氯碱日报 | 2025-11-19 关注PVC反倾销税进展 市场要闻与重要数据 PVC: 期货价格及基差：PVC主力收盘价4520元/吨（-81）；华东基差-40元/吨（+61）;华南基差20元/吨（+31）。 现货价格：华东电石法报价4480元/吨（-20）；华南电石法报价4540元/吨（-50）。 上游生产利润：兰炭价格800元/吨（+0）；电石价格2805元/吨（+0）；电石利润-125元/吨（+0）；PVC电石法生产毛 利-820元/吨（-50）；PVC乙烯法生产毛利-491元/吨（-26）；PVC出口利润2.3美元/吨（+3.5）。 PVC库存与开工：PVC厂内库存32.2万吨（-1.2）；PVC社会库存53.2万吨（-1.3）；PVC电石法开工率79.57%（-0.60%）； PVC乙烯法开工率70.13%（-7.10%）；PVC开工率76.71%（-2.57%）。 下游订单情况：生产企业预售量69.9万吨（-4.3）。 烧碱： 期货价格及基差：SH主力收盘价2286元/吨（-5）；山东32%液碱基差152元/吨（+5）。 现货价格：山东32%液碱报价780元/吨（+0）；山东50%液碱报价125 ...

人民财讯11月17日电，商务部公告称，2020年11月17日，商务部发布2020年第46号公告，决定自2020年 11月18日起，对原产于美国的进口正丙醇征收反倾销税，税率为254.4%-267.4%，实施期限为5年。根据 《中华人民共和国反倾销条例》第四十八条规定，商务部决定自2025年11月18日起，对原产于美国的进 口正丙醇所适用的反倾销措施进行期终复审调查。根据商务部建议，国务院关税税则委员会决定，在反 倾销措施期终复审调查期间，对原产于美国的进口正丙醇继续按照商务部2020年第46号公告公布的征税 产品范围和税率征收反倾销税。 ...

格隆汇11月13日｜印度政府：对来自越南的部分钢铁产品征收反倾销税，为期五年。 （责任编辑：宋政 HN002） 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com ...

2025.11. 11 本文字数：1458，阅读时长大约3分钟 在调查结束后，调查机构指责这些企业"不配合"，并称他们提交的文件中包含未经翻译的意大利语单 词和未定义的缩写。随后，美国政府宣布，他们将对全部13家意大利公司征收高额关税，因为"这两 个品牌的行为代表着整个意大利行业"。 作者 | 第一财经 孙卓 近期，13家意大利通心粉品牌宣布，他们可能不得不从美国超市下架产品，或者最早在明年1月就被 迫大幅提价，因为他们所面临的高达107%的惩罚性关税即将生效。 据央视报道，此前在当地时间10月4日，正在美国访问的意大利农业粮食主权和林业部部长洛洛布里 吉达表示，美方针对意大利面食的反倾销关税属于 "超级保护主义机制"，既无必要也无任何道理 。 其中一家受到影响的公司陆墨（Rummo）表示，尽管他们对这项新政策不满，但他们不会将新关税 带来的成本转嫁给消费者。 "这不仅对陆墨公司，对所有意大利面公司来说都将是毁灭性的打击。"该企业美国公司首席商务官唐 纳利（Jim Donnelly）表示。 唐纳利否认了反倾销指控，并辩称陆墨在美售价远高于意大利本土价格。 唐纳利称，如果将1月份全部关税成本转嫁给消费者，其产品 ...

近期，13家意大利通心粉品牌宣布，他们可能不得不从美国超市下架产品，或者最早在明年1月就被迫 大幅提价，因为他们所面临的高达107%的惩罚性关税即将生效。 据央视报道，此前在当地时间10月4日，正在美国访问的意大利农业粮食主权和林业部部长洛洛布里吉 达表示，美方针对意大利面食的反倾销关税属于"超级保护主义机制"，既无必要也无任何道理。其中一 家受到影响的公司陆墨（Rummo）表示，尽管他们对这项新政策不满，但他们不会将新关税带来的成 本转嫁给消费者。 "这不仅对陆墨公司，对所有意大利面公司来说都将是毁灭性的打击。"该企业美国公司首席商务官唐纳 利（Jim Donnelly）表示。 唐纳利否认了反倾销指控，并辩称陆墨在美售价远高于意大利本土价格。 作为调查的一部分，美国政府要求Pasta Garofalo和La Molisana两个品牌提供相关信息，但这两家公司否 认了相关指控。 在调查结束后，调查机构指责这些企业"不配合"，并称他们提交的文件中包含未经翻译的意大利语单词 和未定义的缩写。随后，美国政府宣布，他们将对全部13家意大利公司征收高额关税，因为"这两个品 牌的行为代表着整个意大利行业"。 据央视报道， ...

Core Viewpoint - The Ministry of Commerce of China announced new anti-dumping measures on specific types of optical fibers imported from the United States, reflecting changes in the trade environment [1] Group 1: Policy Changes - Starting from September 4, 2025, anti-circumvention measures will be applied to imports of related cutoff wavelength single-mode optical fibers originating from the United States, using the existing anti-dumping tax rate for non-dispersion shifted single-mode optical fibers [1] - Following changes in the trade environment, the Ministry of Commerce recommended to the State Council Tariff Commission to stop the application of the current anti-dumping tax rate on imports of related cutoff wavelength single-mode optical fibers from the United States [1] - The State Council Tariff Commission accepted the Ministry's recommendation, deciding to cease the application of the anti-dumping tax rate on these imports starting November 10, 2025 [1]

Core Points - The Ministry of Commerce announced the implementation of anti-circumvention measures on imports of related cutoff wavelength single-mode fibers originating from the United States starting September 4, 2025 [1] - The current anti-dumping tax rate applicable to non-dispersion shifted single-mode fibers from the U.S. will also apply to the related cutoff wavelength single-mode fibers [1] - Due to changes in the trade environment, the Ministry of Commerce recommended the cessation of these anti-circumvention measures, which was accepted by the State Council Tariff Commission, effective November 10, 2025 [1] Summary by Sections - **Announcement Details** - The Ministry of Commerce issued Announcement No. 48 of 2025 on September 3, 2025 [1] - The measures will affect imports of specific single-mode fibers from the U.S. [1] - **Tax Rate Application** - The existing anti-dumping tax rate for non-dispersion shifted single-mode fibers will be applied to the related cutoff wavelength single-mode fibers [1] - **Cessation of Measures** - The Ministry of Commerce proposed to stop the anti-circumvention measures due to changes in the trade environment [1] - The cessation of these measures will take effect on November 10, 2025 [1]

【冠通期货研究报告】 PVC日报：震荡运行 发布日期：2025年11月4日 投资有风险，入市需谨慎。 本公司具备期货交易咨询业务资格，请务必阅读最后一页免责声明。 1 【行情分析】 上游西北地区电石价格稳定。目前供应端，PVC开工率环比增加1.69个百分点至78.26%，PVC开工 率有所增加，仍处于近年同期偏高水平。PVC下游开工率小幅提升，超过过去两年同期，只是仍是偏 低水平。印度将BIS政策再次延期六个月至2025年12月24日执行，中国台湾台塑11月份报价下调30-40 美元/吨，8月14日，印度公示最新的进口PVC反倾销税，其中中国大陆地区上调50美元/吨左右，四季 度中国PVC出口预期减弱。不过，近期出口价格下降后，反倾销税还未执行，9月出口仍较好，目前 出口签单暂未明显走弱。上周社会库存略有减少，目前仍偏高，库存压力仍然较大。2025年1-9月份， 房地产仍在调整阶段，投资、新开工、竣工面积同比降幅仍较大，投资、销售、施工等同比增速进 一步下降。30大中城市商品房周度成交面积环比回落，仍处于近年同期最低水平附近，房地产改善 仍需时间。氯碱综合利润仍为正值，PVC开工率同比往年偏高。同时新增产能上 ...

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - India's anti-dumping tax policy on Chinese PVC products is a key variable determining China's future PVC export trends. The anti-dumping tax has weakened or eliminated the price advantage of Chinese products, putting significant pressure on exports. This has prompted China's PVC industry to make strategic choices, and a new pattern of diversified exports is emerging [2][3]. - Overseas PVC production capacity is shifting from traditional European production centers to regions with energy and market advantages, which will affect future global trade flows and competition patterns [4]. Summary by Related Catalogs India's Anti-dumping Tax History - India conducts anti-dumping investigations on China based on the Customs Tariff Act of 1975 and the Anti-dumping Rules of 1995. The anti-dumping investigation procedure includes application, filing, preliminary ruling, on - site review, hearing, price commitment, final ruling, etc. After the anti-dumping tax is levied, there are three types of review procedures: new exporter review, mid - term review, and sunset review [10]. - India has initiated multiple anti - dumping and safeguard measure investigations on Chinese PVC - related products, including PVC suspension resin, PVC paste resin, etc. Most cases have resulted in restrictive measures [3][11]. - For the anti - dumping investigation of PVC suspension resin initiated in 2024, the final ruling has been completed, and the market expects the result on whether the anti - dumping tax will be implemented in November 2025 [3][19]. PVC Export Structure - Since 2025, due to the resurgence of India's anti - dumping tax investigation in 2024, there has been a rush to export, and China's PVC exports this year are higher than the same period. India is the main destination for China's PVC exports. If India imposes anti - dumping taxes on Chinese PVC, it will affect China's export structure [22]. - From 2014 to 2022, during the first anti - dumping tax collection period, the proportion of China's PVC exports to India decreased. After the expiration of the tax in 2022, the proportion rebounded. India's PVC demand is expected to have high growth potential [26]. PVC Export Trend Changes - After the anti - dumping tax is imposed, Chinese PVC export prices may not maintain an advantage in the Indian market. However, some Chinese enterprises still have a slight price advantage [29]. - In recent years, China's PVC exports to Southeast Asia, Africa, Central Asia, and the Middle East have increased significantly. Although India's anti - dumping tax may cause a short - term decline in exports, in the long run, global market re - layout may alleviate the domestic PVC supply - demand situation [32]. Overview of Overseas Production Capacity - In 2025, some European PVC enterprises announced shutdown plans due to high energy costs and weak demand, with a total expected exit capacity of 410,000 tons. The new production capacity in 2025 is mainly concentrated in the Middle East and Southeast Asia, and India will be the core area for capacity expansion in 2026 [4][52]. - Globally, PVC production capacity is shifting from high - cost regions to regions with energy and market advantages, while China's new production capacity is expanding on a large scale based on resource advantages [4][59].

Core Viewpoint - The recent U.S. sanctions on nine Indian entities involved in Iranian oil trade have caused turmoil in the Indian petrochemical market, exacerbated by insufficient domestic demand following the anticipated post-Diwali replenishment period [1] Group 1: Impact of U.S. Sanctions - The U.S. Treasury's Office of Foreign Assets Control (OFAC) has imposed sanctions on several Indian petrochemical trading companies, which may disrupt related trade activities [1] - Major Indian petrochemical importers are included in the sanctions list, leading to significant concerns about potential chaos in the Indian chemical market [2] - Traders fear that goods sold to sanctioned entities or en route to India may result in unrecoverable payments, causing substantial losses [2] Group 2: Domestic Market Conditions - Domestic prices in India are expected to rise due to the sanctions, with all quotations currently on hold [3] - The anticipated pre-Diwali replenishment has not materialized, leading to weak demand for products like polyethylene (PE), acetic acid, vinyl acetate monomer (VAM), and methyl isobutyl ketone (MIBK) [3] - Factors contributing to weak demand include high inventory levels, prolonged monsoon season, and adjustments to the Goods and Services Tax (GST) policy [3] Group 3: Price Trends and Market Sentiment - The Indian PE market is experiencing a significant downturn, with high-density polyethylene (HDPE) and linear low-density polyethylene (LLDPE) prices hitting near five-year lows, while low-density polyethylene (LDPE) prices are at a two-year low [4] - Despite expectations for demand recovery post-Diwali, the market remains cautious due to various disruptions, including the extended monsoon and GST adjustments [4] - The PVC market is also sluggish, with low purchasing willingness among companies due to uncertainty regarding the effective date of anti-dumping duties [4] Group 4: Global Trade Dynamics - The implementation of anti-dumping duties and U.S. sanctions is altering global trade flows, with Indian producers seeking alternative markets in Southeast Asia, the Middle East, and Africa [5] - The Indian market is shifting towards importing ethylene glycol from the U.S. while reducing purchases from countries under anti-dumping investigation [5] - Current Asian ethylene glycol spot prices have fallen below $500 per ton, with expectations of continued low demand until the end of 2025 [5]