[SMM Analysis] On March 12, 2026, the US International Trade Commission (ITC) ruled against imposing tariffs on Chinese graphite imports. Below is the complete timeline of the US anti-dumping and countervailing duty (AD/CVD) investigations into active anode material (graphite anode) from China, the duty rates at each stage, and the latest results as of March 12, 2026.

Indonesia, as a crucial emerging market in Southeast Asia, possesses massive potential for the development of the photovoltaic (PV) industry. According to assessments by the Ministry of Energy and Mineral Resources, Indonesia's potential PV power generation capacity reaches up to 207 GW. This article will provide an in-depth insight into the actual dynamics and industrial landscape of the current Indonesian PV market.

On 24 February local time, the US Department of Commerce announced preliminary countervailing duty (CVD) rates on imports of photovoltaic products from India, Indonesia and Laos: India's subsidy rate stands at 125.87%, Indonesia's at 104.38% and Laos' at 80.67%. Following the preliminary CVD ruling, the industry awaits the anticipated preliminary AD ruling around 21 April, with the final AD/CVD determination expected on 3 September 2026. Customs will only commence collecting definitive duties after the ITC issues its final decision on 19 October.

[SMM Platinum and Palladium Weekly Review] This week (February 9 – February 13), the most-traded platinum contract PT2606 opened at 540 yuan/gram and closed at 523.8 yuan/gram, up 30.9 yuan/gram or 6.27% WoW. The weekly highest price was 559.1 yuan/gram, and the lowest was 516 yuan/gram. The most-traded palladium contract PD2606 opened at 436.5 yuan/gram and closed at 416.8 yuan/gram, up 9.55 yuan/gram or 2.34% WoW. The weekly highest price was 443 yuan/gram, and the lowest was 411 yuan/gram. In futures trading, the most-traded platinum contract PT2606 recorded a total weekly trading volume of 36,713 lots, a total turnover of 19.82 billion yuan, and an open interest of 20,073 lots, a decrease of 1,369 lots WoW. The most-traded palladium contract PD2606 recorded a total weekly trading volume of 18,112 lots, a total turnover of 7.801 billion yuan, and an open interest of 7,188 lots, a decrease of 874 lots WoW. Recent fluctuations in platinum and palladium primarily reflected sentiment transmission from the precious metals sector, with significant resonance among gold, silver, platinum, and palladium amid macro factors. The nomination of Wash as Fed Chairman in early February triggered a sharp pullback in the precious metals sector. His hawkish anti-inflation stance, advocating for "interest rate cuts + balance sheet reduction + function reduction," combined with stronger-than-expected US PPI, raised market concerns about medium and long-term support for precious metals. Expectations of balance sheet reduction may boost the US dollar, disrupt precious metals pricing logic, and lead to frequent sector corrections. Domestic and overseas platinum and palladium term structures diverged; after the price drop, strong restocking by domestic automotive catalyst producers steepened the domestic term structure slope. Strategically, Trump plans to launch a $12 billion "Gold Reserve Plan" to build a strategic reserve of critical minerals and a preferential trade zone, intending to set price floors and use tariffs and other border measures for protection, aiming to establish a rule system with internal subsidies and external barriers, excluding non-member countries from core supply chain benefits. USGS data showed the US import dependency for platinum and palladium reached 89% and 57%, respectively, in 2025, with strategic reserve premiums bullish for platinum and palladium. Additionally, attention is needed on details of new managers announced by the LME and US anti-dumping and countervailing duty investigations on Russian unwrought palladium. In the spot market, the approaching Chinese New Year holiday atmosphere intensified. Along with cooling investment enthusiasm in precious metals recently, aside from some end-users' rigid pre-holiday stockpiling needs, the overall spot market showed thin trading.

On May 22, 2025, the US International Trade Commission (ITC) voted to issue an affirmative final determination on industry injury in the antidumping and countervailing duty investigations of high chrome cast iron grinding media imported from India, concluding that the products alleged to be dumped and subsidized caused material injury or a threat of material injury to the domestic industry in the US. Based on the ITC's affirmative final determination, the US Department of Commerce will issue antidumping and countervailing duty orders on the products in question from India. This case primarily involves products classified under US HS code 7325.91.0000. On May 16, 2024, the US Department of Commerce initiated antidumping and countervailing duty investigations on high chrome cast iron grinding media imported from India. On April 22, 2025, the US Department of Commerce issued final antidumping and countervailing duty determinations on high chrome cast iron grinding media imported from India. (Compiled from: Official Website of the US International Trade Commission) Original text: https://www.usitc.gov/press_room/news_release/2025/er0522_67016.ht

Against the backdrop of the evolving global PV industry landscape, the US's newly introduced tariff policy on solar products from Southeast Asia is triggering a major transformation in the industry chain.