核心观点 投资咨询业务资格：证监许可【2011】1778 号 钢材&铁矿石 | 日报 2025 年 10 月 9 日 钢材&铁矿石日报 专业研究·创造价值 原料偏强带动钢价震荡企稳 螺纹钢：主力期价震荡企稳，录得 0.19%日涨幅，量缩仓增。现阶段， 螺纹供应收缩，但高库存下利好效应不强，相应的需求表现依然疲弱， 供需双弱局面下基本面并无实质性改善，钢价易承压运行，关注节后需 求恢复情况。 热轧卷板：主力期价震荡走高，录得 0.37%日涨幅，量缩仓增。目前来 看，假期板材钢厂生产趋稳，供应压力偏大，而需求表现偏弱，基本面 弱势运行，库存显著增加，价格继续承压运行，关注节后需求表现情 况。 铁矿石：主力期价有所走强，录得 0.96%日涨幅，量仓扩大。现阶 段，假期海外商品市场氛围偏暖，给予矿价支撑，但矿石供应重回高 位，而需求料将趋弱，矿石基本面矛盾在累积，多空因素博弈下预计矿 价高位震荡运行，关注钢材表现情况。 （仅供参考，不构成任何投资建议） 姓名：涂伟华 宝城期货投资咨询部 从业资格证号：F3060359 投资咨询证号：Z0011688 电话：0571-87006873 邮箱：tuweihua@bcqhg ...

Group 1: Measures Against U.S. Companies - The U.S. Department of Commerce has added three companies to the unreliable entity list, prohibiting them from engaging in import and export activities related to China and from making new investments in China [1] - Three U.S. entities have been placed on the export control list, prohibiting the export of dual-use items to these companies, and all ongoing related export activities must cease immediately [1] Group 2: Trade Relief and Barrier Investigations - A preliminary anti-dumping investigation has been initiated against imported pecans from Mexico and the U.S., as evidence suggests dumping practices that harm domestic prices and cause substantial damage [2] - A trade barrier investigation has been launched regarding Mexico's proposed increase in import tariffs on products from non-free trade partners, which could severely impact Chinese enterprises' trade and investment interests [2] Group 3: Clarification of Multilateral and Bilateral Trade Positions - China has submitted a position paper to the WTO stating it does not seek new special and differential treatment in current and future negotiations, aiming to promote WTO reform and support global development initiatives [3] - The Chinese government urges the U.S. to eliminate unreasonable tariffs on soybean trade to create favorable conditions for expanding bilateral trade and enhancing global economic stability [3] - The Chinese government has indicated that the main obstacle to normal Sino-U.S. economic cooperation is unilateral restrictions imposed by the U.S., calling for mutual efforts to create favorable conditions for stable and sustainable development of Sino-U.S. economic relations [3]

Core Viewpoint - The Ministry of Commerce of China has initiated an anti-discrimination investigation against the United States regarding measures taken in the integrated circuit sector, citing potential discriminatory practices under Chinese trade law [1][2]. Investigation Details - The investigation targets U.S. measures related to integrated circuits, including tariffs imposed since 2018 and restrictions on exports of semiconductor products and manufacturing equipment to China [1][2]. - Specific measures under scrutiny include rules limiting U.S. participation in Chinese semiconductor projects and restrictions on the use of advanced Chinese computing chips [2]. - The investigation will utilize various methods such as written questionnaires, hearings, and on-site investigations to gather evidence [3]. Investigation Timeline - The investigation commenced on September 13, 2025, with a standard duration of three months, subject to extension under special circumstances [5]. Public Participation - Stakeholders can access public information related to the investigation through the Ministry of Commerce's website and submit written comments within 30 days of the announcement [6][7]. - Requests for hearings can be submitted within 20 days of the announcement [8]. Government Consultation - The U.S. government has the option to request intergovernmental consultations with China within 30 days of the announcement to address the impacts of the investigated measures [9].

Core Viewpoint - The Ministry of Commerce of China has initiated an anti-discrimination investigation against the United States regarding measures taken in the integrated circuit sector, citing potential discriminatory practices under Chinese trade law [1][2]. Investigation Details - The investigation targets U.S. measures related to integrated circuits, including tariffs imposed since 2018 and restrictions on exports of semiconductor products and manufacturing equipment to China [1][2]. - Specific measures under scrutiny include rules limiting U.S. participation in Chinese semiconductor projects and restrictions on advanced computing integrated circuits from China [2]. - The investigation will utilize various methods such as written questionnaires, hearings, and on-site investigations to gather evidence [3]. Investigation Timeline - The investigation commenced on September 13, 2025, with a typical duration of three months, extendable under special circumstances [5]. Public Participation - Stakeholders can access public information regarding the investigation through the Ministry of Commerce's website and are encouraged to submit written comments within 30 days of the announcement [6][7]. - Requests for hearings can be submitted within 20 days of the announcement [8]. Government Consultation - The U.S. government has the option to request intergovernmental consultations with China within 30 days to address the impacts of the investigated measures [9].

Core Viewpoint - Canada has decided to eliminate retaliatory tariffs on most U.S. imports, impacting approximately $21 billion in U.S. exports to Canada, including various consumer goods and appliances [3][4]. Group 1: Trade Relations and Tariffs - Canada will maintain tariffs on U.S. automobiles, steel, and aluminum temporarily, indicating a strong stance in these critical sectors [4]. - The decision to adjust negotiation strategies comes amid pressure from domestic, regional, and international factors, including the urgency created by other G7 members reaching trade agreements with the U.S. [7]. - The Canadian economy is facing challenges, with a reported GDP decline of 0.4% in Q2, following a 0.5% growth in Q1, and significant drops in exports of vehicles and machinery due to U.S. tariffs [7][8]. Group 2: Future Trade Frictions - Ongoing discussions focus on five strategic areas: steel, aluminum, automobiles, copper, and softwood lumber, with existing tariffs on non-compliant imports from Canada [11]. - The U.S. has imposed a 50% tariff on semi-finished copper and increased anti-dumping duties on Canadian softwood, raising the total tariff rate to 35.19% [11]. - The uncertainty surrounding negotiations has led to a decrease in foreign investment in Canada, with expectations that the U.S. may push for higher localization ratios and wage alignment in future talks [12].

Group 1 - The UK steel industry is threatening legal action against the government's decision to impose tariffs on raw steel imports from Asia, citing concerns over the impact on domestic manufacturers [1][3] - The UK Business Secretary Jonathan Reynolds announced a reduction in the tariff-free import quota for raw steel from Vietnam and South Korea, claiming it aims to protect local steel producers from cheap imports [1][2] - The sudden decision led to significant logistical issues, with thousands of tons of raw steel stuck at UK ports due to a 25% tariff on goods that had already been paid for, causing financial strain and supply chain instability for manufacturers [2][3] Group 2 - The Confederation of British Metalforming (CBM) represents a large number of manufacturers affected by the government's decision, highlighting challenges such as rising costs and delivery delays [2][3] - Some manufacturers are uniting to support a judicial review of the government's decision, arguing that it did not follow the Trade Remedies Authority's (TRA) recommendations, which suggested a 40% cap on tariff-free imports [3] - The UK steel industry is facing long-term challenges, including declining demand due to reduced automotive production and a slowdown in the commercial construction sector, exacerbated by increased global competition [3][4]

Group 1 - The core viewpoint emphasizes the need for China and the EU to work together to prepare for important economic and trade agendas, promoting a healthy and stable development of their economic relationship [1][3] - The Chinese Ministry of Commerce has maintained close communication with the EU at all levels, focusing on enhancing bilateral trade and investment cooperation, and addressing trade disputes through dialogue [3][4] - China is committed to high-level openness and aims to provide European companies with a broad market and development opportunities, while opposing any actions that undermine China's development rights [5][6] Group 2 - The EU has been implementing various industrial policies and providing substantial subsidies to support European companies, with over €1.44 trillion in subsidies planned from 2021 to 2030, and more than €300 billion already disbursed by 2024 [4][6] - The Chinese government criticizes the EU's protectionist measures, which it views as a double standard, and calls for a fair, transparent, and non-discriminatory business environment for Chinese enterprises [6][7] - The EU's recent decision to restrict Chinese companies from participating in public procurement projects over €5 million has raised concerns about fairness and the impact on long-standing cooperation in the medical sector [7][8]