperform market predictions [7] Group 6: Specific Situations in Steel Mills and Processing Plants - A hot-rolled processing enterprise reported a production capacity of 4 million tons, with a focus on color-coated products, and is experiencing high demand, with orders extending to the end of July [9] - A steel mill's trading department noted that orders for various steel products are generally over 25 days, with net profits ranging from 50 to 100 yuan per ton, and a positive outlook on the market despite regional pressures [10] - A cold-rolled sales department indicated that exports are primarily directed towards Southeast Asia and the Middle East, with a notable increase in orders, although the overall export volume is slightly weaker compared to previous months [11] Group 7: Market Dynamics and Price Trends - The current market is characterized by strong realities and weak expectations, with healthy inventory levels and order volumes, suggesting that the anticipated negative feedback may not materialize [8] - The steel price may experience fluctuations, with potential upward movement if the current strong reality persists, despite the overall market sentiment being cautious [12]

美国作出硬质空心胶囊反倾销初裁 智通财经5月26日电，美国商务部宣布对进口自中国、巴西、印度和越南的硬质空心胶囊作出反倾销初 裁，初步裁定中国生产商/出口商的倾销率为5.40%－172.24%（抵消补贴后的保证金调整为不适用）、 巴西生产商/出口商的倾销率为77.29%（抵消补贴后的保证金调整为不适用）、印度生产商/出口商的倾 销率为3.60%－24.78%（抵消补贴后的保证金调整为0.0%－14.91%）、越南生产商/出口商的倾销率为 9.99%（抵消补贴后的保证金调整为8.35%）。美国商务部预计将于10月13日对上述涉案产品作出反倾 销终裁。 ...

Group 1 - The Ministry of Commerce of China announced the final ruling on anti-dumping investigations against imported copolymer formaldehyde from the US, EU, Taiwan, and Japan, confirming that dumping exists and has caused substantial damage to the domestic industry [1] - The investigation revealed that the imported copolymer formaldehyde is priced lower than domestic products, disrupting normal sales for domestic companies, which are crucial for sectors like new energy vehicles and high-end medical devices [3] - The anti-dumping measures are part of a normal legal procedure aimed at maintaining fair market competition and protecting domestic enterprises from unfair trade practices [3] Group 2 - The US has imposed high tariffs on imports, with European goods facing a 34.5% tariff and Japanese goods a 35.5% tariff, while specific companies from Taiwan enjoy significantly lower rates [3] - The ongoing trade tensions and tariffs are part of a broader strategy by China to assert control over global supply chains and respond to US actions, particularly in the rare earth sector [6] - Recent discussions in the US regarding imposing tariffs on port equipment have faced strong opposition from the US port industry, which argues for tax policy adjustments instead of high tariffs on Chinese products [8]

2024年6月29日，印度商工部发布公告称，应印度国内企业Swarup Chemicals Private Limited提交的申 请，对原产于或进口自欧盟的福美双启动反倾销调查。案件倾销调查期为2023年1月1日至2023年12月31 日（12个月），损害调查期为2020年至2021年、2021年至2022年、2022年至2023年以及2023年1月1日至 2023年12月31日。 据中国贸易救济信息网消息，2025年5月15日，印度商工部发布公告，对原产于或进口自欧盟的福美双 （Thiram in any form）作出反倾销肯定性终裁，建议对欧盟的涉案产品征收733美元/吨的反倾销税，有 效期为5年。本案涉及印度海关编码38089230项下的产品。 ...

Core Viewpoint - The Chinese Ministry of Commerce has announced a final ruling on anti-dumping investigations against imports of copolymer formaldehyde from the US, EU, Taiwan, and Japan, confirming that these imports have caused substantial harm to the domestic industry [1][5]. Group 1: Anti-Dumping Investigation - The Ministry of Commerce initiated the anti-dumping investigation on May 19, 2024, and has concluded that there is a causal relationship between dumping and substantial harm to the domestic copolymer formaldehyde industry [1][5]. - The investigation revealed that US, EU, Taiwan, and Japan's copolymer formaldehyde was being sold at prices significantly below cost, with US products being priced 30% lower than production costs [3][5]. Group 2: Market Impact - The automotive sector accounts for approximately 35% of copolymer formaldehyde usage, while the electronics sector accounts for about 25% [3]. - The market share of Chinese companies in copolymer formaldehyde has decreased from 45% in 2019 to 28% in 2023 due to aggressive pricing strategies by foreign competitors [3][5]. - European companies face a dumping margin of 23.8%, while Japanese companies face a margin of 31.45%, leading to potential market share losses [5]. Group 3: Strategic Implications - The anti-dumping measures are seen as a strategic move by China in the context of global trade tensions, signaling a shift from a defensive to a more proactive stance in protecting domestic industries [7]. - This action reflects China's growing awareness and capability to protect key materials and industries, with copolymer formaldehyde being just the beginning [7].