1. Report Industry Investment Rating No information provided. 2. Core View of the Report - The expansion of the US steel and aluminum tariff scope on August 15 did not change the tariff rate. The impact on aluminum prices is relatively small compared to the adjustment on May 30. The tariff is expected to cause a price correction rather than a reversal, and the correction range is not expected to be deep. In the medium - term, aluminum prices are still optimistic, and the correction is regarded as a restocking opportunity [3][16]. - The impact of the tariff expansion on demand needs to be verified by subsequent retail data. The previous tariff increase made PPI rise but had little impact on CPI, indicating that most of the tariff was absorbed by manufacturers and had less impact on demand [14]. - The US tariff policy adjustment affects the entire non - ferrous metal sector, which will be reflected in demand and then affect prices. The tariff range may be adjusted according to relevant categories, and the policy uncertainty in the second half of 2025 is decreasing [18]. 3. Summary by Relevant Contents US Steel and Aluminum Tariff Policy Timeline - On February 10, 2025, Trump signed a document to impose a 25% tariff on all imported steel and aluminum in the US and cancel the tax - free quotas and exemptions for some trading partners [2]. - On March 12, 2025, the 25% tariff on all imported steel and aluminum in the US officially took effect [2]. - On May 30, 2025, Trump announced to raise the steel and aluminum import tariff from 25% to 50%, which took effect on June 4 [2][3]. - On August 15, 2025, the Trump administration announced to expand the scope of the 50% tariff on steel and aluminum imports, adding 407 product codes, and the new list took effect on August 18 [1][3]. Newly Added Tariff - Covered Product Areas - Automobile manufacturing: Galvanized steel sheets, aluminum alloy wheels, engine brackets and other key components [4]. - Construction engineering: Steel structure beams, aluminum alloy window and door frames, prestressed concrete steel strands [4]. - Consumer goods: Tin - plated sheets for cans, household appliance shells, kitchen cookware [5]. - Industrial equipment: Transformers, compressor valve plates, hydraulic system pipes, structural parts of mining machinery and industrial processing machinery [5]. China's Aluminum Exports to the US - Direct exports of aluminum materials: Since 2018, China's exports of unforged aluminum and aluminum materials to the US have decreased significantly. In 2024, the export volume was 25.4 tons, a 62% decrease from 2017. The proportion of exports to the US in total exports dropped to 3.8% in 2024, a 10.2 - percentage - point decrease from 2017 [5]. - Exports of aluminum products: The scale of China's aluminum product exports to the US has been generally stable, ranging from 350,000 to 600,000 tons, accounting for about 16% of total exports. The indirect export scale of aluminum is estimated to exceed 3 million tons, and exports to the US account for about 15% [7]. - Re - exports of aluminum: After the US trade war in 2017, the global aluminum trade flow was reshaped. China's aluminum exports to the US decreased, while exports to other countries and regions increased. Mexico, Hong Kong and Southeast Asian countries are common re - export destinations [9]. China's Aluminum Consumption and Export Proportion - In 2024, China's full - scale domestic aluminum consumption was 50.23 million tons, accounting for 88% of total consumption, with a compound annual growth rate of 5.3% from 2015 - 2024. Aluminum and aluminum material exports were 6.63 million tons, accounting for 12% of total consumption, with a compound annual growth rate of 4.4% from 2015 - 2024. Exports to the US accounted for about 4.6% - 6.4% of the country's total aluminum product consumption [13]. Impact of Tariff Adjustment - There is some room for enterprises to operate in tariff declaration, but the impact on demand is real. The extent of the impact depends on how the tax is distributed between manufacturers and consumers [14]. - Previous tariff increases made PPI rise but had little impact on CPI, indicating that most of the tariff was absorbed by manufacturers. The specific impact of this tariff expansion needs to be verified by subsequent retail data [14]. - From the perspective of the futures market, this tariff expansion has less impact on aluminum prices. In the medium - term, there are upward drivers for aluminum in September, such as interest rate cuts and the recovery of peak - season demand [16]. Future Focus on Tariff Policy - Future tariff - related content worthy of attention includes global tariff agreements and which categories are within the agreement scope. The US policy uncertainty index has decreased since August 2025 [18].

Core Viewpoint - The Japanese government is investigating the alleged unfair low pricing of galvanized steel plates and steel strips imported from China and South Korea, which is believed to be harming the domestic industry [2][4]. Group 1: Investigation Announcement - The Japanese Ministry of Economy, Trade and Industry and the Ministry of Finance announced on August 13 that they will investigate the low pricing of galvanized steel plates and steel strips from China and South Korea [2]. - The investigation will require manufacturers and importers from China, South Korea, and Japan to submit relevant information, with a completion timeline of approximately one year [2][4]. Group 2: Market Impact - In Japan's 2024 imports, South Korean products account for nearly 50%, while Chinese products make up about 40% [4]. - Japanese companies such as Nippon Steel, Nippon Steel Sheet, Kobe Steel, and Yodogawa Steel Works submitted requests for tariff increases to the Japanese Finance Minister in April, citing losses due to the low prices of imports from China and South Korea [4].

Core Viewpoint - The Eurasian Economic Commission has decided to extend the anti-dumping measures on galvanized steel products originating from China and Ukraine for an additional five years, with specific tax rates established for each country [1][2]. Group 1: Anti-Dumping Measures - The anti-dumping measures on galvanized steel from China will have tax rates ranging from 12.69% to 17.00%, while the rate for Ukraine is set at 23.90% [1][2]. - The measures are now effective until June 9, 2030, following the extension [1]. Group 2: Historical Context - The anti-dumping investigation on galvanized steel products from China and Ukraine was initiated on June 29, 2018, leading to the initial measures announced on December 6, 2019 [2]. - A price commitment was reached with five Chinese companies, allowing them to avoid the anti-dumping tax, which took effect on January 5, 2020, and was initially set to expire on January 4, 2025 [2]. - The first sunset review investigation was launched on September 2, 2024, and the measures were temporarily extended until September 1, 2025, before the latest five-year extension was confirmed [2].