[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.

According to media reports, the US Department of Commerce has made a preliminary ruling that there are subsidies for key battery components in China, believing that Chinese producers of active anode materials have received substantial government subsidies, paving the way for the subsequent imposition of countervailing duties.

[US Prepares to Take Action Against China's Battery Materials, Graphite Faces Up to 700% Tariff] Bloomberg reported on the 21st that the US Department of Commerce made a preliminary ruling on the 20th, stating that there were subsidies for China's key battery components. It believed that Chinese producers of active anode materials received substantial government subsidies, paving the way for subsequent countervailing duties. In response, experts interviewed by the *Global Times* said that the US's move against China under the pretext of subsidies was essentially driven by political considerations. On May 20, the US Department of Commerce issued a ruling announcement on the "Countervailing Duty Investigation of Active Anode Materials Originating in China," claiming that two Chinese enterprises did not fully cooperate with the investigation. Based on "adverse facts available," it inferred that the subsidy rate exceeded 700%, while the subsidy rate for other Chinese enterprises was 6.55%.

From May 10 to 11, US Treasury Secretary Scott Bessent and US Trade Representative Jamieson Greer held a new round of tariff negotiations with Chinese Vice Premier He Lifeng in Geneva. Both sides agreed to uniformly reduce the EO 14257 "reciprocal tariff" to a 10% baseline within 90 days and suspend further increases. Additionally, the implementation of the remaining 24% tariff was suspended for 90 days. The Section 232 tariffs , which are designed to protect the US domestic steel and aluminum industries, as well as the Section 301 tariffs targeting China, were not addressed in this round of negotiations. Therefore, the 25% tariff imposed by the US on steel and aluminum products remains unchanged , but this round of negotiations has left room for further negotiations on possible "substantial tax reductions". It is worth noting that the US has also retained a 20% "fentanyl tariff" specifically targeting Chinese goods valued at less than US$800 entering the US through international mail or express delivery channels , in an effort to combat the smuggling of chemical precursors. Industrial-grade aluminum semis are typically cleared through regular sea or air freight customs declarations, so this tax surcharge has no substantial impact on the tax burden of aluminum industry exports . So, how many layers of tariffs are currently imposed on aluminum semis directly exported from China to the US? What are the final tariff rates for each product? Currently, there are five main layers of tariffs: MFN (Most Favored Nation) tariff rates – the "first threshold" universally applicable to all WTO members; Section 301 additional tariffs on China – only targeting aluminum semis of Chinese origin, with tariff rates of 25% or 7.5% depending on the list; Section 232 steel and aluminum tariffs – starting from March 12, 2025, the US will impose a 25% tariff on all imported aluminum and aluminum semis; EO 14257 reciprocal tariff – currently exempted , temporarily set at 0%; AD/CVD trade remedy measures – imposing anti-dumping (AD) and countervailing duty (CVD) deposits on specific categories such as extruded profiles, aluminum sheets, and aluminum foil. Tariff Tier Current Tariff Rate Scope of Application (Typical HTS) Cumulative with Other Tiers? Tier 1 MFN (Column 1-General) Aluminum and aluminum semis (7601-7609) 0–5% Aluminum wheel hubs 2.5% 7,601-7,609, 7,610-7,616, 8,708.7 Must Tier 2 Section 301 tax surcharge on China List 1-3: 25% (effective from May 10, 2019) List 4A: 7.5% (effective from February 14, 2020) List 1-3: Most of 7,601-7,609; List 4A: Some products of 7,610-7,616; Aluminum wheel hubs 8708.70.45 fall under List 3 Yes (only of Chinese origin) Tier 3 Section 232—General 25% tax surcharge on steel and aluminum 25% (effective from March 12, 2025) 7,601-7,609 + 7,616.99.51/70, etc. Yes Section 232—Auto parts (including aluminum wheel hubs) 25% (effective from May 3, 2025) Annex I lists 8,708.70, etc. Yes Tier 4 EO 14257 reciprocal tariff Exemptions for aluminum and auto parts = 0% — — Tier 5 AD/CVD trade remedies (anti-dumping and countervailing duties) See the table below Extruded materials, general alloy plates, foil, disposable meal boxes, etc. Yes Summary of currently effective anti-dumping/countervailing products: Product AD Bond CVD Bond Federal Register Notice Profiles 7,604, 7,608 33–86% 7–374% A-570-967 / C-570-968 General alloy aluminum plates 7,606 49.50% 51% A-570-073 / C-570-074 Household aluminum foil ≤0.2 mm 7,607 56–106% 17–81% A-570-053 / C-570-054 Disposable aluminum meal boxes 7,615.1, 7,615.9 94–168% — A-570-157 (final determination in 2025) Quick reference for typical products: Product Category (HTS Examples) MFN Section 232 Section 301 EO 14257 AD/CVD* Total Nominal Tariff Unwrought Aluminum Ingot (7601) 0% 25% (Aluminum) 25% 0% None 50% Aluminum Extrusion (7604/7608) 5% 25% (Aluminum) 25% 0% AD 33–86% CVD 7–242% ≥ 88% (Median) Common Alloy Aluminum Sheet and Coil (7606) 3% 25% (Aluminum) 25% 0% AD 49.5% CVD 46.48% ~ 149% Aluminum Foil ≤0.2 mm (7607) 0–5.8% 25% (Aluminum) 25% 0% AD 48–106% CVD 17–81% ≥ 117% Aluminum Heat Sinks/Structural Parts (7610, 7615, 7616) 2.5–5% 25% (Derivatives) 7.5% (List 4A) 0% New AD 94–168% (Disposable Meal Boxes, etc., A-570-157, Final Determination on March 11, 2025) ≥ 137% Aluminum Alloy Automobile Wheel Hubs (8708.70.45/.60) 2.50% 25% (Auto Parts) 25% 0% Under Investigation, None for Now 52.50% *AD/CVD items are subject to the latest announcements from the US Department of Commerce and the International Trade Commission. In 2024, China's direct exports of aluminum semis to the US accounted for only 4.08% of total exports. Therefore, the tariff war had a relatively small impact on the direct exports of aluminum semis. However, for some terminal finished products, such as home appliances, electronics, and auto parts, if they are not included in the Section 301 or Section 232 lists, they will be subject to the 10% tariff under the current Sino-US negotiation agreement. Additionally, the 24% 90-day suspension window may stimulate a rush in exports, thereby boosting aluminum demand in the short term. SMM will closely monitor recent downstream production and order situations.

The Directorate-General for Trade of the European Commission recently released information on its official website, stating that the EU will officially launch a trade protection investigation into Chinese tires on May 20, 2025. According to European sources, the investigation primarily targets passenger car and light truck tires from China, and will initiate anti-dumping and countervailing duty investigations. The investigation is currently in its preliminary stage, and specific measures remain unclear as no case has been filed yet. Customs data shows that in 2024, for passenger car tires under HS code 40111000 alone, the number of tires exported from China to the EU accounted for over 20% of the total export volume of this category. Therefore, if the investigation is launched, it will have a severe impact on China's tire export trade. The China Rubber Industry Association (CRIA) stated that if the EU files a case, CRIA will immediately organize the affected enterprises to respond and defend themselves in the industry. The following table presents the estimated timetable for the EU's anti-dumping investigation into Chinese tires, provided by a legal institution to the *China Rubber* magazine. According to legal experts familiar with EU anti-dumping procedures, it is customary that within seven days after the case is filed, interested parties must register, submit sampling questionnaires, and provide comments on the sampling results. Relevant enterprises are advised to conduct self-audits of their export situations to the EU in advance and prepare response materials. For specific inquiries, please contact the Public Relations Department of the China Rubber Industry Association. Contact information is provided at the end of the document. Lawyers remind that under the current circumstances, export enterprises need to exercise particular caution to avoid selling at low prices in both domestic and overseas markets, and should not rush to export to the EU during the case window period. If there is a significant volume of exports between the preliminary ruling and the final ruling after the case is filed, it is highly likely that the European Commission will change its calculation method, leading to an increase in the margin of injury. Xu Wenying, President of the China Rubber Industry Association, called for calm in the face of major events, urging the entire industry to unite and maintain strategic focus. CRIA is maintaining close communication with relevant departments of the Ministry of Commerce to safeguard the interests of enterprises. Consultation hotline of the Public Relations Department of the China Rubber Industry Association: 010-84913995; Email: pr@cria.org.cn.