[SMM Tin Midday Review: Tightening expectations outside China are weakening, the most-traded SHFE tin contract consolidates near 416,000]

[Geopolitical Conflicts and Inventory Destocking Drive SHFE and LME Aluminum to Drift Higher in the Near Term] Overall, Middle East geopolitical conflicts push up risk premiums, combined with the ongoing destocking of China’s aluminum ingot inventory, supporting aluminum prices to hold up well. However, the continuous addition of aluminum capacity outside China and the strong dollar policy pursued by the US will continue to suppress the upside room for aluminum prices, where significant pressure is evident.

[SMM Aluminum Price Weekly Review: Middle East Conflict Raises Risk Premium, Aluminum Ingot Destocking Supports Aluminum Prices]

[2026 Lead Concentrate Production, Imports, and TCs: A Comprehensive Review and H2 Market Outlook]In H1 2026, intensified geopolitical games and rising trade policy uncertainties posed multiple challenges to the lead-zinc industry chain, including structural adjustments in ore supply, persistently declining TCs, and smelting costs under pressure. Lead concentrates remained in deficit, and the profit center shifted to by-products on the smelting side.

[SMM Tin Futures Commentary: Amid intertwined bullish and bearish factors, the most-traded SHFE tin contract experienced wild swings during the day.]

SMM, July 9: In the metals market: As of the midday close, base metals on the domestic market moved broadly lower. SHFE copper and SHFE aluminum fell 0.68% and 0.65%, respectively. SHFE zinc dropped 0.77%, SHFE lead lost 0.19%, SHFE tin tumbled 1.69%, and SHFE nickel declined 0.63%. In addition, the most-traded foundry aluminum futures contract fell 0.78%, while the most-traded alumina contract edged up 0.11%. The most-traded lithium carbonate contract slumped 5.32%. The most-traded silicon metal contract lost 0.72%. The most-traded polysilicon futures contract dropped 2.63%. Ferrous metals mostly fell. Iron ore edged lower, rebar lost 0.16%, and HRC closed flat at 3,294 yuan/mt. Stainless steel tumbled 2.09%. In terms of coking coal and coke: the most-traded coking coal contract dipped 0.12%, while the most-traded coke contract rose 0.23%. On the overseas base metals market, as of 11:41 AM, LME metals showed mixed performance. LME copper edged higher, LME aluminum fell 0.18%, and LME lead lost 0.16%. LME zinc rose 0.43%, LME tin gained 0.12%, and LME nickel declined 0.49%. In the precious metals sector, as of 11:41 AM, COMEX gold fell 0.38% and COMEX silver dropped 0.8%. On the domestic precious metals market: SHFE gold fell 1.87%, and the most-traded SHFE silver contract tumbled 4.81%. Additionally, as of the midday close, the most-traded platinum futures contract dropped 2.46%, and the most-traded palladium futures contract slumped 3.35%. As of the midday close, the most-traded container freight index futures contract dropped 7.38% to 2,358 points. Selected futures midday market data as of 11:41 AM, July 9: Spot Market and Fundamentals Copper: Today, Guangdong #1 copper cathode spot prices against the front-month contract: high-quality copper was reported at 100 yuan/mt, up 10 yuan/mt from the previous trading day; standard-quality copper was reported at a premium of 40 yuan/mt, up 20 yuan/mt from the previous trading day; and SX-EW copper was reported at a discount of 30 yuan/mt, up 20 yuan/mt from the previous trading day. The average price of Guangdong #1 copper cathode was 102,475 yuan/mt, down 430 yuan/mt from the previous trading day, and the average price of SX-EW copper was 102,375 yuan/mt, down 425 yuan/mt from the previous trading day. Spot market: Guangdong inventory fell for the sixth consecutive day, primarily due to persistently low arrivals... Macro Front China: [National Bureau of Statistics: June CPI Rose 1% YoY, PPI Rose 4.1% YoY, PPI YoY Growth Slightly Widened] NBS data showed that in June 2026, the national consumer price index rose 1.0% YoY. Specifically, the index rose 1.0% in urban areas and 0.8% in rural areas; food prices fell 1.6%, while non-food prices rose 1.5%; consumer goods prices rose 1.1%, and service prices rose 0.8%. In H1, the national Consumer Price Index (CPI) rose 1.0% YoY. In June, national CPI fell 0.3% MoM, with urban areas down 0.4%, rural areas down 0.3%; food prices down 0.4%, non-food prices down 0.3%; consumer goods prices down 0.6%, and service prices flat. Data from the National Bureau of Statistics (NBS) showed that in June 2026, the national Producer Price Index (PPI) rose 4.1% YoY but fell 0.3% MoM. The purchasing price index for industrial producers rose 6.4% YoY and fell 0.2% MoM. In the first half of the year, the PPI rose 1.5% YoY, and the purchasing price index rose 2.4% YoY. Dong Lijuan, Chief Statistician of the Urban Department of the NBS, interprets the CPI and PPI data for June 2026. [PBOC reverse repo operation resulted in a net withdrawal of 278.5 billion yuan today)] The PBOC conducted 10 billion yuan of 7-day reverse repo operations today, while 288.5 billion yuan of 7-day reverse repos matured, resulting in a net withdrawal of 278.5 billion yuan. (Jin10 Data APP) US dollar: As of 11:41, the US dollar index fell 0.12% to 100.95. The minutes of the Fed's June meeting showed that officials are increasingly concerned about high inflation. Although officials worried that broadening price increases might warrant rate hikes, they followed Fed Chairman Warsh's lead and released a more streamlined policy statement. At the June 16-17 meeting, a few participants saw a case for hiking rates immediately. But the broader discussion appeared evenly split: "most participants" saw scenarios where inflation would pull back toward the Fed's 2% target on its own, while also seeing scenarios where inflation would remain persistently elevated. "Almost all" of those holding the latter view believed rate hikes would be necessary in such a scenario. The minutes said, "Participants generally judged that information received during the intermeeting period indicated that upside risks to price stability remained elevated, while downside risks to achieving maximum employment had diminished." In the end, "all participants" supported keeping rates unchanged. (Jin10 Data APP) According to CME FedWatch: The probability of the Fed keeping rates unchanged in July is 69.0%, and a cumulative 25-bp hike is 31.0%. By September, the probability of keeping rates unchanged is 31.1%, a cumulative 25-bp hike is 51.9%, and a cumulative 50-bp hike is 17.0%. (Jinshi Data APP) 》Wall Street's Take on the Fed's June Meeting Minutes: Focus on Inflation, No Urgency for Near-Term Rate Hikes Fed Chairman Warsh Kevin will attend hearings before the House Financial Services Committee and the Senate Banking Committee on July 14 and 15, respectively, to testify on the semi-annual monetary policy report to Congress. According to an announcement on the Senate Banking Committee's official website, Warsh will appear before the committee at 10:00 a.m. US Eastern Time on July 15 for a hearing centered on the US Fed's semi-annual monetary policy report to Congress, which will be webcast live. Previously, the House Financial Services Committee had issued a notice on June 22 confirming that Warsh would testify at the same topic hearing before the House at 10:00 a.m. Eastern Time on July 14. This hearing holds significant reference value for the market. As the Fed Chairman makes his first public testimony on monetary policy to Congress, Warsh's language and stance will provide crucial clues for the outside world to assess the US Fed's policy trajectory. (Wallstreetcn) Data: Today will see the release of data including Germany's seasonally adjusted trade balance for May, US initial jobless claims for the week ending July 4, and US existing home sales annualized for June. Additionally, attention should be paid to: the US Fed releasing its monetary policy meeting minutes; the European Central Bank releasing its June monetary policy meeting minutes; and a speech by FOMC permanent voting member and New York Fed President Williams. Crude Oil: As of 11:41, oil prices in both markets continued to rise, extending gains from the previous two trading sessions, with US crude up 1.18% and Brent crude up 1.13%. Concerns over supply disruptions stemming from escalating Middle East tensions underpinned oil prices. The US launched strikes against Iran for a second consecutive day, as the fragile ceasefire between the two countries grew increasingly unstable, bringing traffic through the Strait of Hormuz to a near standstill on Thursday. Ship-tracking data showed that observable traffic on this world's most critical energy chokepoint was concentrated mainly along routes near the northern part of the waterway, approved by Iran, while the US-backed Oman corridor remained sluggish. Among large vessels, only one US-sanctioned very large crude carrier (VLCC) sailed out of the Persian Gulf, while an Iranian-flagged container ship was spotted in the strait. However, it cannot be ruled out that some vessels may have transited the strait with their transponders turned off. This was in sharp contrast to the recent daily activity in the Strait of Hormuz. Data from Kpler showed that in the three weeks since the US and Iran reached a temporary agreement to reopen the Strait of Hormuz, the daily average commodity vessel crossings stood at 34, peaking at 59 on June 24, compared with fewer than 20 on most days during the war. (Jin10 Data APP) Goldman Sachs expects that if the 60-day negotiations continue and the Iran oil exemption is restored, Persian Gulf oil flows will recover by the end of July, at which point the Strait of Hormuz would need an additional 6.6 million barrels per day of throughput. If talks break down and tanker attacks escalate, along with a possible US blockade of Iranian oil, Persian Gulf flows could decline further. (Jin10 Data APP) Spot Market Overview: ► ► ► ► ► ► ► ► ► ► ► ► ► ►

SMM nickel wire, July 9: Macro and market news: (1) The US military completed a new round of strikes against Iran on July 8 local time to further degrade Iran’s ability to attack merchant ships and innocent civilian mariners in the Strait of Hormuz, striking approximately 170 military targets over two consecutive days. (2) The minutes of the US Fed meeting released early Thursday morning Beijing time showed that officials did not reach a single judgment on the subsequent policy path. If inflation remains elevated this year, rate hikes will be seen as a necessary option; if price pressures ease soon, rates could stay on hold. Spot market: On July 9, SMM #1 refined nickel prices rose 600 yuan/mt from the previous trading day. In terms of spot premiums, the average for Jinchuan #1 refined nickel was 2,350 yuan/mt, flat from the prior day, and the range for mainstream domestic electrodeposited nickel brands was -400-400 yuan/mt. Futures market: The most-traded SHFE nickel contract (2609) pulled back sharply in the morning session, ending the morning at 125,640 yuan/mt, down 0.63%. July falls within the RKAB application window for Indonesian nickel ore, and the final approval results will determine the H2 supply-demand pattern, making it the most critical variable of uncertainty right now. In the near term, nickel prices are expected to be in the doldrums within a range of 125,000-135,000 yuan/mt.

[SMM Precious Metals Macro Analysis: Central Bank Gold Purchases and Nonfarm Payrolls Support the Bottom, Geopolitics and Minutes Suppress the Rebound] Central banks have increased gold holdings for 20 straight months, and the nonfarm payrolls miss has cooled interest rate hike expectations, leaving the valuation recovery of precious metals still resilient. However, the escalation of the US-Iran conflict and the hawkish-leaning minutes are suppressing the short-term rebound. Going forward, focus on June CPI and retail sales data to gauge the direction of rate hike expectations.

SMM July 9: Metal markets: Overnight, base metals on the domestic market mostly fell. SHFE copper fell 0.84%, SHFE aluminum fell 0.22%, SHFE lead fell 0.09%, SHFE zinc fell 0.65%, SHFE tin fell 1.43%. SHFE nickel rose 0.51%. In addition, alumina most-traded futures rose 0.22%, while the main aluminum alloy contract fell 0.63%. Overnight, ferrous metals were mostly higher. Stainless steel fell 1.03%, iron ore rose 0.54%, rebar rose 0.16%, hot-rolled coil rose 0.09%. For coking coal and coke: the most-traded coking coal contract rose 0.23%, the most-traded coke contract rose 0.26%. Overnight on the overseas market, LME base metals mostly fell. LME copper fell 0.6%, LME aluminum fell 0.02%, LME lead rose 0.19%. LME zinc fell 1.2%. LME tin fell 1.54%. LME nickel rose 0.89%. Overnight precious metals : COMEX gold fell 1.7%, COMEX silver fell 4.3%. Overnight, the most-traded SHFE gold contract fell 1.47%, and the most-traded SHFE silver contract fell 3.88%. As of 7:12 a.m. July 9, overnight closing prices: Macro front China: [Xi Jinping attends National Science and Technology Awards Conference, Assembly of Academicians of the Two Academies, and 11th National Congress of China Association for Science and Technology, delivering important speech] Xi Jinping attended the National Science and Technology Awards Conference, the Assembly of Academicians of the Two Academies, and the 11th National Congress of the China Association for Science and Technology, and delivered an important speech. Xi stressed the need to deeply integrate technological innovation and industrial innovation, remove hurdles to accelerate the transformation of science and technology into real productivity. Scientific and technological innovation should be application-oriented, while industrial innovation should raise scientific questions. Strengthen the construction of a national technology transfer system, create diversified application scenarios and high-level industrial clusters, and promote the application and iterative upgrading of self-developed technologies and products. Improve the intellectual property protection system. Establish a sci-tech financial system compatible with sci-tech innovation. (CCTV News) [PBOC Q2 Monetary Policy Committee meeting: Strengthen financial support for key areas such as expanding domestic demand, sci-tech innovation, and micro, small and medium-sized enterprises] The Monetary Policy Committee of the People's Bank of China held its Q2 2026 regular meeting. The meeting analyzed domestic and international economic and financial situations, noting that the current external environment is more complex and volatile, global economic growth momentum is weak, geopolitical conflicts and trade frictions are frequent, major economies' performances are diverging, and inflation trends and monetary policy adjustments remain uncertain. China's economy has been generally stable, improving in quality, and making new progress in high-quality development, but still faces problems and challenges such as stronger supply than demand, structural divergence, and external shocks. The meeting called for continuing to implement a moderately accommodative monetary policy, strengthening counter-cyclical and cross-cyclical adjustments, better leveraging the total and structural functions of monetary policy tools, enhancing coordination between monetary and fiscal policies, and promoting stable economic growth and a reasonable recovery in prices. The meeting pointed out the need to guide large banks to play the main role of financial services for the real economy, push small and medium-sized banks to focus on their main responsibilities and businesses, and enhance banks' capital strength. Make good use of various structural monetary policy tools, optimize tool management, effectively write the "five major articles" of finance, and strengthen financial support for key areas such as expanding domestic demand, sci-tech innovation, and micro, small and medium-sized enterprises. Continue to provide sound financial services to support the development and growth of the private economy. Maintain stable operation of financial markets. Effectively promote high-level two-way opening-up of the financial sector, and improve economic and financial management capabilities and risk prevention capabilities under open conditions. [CPCA: June passenger vehicle exports reached 877,000 units, up 82.3% YoY] According to CPCA data, June passenger vehicle exports (including complete vehicles and CKD) reached 877,000 units, up 82.3% YoY, and up 11.5% MoM, accounting for 37% of total passenger vehicle manufacturer sales (36% last month, 19% in the same period of 2025). New energy vehicles accounted for 56.9% of total exports, up 16 percentage points YoY. In June, exports of Chinese domestic brands reached 763,000 units, up 86% YoY; exports of joint venture and luxury brands reached 114,000 units, up 61% YoY. (From Wall Street See APP) US dollar: Overnight, the US dollar index fell 0.02% to 101.07. The Fed's June meeting minutes showed officials' growing concerns about high inflation. Although officials worried that rising prices were spreading and might require interest rate hikes, they followed the footsteps of Fed Chairman Warsh in issuing a more streamlined policy statement. At the June 16-17 meeting, a few participants saw a case for an immediate rate hike. But the broader discussion appeared evenly split: "most participants" saw scenarios where inflation could ease back to the Fed's 2% target on its own, while also seeing scenarios where inflation would persist. "Almost all" of those espousing the latter view thought rate hikes would be necessary in that case. The minutes said: "Participants generally agreed that information received over the intermeeting period suggested that upside risks to price stability remained high, while downside risks to achieving maximum employment had eased." In the end, "all participants" supported keeping rates unchanged. Policymakers also considered Fed Chairman Warsh's proposal to end "forward guidance" and reduce comments on future rate decisions in the statement. "Most participants noted they saw advantages to shortening the statement," the minutes said, while "most participants" supported removing language implying the Fed's next policy move was likely to be a rate cut. The alternative approved by the Fed in June stripped out any interest rate guidance altogether, consistent with Warsh's general desire to avoid committing to rate moves. At the June meeting, the Fed kept its benchmark rate unchanged in the range of 3.50%-3.75%, but the latest projections showed a general belief that rate hikes could come this year, with 9 of 18 officials expecting a modest rise in rates by end-2026. (Jin10 Data APP) According to CME "FedWatch": The probability of the Fed keeping rates unchanged in July is 69.0%, and a cumulative 25-basis-point hike is 31.0%. The probability of the Fed keeping rates unchanged through September is 31.1%, a cumulative 25-basis-point hike is 51.9%, and a cumulative 50-basis-point hike is 17.0%. (Jin10 Data APP) Macro front: Data to be released today include China's June CPI YoY, China's June PPI YoY, Germany's May seasonally adjusted trade balance, US initial jobless claims for the week ending July 4, and US existing home sales annualized for June. Also watch for: Fed release of monetary policy meeting minutes; ECB release of June monetary policy meeting minutes; and remarks from FOMC permanent voter, New York Fed President Williams. Crude oil: Overnight, both crude oil futures continued their gains from the previous session and surged further, with WTI crude up 6.13% and Brent crude up 7.17%. US President Trump said the temporary ceasefire with Iran had ended, geopolitical risk premium returned to oil prices, market fears of crude supply disruption quickly intensified, and international oil prices jumped. (Wall Street See) According to Xinhua, US President Trump said on July 8 during the NATO summit in Turkey that US forces "are likely to hit Iran hard again tonight." Xinhua also reported that on July 8, Trump said at the NATO summit he believed the US-Iran memorandum of understanding "has ended." Wall Street See noted that shortly afterward, Trump said the escalation would calm down quickly, seemingly adding fuel to the geopolitical fire before trying to put it out. Earlier, the US had announced the revocation of waivers for Iranian oil sales and launched a new round of military strikes against Iran. However, an unexpected rise in US crude oil inventories somewhat eased geopolitical risk premiums. Jorge Leon, head of geopolitical analysis at Rystad Energy, said: "Tanker traffic through the Strait of Hormuz has essentially come to a halt, which speaks louder than any statement from Washington or Tehran about the current risk perception." (Wall Street See) US President Trump said we'll see if we can keep oil prices low, we should keep oil prices low. We're now facing an oil oversupply. This situation will soon end, and oil prices will fall. We will make the oil situation safer. (Jin10 Data APP) US Energy Information Administration (EIA): Last week, US EIA crude oil inventories rose by 3 million barrels, compared to Bloomberg user estimate of a 1 million barrel decline and analyst expectations of a 1.8678 million barrel decline, after a 3.775 million barrel decline the prior week. US commercial crude oil inventories increased for the first time since April, ending a streak of consecutive monthly declines, though they remain at their lowest level in about four years. (Wall Street See) In addition, the Russian government announced that the ban on diesel exports will remain in effect until July 31.

★ Macro ★ 01 ★★ [Central Bank Net Withdraws 85 Billion Yuan via Open Market Operations] The central bank today conducted a 15 billion yuan 7-day reverse repo operation, with a bid amount of 15 billion yuan and a winning amount of 15 billion yuan, at an operation rate of 1.40%, unchanged from the previous level. As 100 billion yuan of 7-day reverse repos expired today, a net withdrawal of 85 billion yuan was achieved. 02 ★★★ [A Member of Iran's Revolutionary Guard Killed Repelling Drone Attack] According to Iranian local time on the 8th, the Navy of Iran's Islamic Revolutionary Guard Corps stated that earlier that day, a naval member of the Islamic Revolutionary Guard Corps was killed in the process of responding to an incoming drone in the Mahshahr region of southwestern Iran. On the 8th, the Islamic Revolutionary Guard Corps issued a statement saying that the U.S. military launched airstrikes in the early morning on coastal areas of Iran's Hormozgan Province and some coastal bases and non-military facilities in Mahshahr, violating the ceasefire agreement and breaching the Islamabad Memorandum of Understanding. ★ Industry and Downstream ★ 01 ★★ [CPCA: June Retail Sales of China's Passenger Car Market at 1.602 Million Units] CPCA data showed that retail sales of China's passenger car market in June were 1.602 million units, down 23.2% YoY but up 6.1% MoM. Year-to-date retail sales reached 8.701 million units, down 20.2% YoY. In June, retail sales of internal combustion engine vehicles fell 39% YoY, with pure gasoline cars down 42% and conventional hybrids down 7%. Among combustion engine vehicles, domestic brands fell 39%, mainstream joint ventures fell 39%, and luxury brands fell 39%, all indiscriminately hit by the sharp impact of high oil prices. June retail sales of new energy vehicles fell 9% YoY, with domestic brands down 11%, mainstream joint ventures up 45%, and luxury brands down 11%. The retail sales of domestic economy EVs were significantly impacted by the sharp decline in subsidies. 02 ★★ [H1 Excavator Sales Up Over 26% YoY] Data from the China Construction Machinery Industry Association showed that in June, total excavator sales reached 25,400 units, up 35.3% YoY. Of this total, domestic sales came to 10,900 units, up 33.9% YoY, while exports stood at 14,500 units, up 36.4% YoY. Based on H1 data, since March, excavator sales have exceeded 20,000 units for four consecutive months, with March sales reaching 37,400 units, the highest monthly sales since May 2021. Cumulative sales in the first half reached 152,300 units, up 26.4% YoY. China domestic sales reached 79,000 units, up 20.4% YoY, while exports totaled 73,300 units, up 33.5% YoY. The loader market also sustained its high growth trajectory, with the industry recovery gaining broad-based momentum. Data shows that loader sales across all types reached 15,000 units in June this year, up 24.9% YoY. Cumulative sales of all loader types hit 82,100 units in H1 this year, up 26.7% YoY. 03 ★★ [ Yuxi Xianfu Coke Project Expected to Begin Trial Production in November ] Yunnan Yuxi Xianfu Steel (Group) Co., Ltd. (hereinafter "Xianfu Steel") is currently accelerating construction of its supporting 1-million mt/year coking project, targeting trial production this November. Overall project completion now stands at roughly 80%, with cumulative investment reaching 1.5 billion yuan. 04 ★★ [Shandong Province Coal Mine Capacity Status] In accordance with the requirements of the National Energy Administration's Notice on Establishing a Coal Mine Capacity Registration and Public Announcement System (GN Coal [2013] No. 476) and Notice on Improving the Coal Mine Capacity Registration and Public Announcement System to Carry Out Public Announcements for Coal Mines Under Construction (GN Coal [2017] No. 17), the production and construction coal mine capacity status across the province is hereby announced as follows: As of June 30, 2026, Shandong Province has 76 legally operating or under-construction coal mines, with a total annual capacity of 113.57 million mt. Among these, there is 1 coal mine under construction with a construction scale of 450,000 mt/year, and 75 operating coal mines with a registered production capacity of 113.12 million mt/year. 05 ★★ [ CPCA: China Passenger Car Market Retail Sales Down 23.2% YoY, Up 6.1% MoM in June ] Data released by the China Passenger Car Association (CPCA) shows that nationwide passenger car retail sales reached 1.602 million units in June, down 23.2% YoY and up 6.1% MoM. Year-to-date cumulative retail sales hit 8.701 million units, down 20.2% YoY. Passenger NEV retail sales reached 1.007 million units in June, down 9.4% YoY but up 6.0% MoM. For January-June, passenger NEV retail sales totaled 4.704 million units, down 14.0% YoY. Retail sales of conventional internal combustion engine passenger cars reached 600,000 units in June, down 39% YoY but up 6.3% MoM. Notably, sales of standard hybrid models fell only 7% YoY while surging 24% MoM, a standout performance. ★ Other Hot Topics ★ ⭕ [China Energy Group's Coal Port Departures and Arrivals Both Hit Record Highs in H1] As of June 30, the port segment of China Energy Group has completed cumulative coal arrivals of 148.009 million mt and coal port departures of 147.1 million mt. The group's coal port arrivals and departures both reached new all-time highs for the same period in H1, effectively ensuring smooth and efficient operation of the critical energy transportation channel. Since the beginning of this year, the port subsidiary of China Energy Group has optimized production organization, unlocked port capacity, coordinated resource allocation across three ports, innovated operation models and loading/unloading processes, increased the direct loading ratio and circulation efficiency, and simultaneously expanded market coal transshipment business, driving a steady rise in throughput. In the area of equipment support, it has fully implemented a production equipment full life cycle management system, adopted refined maintenance standards and grid-based accountability mechanisms, built a real-time condition monitoring platform for key equipment, and achieved equipment fault prediction and early warning. This has driven a comprehensive transformation and upgrade of the operation and maintenance model from "reactive repair" to "proactive defense," solidifying the hardware foundation for continuous and stable production. [Turkey Initiates Sunset Review of Anti-Dumping Duties on Vietnamese Stainless Steel Pipes] On July 3, 2026, the Turkish Ministry of Trade issued Communiqué No. 2026/27, announcing the initiation of the first sunset review of anti-dumping duties on stainless steel pipes and other hollow structural profiles originating in Viet Nam, following an application by a domestic producer. The products in question are classified under Turkish Customs Tariff numbers 7306.40.20.90.00, 7306.40.80.90.00, and 7306.61.10.00.00. During the investigation, the current anti-dumping duties will remain in effect. The communiqué takes effect on the date of its publication. *This report is an original work and/or compilation work of SMM Information & Technology Co., Ltd. (hereinafter referred to as "SMM"), which legally holds the copyright and is protected by the Copyright Law of the People's Republic of China, among other laws and regulations, and applicable international treaties. Without written permission, no part of the above content may be reproduced, modified, sold, transferred, displayed, translated, compiled, disseminated, or disclosed to a third party in any form, nor may any third party be licensed to use it. 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