Core Viewpoint - China has adopted rapid and firm countermeasures in response to a new round of trade provocations from the United States, showcasing a new strategy and rhythm in trade negotiations [1] Group 1: China's Countermeasures - The Ministry of Transport in China has introduced new regulations to impose special port fees on U.S.-flagged vessels, mirroring previous U.S. actions against Chinese vessels [1] - The Chinese government has implemented a uniform 34% tariff on all U.S. imports, marking a significant escalation in retaliatory measures [5][6] - China has also imposed export controls on seven categories of rare earth elements, emphasizing its strategic position in critical supply chains [6] Group 2: Targeted Sanctions - The Ministry of Commerce has blacklisted the South Korean company Hanwha Ocean's U.S. subsidiary for its involvement in U.S. anti-subsidy investigations against China's shipping industry, reflecting a strategy of precise targeting [3] - This approach aims to deter other third-party companies from cooperating with U.S. actions against China, signaling that such cooperation will incur costs [3] Group 3: U.S. Response and Domestic Pressure - Following China's countermeasures, the U.S. has softened its tone, expressing willingness to continue negotiations and inviting Chinese representatives for discussions, indicating domestic pressures such as inflation and consumer sensitivity to price increases [3][6] - Small businesses in the U.S. have filed lawsuits against the government, arguing that the imposition of tariffs without Congressional approval is unconstitutional [8] Group 4: Global Trade Implications - The U.S. unilateral tariff policies violate the most-favored-nation principle of the World Trade Organization, raising concerns about the global trade outlook [9][15] - China's actions reflect a mature strategy, adhering to proportionality in its countermeasures while maintaining a cautious approach compared to the U.S.'s broad tariff increases [9][11] Group 5: Industry-Specific Impacts - The semiconductor sector is particularly affected, with China initiating anti-dumping investigations into U.S. imported analog chips, which have seen a significant price drop despite increasing market share [13] - Various industries, such as electronics, textiles, and automotive, face different levels of impact from the tariffs, with some experiencing price pressures and others accelerating domestic replacements [13][16] Group 6: Long-term Strategic Shifts - The trade friction is prompting China to enhance its industrial capabilities and reduce reliance on U.S. technology, while also diversifying its export markets towards ASEAN, the Middle East, and Latin America [13][16] - The ongoing trade conflict is expected to reshape the global economic landscape, with the evolution of the global trade system heavily influenced by the outcomes of the U.S.-China trade negotiations [16]

Report Industry Investment Rating - No relevant content provided. Core Viewpoints of the Report - The main contract price of rebar fluctuated and stabilized, with a daily increase of 0.19%. Currently, rebar supply is contracting, but the positive effect is weak under high inventory. Demand remains weak, and the fundamentals have not improved substantially. Steel prices are prone to downward pressure. Attention should be paid to the post - holiday demand recovery [4]. - The main contract price of hot - rolled coil rose in a fluctuating manner, with a daily increase of 0.37%. During the holiday, the production of plate mills was stable, the supply pressure was high, demand was weak, the fundamentals were weak, inventory increased significantly, and prices continued to be under pressure. Attention should be paid to the post - holiday demand performance [4]. - The main contract price of iron ore strengthened, with a daily increase of 0.96%. During the holiday, the overseas commodity market atmosphere was warm, supporting the ore price. However, ore supply returned to a high level, and demand was expected to weaken. The contradictions in the iron ore fundamentals were accumulating. Under the game of multiple and short factors, the ore price was expected to fluctuate at a high level. Attention should be paid to the performance of steel [4]. Summary by Relevant Catalogs Industry Dynamics - The WTO significantly lowered the global goods trade growth forecast for 2026 to 0.5%, down from the 1.8% forecast in August. The growth rate of global service exports is expected to drop from 6.8% in 2024 to 4.6% in 2025 and further to 4.4% in 2026. Trade restrictions and policy uncertainties spreading to more economies and industries pose major downward risks [6]. - In September 2025, China's heavy - truck market sold about 105,000 vehicles (wholesale basis, including exports and new energy), a 15% increase from August and an 82% increase from the same period last year. The heavy - truck market has achieved six consecutive months of growth, with an average growth rate of 39% from April to September [7]. - From January to September 2025, the China Trade Remedy Information Network announced more than 120 anti - dumping and counter -vailing investigations or rulings against Chinese steel products by foreign countries. The涉案 varieties include carbon steel alloy wire rods, steel fences, large - diameter welded pipes, etc. [8]. Spot Market - The spot prices of rebar in Shanghai and Tianjin are 3,210 yuan, and the national average price is 3,258 yuan. The spot prices of hot - rolled coil in Shanghai and Tianjin are 3,350 yuan and 3,290 yuan respectively, and the national average price is 3,398 yuan. The price of Tangshan steel billet is 2,950 yuan, and the price of Zhangjiagang heavy scrap is 2,150 yuan. The spread between hot - rolled coil and rebar is 140 yuan, and the spread between rebar and scrap is 1,060 yuan. The price of 61.5% PB powder at Shandong ports is 783 yuan, and the price of Tangshan iron concentrate is 802 yuan. The sea freight from Australia is 10.34 yuan, and from Brazil is 25.46 yuan. The SGX swap (current month) is 105.29 yuan, and the Platts Index (CFR, 62%) is 103.90 yuan [9]. Futures Market - The closing price of the rebar futures active contract is 3,096 yuan, with a daily increase of 0.19%. The trading volume is 823,683 lots, a decrease of 136,145 lots, and the open interest is 1,908,129 lots, an increase of 34,297 lots. - The closing price of the hot - rolled coil futures active contract is 3,286 yuan, with a daily increase of 0.37%. The trading volume is 369,788 lots, a decrease of 141,323 lots, and the open interest is 1,374,586 lots, an increase of 24,718 lots. - The closing price of the iron ore futures active contract is 790.5 yuan, with a daily increase of 0.96%. The trading volume is 240,766 lots, an increase of 45,587 lots, and the open interest is 459,565 lots, an increase of 12,200 lots [11]. Relevant Charts - The report provides charts on steel inventory (including rebar and hot - rolled coil inventory), iron ore inventory (including 45 - port inventory, 247 - steel - mill inventory, etc.), and steel - mill production conditions (including blast - furnace operating rate, capacity utilization rate, etc.) [13][20][28]. 后市研判 - Rebar: During the holiday, the spot price of construction steel was stable. The pre - holiday supply - demand pattern of rebar continued to improve marginally. The production of construction steel mills was stable, and the weekly output of rebar increased slightly. Considering the poor profitability of steel mills, the short - term production increase momentum is weak, and the supply will run stably at a low level. However, the inventory increase pressure during the holiday is large, and the positive effect is weak. The pre - holiday demand improved due to downstream restocking, but both supply and demand are at low levels in recent years, and the improvement space of peak - season demand is expected to be insufficient. The steel price is prone to downward pressure, and attention should be paid to the post - holiday demand recovery [35]. - Hot - rolled coil: During the holiday, the spot price of hot - rolled coil was stable. The pre - holiday supply - demand pattern of hot - rolled coil weakened, inventory continued to increase, the production of plate mills was weakly stable, the weekly output of hot - rolled coil was at a high level, and the inventory was relatively high. There was also off - balance - sheet production transfer, resulting in high supply pressure. The demand for hot - rolled coil began to weaken, and high - frequency indicators continued to decline. Although the output of the main downstream cold - rolled products returned to a high level, due to the accumulated industrial contradictions, it was still likely to drag down the demand for hot - rolled coil. Coupled with limited improvement in external demand, the demand resilience of hot - rolled coil is expected to weaken. The price will continue to be under pressure, and attention should be paid to the post - holiday demand performance [35]. - Iron ore: During the holiday, the SGX iron ore swap fluctuated higher, and the spot price increased. However, the pre - holiday supply - demand pattern of iron ore weakened. The production of steel mills was stable, the terminal consumption of ore remained at a high level, and the demand performance was acceptable, supporting the ore price. However, the positive effect of restocking was weakening, and the contradictions in the steel market were accumulating. The post - holiday demand may weaken. At the same time, the arrival volume of iron ore at domestic ports returned to a high level, overseas ore shipments were active under high ore prices, and domestic ore supply recovered. The iron ore supply returned to a high level. The ore price is expected to fluctuate at a high level under the game of multiple and short factors, and attention should be paid to the performance of steel [36].

Core Viewpoint - The U.S. Department of Commerce announced a preliminary anti-dumping ruling on imports of polypropylene corrugated boxes from China, setting a nationwide tax rate of 83.64% and an adjusted margin of 73.10% after offsetting subsidies [1] Group 1 - The preliminary ruling is part of an ongoing investigation initiated on April 7, 2025, regarding anti-dumping and countervailing duties on polypropylene corrugated boxes imported from China and anti-dumping duties on those from Vietnam [1] - The final ruling on anti-dumping is expected to be combined with the final ruling on countervailing duties and is scheduled for November 12, 2025 [1]

Group 1 - The U.S. Department of Commerce announced a preliminary anti-dumping ruling on imports of Active Anode Material from China, with a dumping margin of 93.50% for individual producers/exporters and a national rate of 102.72% [1] - The investigation primarily involves products under U.S. Customs codes 2504.10.5000 and 3801.10.5000 [1] - The anti-dumping and countervailing duty investigation was initiated on January 7, 2025 [1]

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]

Group 1 - The U.S. government frequently uses tariffs as a tool to combat what it perceives as "unfair competition" from foreign subsidies, leading to a contradictory situation [1][2] - The legitimacy of the U.S. government's stance on subsidies is questionable, as it has provided significant subsidies to its own industries, totaling at least $68 billion from 2000 to 2015, and has continued to do so under both Democratic and Republican administrations [3][4] - Recent U.S. policies aimed at boosting domestic manufacturing have not met expectations, with companies citing worsening market conditions and policy uncertainty as reasons for delaying investment plans [4][5] Group 2 - The U.S. manufacturing sector faces significant challenges, including a shortage of skilled labor and high operational costs, which are major constraints on its development [5][6] - In contrast, China's manufacturing sector has shown strong performance and export capabilities, adhering to WTO rules regarding subsidies, and its trade surplus is stable across various industries [6][7] - The U.S. government's continued focus on "anti-subsidy" measures may ultimately harm its own interests, as it seeks to blame external factors for its manufacturing struggles [7]

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]

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]

Core Viewpoint - The U.S. International Trade Commission (ITC) has made a final affirmative ruling on the anti-dumping and countervailing duties against alkyl phosphates imported from China, determining that these products have caused or threatened substantial harm to the U.S. domestic industry [1] Group 1 - The ITC's ruling confirms that the products in question, classified under U.S. Customs Code 2919.90.5050, have been found to be involved in dumping and subsidization practices [1] - Following the ITC's ruling, the U.S. Department of Commerce will issue anti-dumping and countervailing duty orders on the affected products [1]