The European Union has officially approved a €390 million bridge loan to support the operational turnaround and environmental compliance of Italy's Acciaierie d'Italia (ADI), formerly known as Ilva. The massive Taranto steelworks is currently running at a critically low annual production capacity of 1.5 to 1.8 million metric tons, relying solely on Blast Furnace No. 4 while Blast Furnaces No. 1 and No. 2 remain idled for extraordinary maintenance. The newly secured state-backed funding is aimed at restarting these idled furnaces, restoring essential coke oven gas treatments, and stabilizing the employment of thousands of workers currently under an extended extraordinary layoff scheme

The General Court of the European Union has annulled a European Commission regulation that extended a 17.3% anti-dumping duty on Indonesian hot-rolled stainless steel sheets and coils to imports consigned from Turkey. The ruling followed a legal challenge by Turkish steel producer Çolakoğlu Metalurji. The Court determined that the Commission made an error of law by incorrectly classifying the Turkish producer's processing activities as an "assembly operation" under EU circumvention criteria, thereby invalidating the extended duties for the applicant company.

In January 2026, the European Union and India reached a historic Free Trade Agreement (FTA), with the elimination of steel tariffs of up to 22% becoming a major market focus. However, clearing the policy fog of "bilateral exemptions" and analyzing actual export and carbon emission data reveals that the steel industry faces a highly asymmetric trade reshaping. This seemingly fair reduction is actually Europe trading a "capped" ticket for India's "uncapped" massive incremental market.

According to market reports, the European Union continues to contest the 2025 extension of US Section 232 tariffs on steel and aluminum derivatives, viewing them as a violation of existing trade agreements. While the EU seeks a rollback—emboldened by a recent US Supreme Court ruling that struck down separate "emergency" IEEPA tariffs—the US maintains that investigations into these derivatives were initiated before any trade deal was finalized. Currently, most EU steel exports face a 15% tariff entering the US, while nearly 40% of machinery imports from the EU are hit by a 50% tariff on their metal content. The dispute has notably stalled the ratification of the 2025 EU-US trade deal in the European Parliament.

【SMM Scrap Aluminium Market Analysis】Southeast Asia's Secondary Aluminum Industry Trapped in "Margin Squeeze": Raw Material Surge Forces ADC12 Plant Cuts, Industry May Enter "Lunar New Year Mode" Early February 2026 marked a period of unprecedented regulatory volatility for the global secondary aluminum and scrap markets. Driven by a confluence of tariff upheavals, aggressive decarbonization mandates, and stringent environmental crackdowns, the traditional flow of aluminum scrap is being fundamentally redrawn. As the United States implements sweeping new import surcharges, the European Union weighs restrictive export measures, and Southeast Asian hubs like Malaysia tighten their borders against contaminated materials, market participants are facing mounting compliance costs and disrupted arbitrage windows. This review examines the key policy shifts that defined the ex-China aluminum recycling sector this month and their immediate implications for global trade flows. The United States: How the 10% Surcharge Disrupts Secondary Aluminum Following the United States Supreme Court’s ruling, which invalidated Trump’s IEEPA tariffs on February 20, 2026, many trade goods found themselves navigating a complicated and chaotic new regulatory landscape. Within hours of the ruling, President Trump pivoted to Section 122 of the 1974 Trade Act, levying a 10% blanket global import surcharge that went into effect on February 24, replacing the former country-based tariffs. There have also been threats made by President Trump to raise this surcharge to the statutory maximum of 15%, which could further disrupt global trade and U.S. imports. Even though most primary aluminum products will not see a huge change due to already being burdened by the 50% Section 232 tariffs, the secondary aluminum market, which formerly enjoyed a 0% tariff under Section 232, might now be caught in the newest 10% blanket import surcharge. The US Geological Survey’s Mineral Commodity Summaries 2026, published in February 2026, estimated an increase in imported scrap into the US in 2025, reaching roughly 890,000 metric tons, which is approximately a 27% increase compared to 2024. Even though scrap imports only make up roughly 20% of the US’s total scrap consumption, a blanket import surcharge will likely affect a significant portion of total scrap imports for the active period of the Section 122 policy. This is especially true as the policy remains highly volatile and faces the risk of being increased or challenged in the near future. Europe: The "Scrap Leakage" Debate and Impending Export Controls The EU aluminum recycling sector is also on edge following the closure of the EU’s public consultation in late January. Currently, trade measures are widely expected to be unveiled and launched during Spring 2026, aimed at curbing what the EU terms "aluminum scrap leakage." European Aluminum, as one of the biggest supporters of trade measures to control scrap leakage, cites outflows exceeding 1.3 million tons annually that could instead be utilized domestically to meet decarbonization and net-zero targets. In February, the Bureau of International Recycling (BIR) released statements opposing these trade measures, stating that "the imposition of export restrictions or trade barriers is fundamentally unnecessary and risks producing significant unintended consequences for the entire value chain." BIR also explained how its own monitoring fails to identify scrap leakage issues, noting that the EU currently has insufficient domestic smelting capacity to absorb the extra scrap that is being exported out of Europe. In the same statement, BIR warned of a probable reduction in domestic aluminum scrap prices and a decline in the overall quality of waste management systems. Similarly, in 2025, the European Recycling Industries' Confederation (EuRIC) published stark warnings against the possible restriction of aluminum scrap exports. In a scenario where all grades of aluminum scrap are restricted from being exported, or if exports are hit with a significant surcharge, the Asian market, especially China, India, and Southeast Asia, all of which are large importers of EU scrap would be heavily impacted. Supply would see significant decreases, and prices outside Europe might climb to new highs as markets adjust to fill the gap, while secondary prices within the EU could drop to new lows due to localized oversupply. Malaysia: The E-Waste Crackdown and Stringent SIRIM Enforcement Following the success of "Ops Metal" in 2025, Malaysia has seen a massive volume of illegal scrap imports seized, amounting to a total value of RM 7 billion. In response to the influx of illegal scrap imports frequently mixed with electronic waste, the Malaysian government implemented an absolute e-waste import ban effective February 4, 2026, in order to curb these environmental violations. While aluminum scrap is still legally allowed to be imported into Malaysia, albeit under strict SIRIM purity requirements, the absolute e-waste ban will inevitably affect certain secondary grades. Notably, Zorba imports will likely see significant increases in transit and processing times, as customs officials are now far more likely to detain such cargoes for exhaustive inspections due to the high probability of e-waste contamination. In the broader picture, the volume of aluminum scrap legally entering Malaysia will likely decrease. Coupled with escalating processing delays at customs, this friction increases the probability that businesses will actively divert their aluminum scrap trade elsewhere in Southeast Asia, such as to Thailand. Conclusion Looking ahead to the second quarter of 2026, the secondary aluminum market will likely remain in a state of flux as these regional policies take full effect. The era of frictionless global scrap trade is rapidly giving way to a localized, highly regulated environment. For remelters and traders, navigating this landscape will require extreme supply chain agility and a hyper-focus on material compliance. As European supply risks being politically landlocked, U.S. raw material imports become suddenly more expensive, and Southeast Asian quality barriers rise, we expect to see continued volatility in regional premiums and a widening decoupling of traditional scrap-to-LME pricing mechanisms in certain regions. Adapting to this fragmented reality will be the defining challenge for the industry in the months to come.

[Elevra and Mangrove Lithium Sign Non-Binding MOU for Spodumene Concentrates Offtake] North American lithium producer Elevra Lithium Limited ("Elevra") is pleased to announce the signing of a non-binding memorandum of understanding to supply spodumene concentrates produced by NAL to Mangrove Lithium ("Mangrove"). Elevra and Mangrove may enter into a binding definitive agreement in the future, subject to Mangrove reaching a final investment decision on the construction of its lithium conversion facility by June 2027 and the parties agreeing on the final terms of the agreement. Under the terms of the non-binding MOU, Elevra and Mangrove intend to negotiate a definitive agreement whereby Elevra would supply Mangrove with up to 144,000 mt of spodumene concentrates annually at market-related prices, with floor and ceiling prices, ensuring NAL generates positive cash flow at any stage of the pricing cycle. The proposed supply has an initial term of five years, commencing in 2028, and is expected to ramp up to the full annual volume of 144,000 mt by 2030, representing approximately 46% of projected sales. Mangrove plans to process the spodumene concentrates into battery-grade lithium hydroxide in Eastern Canada to support the establishment of a resilient domestic battery supply chain in Canada. Mangrove's designed annual capacity is 20,000 mt of battery-grade lithium, equivalent to the demand for 500,000 EVs. Source: https://news.smm.cn/ [Albemarle Announces Idling of Kemerton Lithium Hydroxide Processing Plant on February 11 Local Time] Albemarle decided to immediately idle and place into a state of care and maintenance the operational Train 1 production line at its Kemerton plant in Western Australia. This represents a further contraction following the idling of Train 2 in 2024 and the halting of the Train 3 and 4 expansion projects. Although lithium prices have recovered recently, the levels are not enough to support the cost pressures associated with hard-rock lithium conversion operations in the West. This move aims to improve financial flexibility and preserve future options. It is expected to have an accretive effect on adjusted EBITDA starting from Q2 2026, without affecting the sales target for the year, as customer demand will be met through other channels. Albemarle emphasized that its upstream lithium mine interests and exploration rights in Australia, such as Greenbushes and Wodgina, remain unaffected and are still a strategic core. Source: https://www.albemarle.com [Ultra-Thin, Compact Lithium-Ion Rechargeable Battery "EnerCera" Supports Tohoku University's Tsunami Balloon Project Demonstration Experiment] NGK Insulators, Ltd. (hereinafter "NGK") announced that it supported the demonstration experiment for Tohoku University's tsunami balloon project by manufacturing and supplying its ultra-thin, compact lithium-ion rechargeable battery, EnerCera®. The project aims to establish a new disaster prevention system that automatically deploys balloon-type evacuation markers during tsunamis, visually indicating the locations of tsunami evacuation facilities, such as evacuation towers and evacuation buildings, from the air. EnerCera powers the light sources installed in the balloons, making the evacuation sites clearly visible at night or under poor visibility conditions. In the demonstration experiment, EnerCera was used as the power source for the balloon-type evacuation marker lighting unit, which activated immediately after a tsunami. The experiment verified whether sufficient brightness was achieved when the balloons were deployed and whether the system met practical usage requirements. EnerCera combines a thin and lightweight design with high output and excellent environmental resistance, enabling stable operation in outdoor environments. By enabling wireless lighting control, the system is expected to enhance the visibility of tsunami evacuation facilities at night and help prevent evacuation delays. The Tsunami Balloon Project is an initiative led by a technical team from Tohoku University, aiming to develop a system that automatically releases balloons into the air upon receiving disaster information, such as tsunami warnings and emergency earthquake alerts, issued via the Quasi-Zenith Satellite System "Michibiki". In the demonstration experiment, a series of operational tests were conducted: upon receiving a tsunami warning (test signal), gas was rapidly injected into the balloon, inflating it to a diameter of approximately 2 meters and raising it to a height of about 40 meters within approximately 2 to 3 minutes. The balloon is marked with a person pictogram, allowing people to identify the evacuation facility simply by looking up at the sky. To improve nighttime visibility, EnerCera was integrated as the light source. Source: https://www.mynewsdesk.com/ ["Sacrifice Zone" or a Clean Energy Future? EU Court Considers Portuguese Lithium Mine Project] The risks in this case escalated further after EU officials refused in November to revoke the "strategic" status of the Barroso mine. A long-standing controversy over lithium mining in northern Portugal has reached the European Union's highest court. Environmental and community organizations have filed a lawsuit with the European Court of Justice against the European Commission's decision to grant the Barroso lithium project "strategic" status. The residents' association "United Defense Association of the Barroso Valley" and the environmental law organization ClientEarth raised objections on Thursday, February 5, arguing that the Commission failed to reassess the project after new evidence emerged regarding environmental, social, and safety risks. The core dispute in this case revolves around the EU's Critical Raw Materials Act of 2024. Projects designated as "strategic" gain fast-track access to permitting processes, financing channels, and the supply of raw materials for green products such as EVs and batteries. Source: https://www.euronews.com/ [How Argentina's Lithium and Uranium Boom Could Undermine Its Energy Sovereignty] Argentina possesses abundant critical natural resources, the demand for which is increasingly growing as the global energy transition continues to accelerate. However, although Argentina's potential geopolitical advantages have opened new avenues for economic growth, as world superpowers fiercely compete for the country's lithium and uranium resources, this may also entail significant trade-offs in energy sovereignty. The Argentine economy has finally seen a rebound after decades of painful recession. This shift is largely attributed to the radical austerity policies implemented by the right-wing President Javier Milei, elected in 2023. While Milei's aggressive financial reforms have had some positive effects on the economy, his approach has been highly controversial both domestically and internationally. Part of Milei's strategy involves forming a close alliance with the Trump administration. As part of this shift, he has shown a new willingness to cooperate with the US and other international partners in new nuclear energy plans. Milei declared his country an "unconditional ally of the US," with Argentina becoming the first partner country to sign the Trump administration's "Foundational Infrastructure for Responsible Use of Small Modular Reactor Technologies" initiative. Source: https://oilprice.com/

【SMM News Flash】The European Union is considering further intensifying trade sanctions against Russia. Market sources revealed that the EU is contemplating a ban on imports of Russian platinum group metals and copper as part of new sanctions measures. Market sources indicated that, if the restrictions gain support from member states, they may cover elements such as iridium, rhodium, platinum, and copper. EU sanctions require unanimous approval from all member states, and the new package is expected to be adopted this month.

The European Union will urge the US to further implement the trade agreement reached between the EU and the US in July, including a reduction in aluminium tariffs, during a meeting with US Commerce Secretary Howard Lutnick in Brussels, Belgium today. Lutnick and US Trade Representative Jamieson Greer will attend the meeting with trade ministers from the 27 EU member states. This will be the first high-level meeting between officials from both sides since the tariff agreement was reached. In July, the EU and the US reached an agreement under which the US would impose a 15% tariff on most EU exports, but both sides are still negotiating further trade concessions. The EU wants the US to reduce its current 50% tariffs on steel and aluminum, while Washington is demanding that the EU withdraw its environmental and digital regulations.The EU is also pushing for a broader "metals alliance" with the US to prevent China's overcapacity from impacting the economies of both Europe and the US. Danish Foreign Minister Lars Lokke Rasmussen noted that the talks would be an opportunity to discuss how to "stabilize EU-US trade relations." He added that it was also "a good opportunity to discuss the issues we face together, namely the global trading system and China, among others."

Macro News 1. On June 17 local time, during his attendance at the second China-Central Asia Summit in Astana, President Xi Jinping met with Uzbek President Shavkat Mirziyoyev. The two heads of state exchanged views on the current situation in the Middle East. Xi Jinping stated that Israel's military actions against Iran have suddenly intensified tensions in the Middle East, and China is deeply concerned about this. China opposes any actions that infringe upon the sovereignty, security, and territorial integrity of other countries. Military conflict is not the way to resolve issues, and the escalation of regional tensions does not serve the common interests of the international community. All parties should work to de-escalate the conflict as soon as possible and prevent further escalation of tensions. China is willing to work with all parties to play a constructive role in restoring peace and stability in the Middle East. 2. Li Bin, Deputy Director of the State Administration of Foreign Exchange and spokesperson, stated that in May, the overall supply and demand of foreign exchange at home and abroad were balanced, and the foreign exchange market operated smoothly. In May, the net inflow of cross-border funds from non-bank sectors, including enterprises and individuals, amounted to $33 billion. Among them, the net inflow of funds from trade in goods remained at a relatively high level, and foreign investors' holdings of domestic stocks increased further compared to the previous month. The net outflow of funds from services trade, dividend distributions by foreign-invested enterprises, and outward direct investment remained generally stable. 4. Yesterday, a reporter asked whether there were plans to evacuate Chinese citizens in Iran and Israel amid the escalating conflict between Israel and Iran. Foreign Ministry spokesperson Guo Jiakun stated that some Chinese citizens have already been safely evacuated to neighboring countries. The Foreign Ministry and relevant embassies and consulates are working with relevant departments to fully ensure the safety and protection of Chinese citizens in Iran and Israel and to organize the evacuation of Chinese citizens promptly. 6. At yesterday's regular press conference of the Foreign Ministry, a reporter asked about the Financial Times report that the EU had canceled the high-level China-EU economic dialogue, believing that discussions with China were meaningless without progress on trade issues. Guo Jiakun responded by saying to inquire with the competent Chinese authorities. Guo Jiakun stated that strengthening strategic communication and deepening dialogue and cooperation between China and the EU are beneficial to the world. Industry News 1. Zhang Guoqing, Member of the Political Bureau of the CPC Central Committee and Vice Premier of the State Council, conducted a survey on industrial innovation and the promotion of the healthy development of the platform economy in Guangdong from the 15th to the 17th. He emphasized the need to thoroughly implement the important instructions and directives of General Secretary Xi Jinping, implement the decisions and deployments of the CPC Central Committee and the State Council, promote the deep integration of technological innovation and industrial innovation, continuously shape new momentum and advantages for development, adhere to the principle of equal emphasis on development and regulation, focus on improving the governance system of the platform economy, and create a fair and orderly environment for the development of the platform economy. 2. The State-owned Assets Supervision and Administration Commission (SASAC) of the State Council held the second thematic promotion meeting for the 2025 Action Plan for Deepening and Enhancing the Reform of State-owned Enterprises in Shenzhen, Guangdong Province, on the 17th. The meeting called for efforts to improve the quality of technological innovation supply, take on responsibilities in building a modern industrial system, make tangible progress in collaborative innovation and the application of research outcomes, and achieve breakthroughs in improving the innovation evaluation and incentive mechanisms. It also urged active promotion of AI-led transformations in the scientific research paradigms of state-owned enterprises, as well as the creation and opening up of strategic, high-value application scenarios. The meeting emphasized that completing the deepening and enhancement action plan with high quality should be the top priority for this year's state-owned enterprise reforms, with a focus on achieving tangible results. 3. The International Energy Agency's new medium-term outlook indicates that global oil supply growth will far exceed demand growth in the coming years. 4. The National Development and Reform Commission (NDRC) announced that starting today, domestic gasoline and diesel prices will be increased by 260 yuan/mt and 255 yuan/mt, respectively. In terms of price per liter, 92-octane gasoline will increase by 0.2 yuan, while 95-octane gasoline and 0-diesel will both increase by 0.22 yuan. After this price increase, filling up a 50L fuel tank of a family car with 92-octane gasoline will cost an additional 10 yuan. 5. According to a survey report titled "The New Silver Hair Economy Will Become Another 'Strategic Opportunity' for Upgrading Consumption Quality" released by the Shanghai Consumer Council, the new silver hair economy will become an important engine for upgrading consumption quality. The consumption demands of the new silver hair group are highly concentrated in areas such as "health and wellness," "travel and socializing," and "hobbies and interests." 6. The commencement ceremony for the EPCI project of the Shanghai Lingang Submarine Data Center Demonstration Project, participated in by the Second Company of CCCC Third Harbor Engineering Co., Ltd., was held in Nantong. As the world's first zero-carbon new infrastructure benchmark for offshore wind power-integrated submarine data centers, this project will help Shanghai reach the international forefront in the field of green and low-carbon computing infrastructure. 7. During an inspection of a shipment of children's toys and plastic cups, customs officers from Beilun Customs, under the jurisdiction of Ningbo Customs, discovered that a plush toy was suspected of infringing on the copyright of the "Labubu Spring Elf Series." After contacting the rights holder for confirmation, it was determined that the entire shipment was infringing. Upon inventory, it was found that there were 20,240 infringing children's toys. 8. Relevant officials from the Guangdong Provincial SASAC stated at the second thematic promotion meeting for the 2025 Action Plan for Deepening and Enhancing the Reform of State-owned Enterprises that Guangdong Province has increased its investment in strategic emerging industries and high-tech enterprises, establishing the Guangdong Advanced Manufacturing Industry Investment Fund and the Strategic Industry Promotion and Development Fund, with a total subscribed capital of approximately 70 billion yuan and 52 investment projects. Company News 1. New World Development stated on an interactive platform that its shopping malls have POP MART vending machines. 2. PetroChina Capital announced its plan to invest 655 million yuan to increase the capital of Kunlun Capital for investment in controllable nuclear fusion projects. 3. SmartSens Technology announced that the shareholding ratio of the National Integrated Circuit Industry Investment Fund Phase II has decreased to 6.99%. 4. BOE Technology Group Co., Ltd. announced its plan to acquire a 30% stake in CHOT. 5. RemeGen announced that Telitacicept has been granted orphan drug designation by the European Union. 6. Dematic announced its strategic cooperation intention with Zhiyuan Xinchuang to explore innovative applications of embodied intelligent robots in logistics scenarios. 7. GCoreLab announced the successful internal testing of its new anti-quantum cryptographic card, which has been sampled to multiple customers. 8. Yuanlong Yatu stated on the interactive platform that its revenue from IP-related businesses with POP MART in 2024 was approximately 2.21 million yuan. 9. Eastcompeace Technology announced that in recent years, the company has actively deployed R&D and applications in fields such as blockchain, but faces risks of new technology R&D and commercial applications not meeting expectations. 10. Asian Paints announced that Runhe Tongcai intends to passively reduce its shareholding in the company by 3% due to the triggering of a mandatory liquidation procedure. Global Markets 1. US stocks opened lower and closed lower, with all three major indices ending in the red. The Nasdaq fell 0.91%, the S&P 500 fell 0.84%, and the Dow fell 0.7%. Major tech stocks generally declined, with Tesla falling nearly 4% and Apple falling over 1%. Most popular Chinese ADRs closed lower, with the Nasdaq Golden Dragon China Index falling 1.77%. Major European stock indices also closed lower, with the German DAX30 index falling 0.86%. 2. International crude oil futures settlement prices rose sharply by over 4%. WTI crude oil futures for July rose 4.28%, and Brent crude oil futures for August rose 4.4%. 3. COMEX gold futures fell 0.37%, while COMEX silver futures rose 1.97%. Investment Opportunities Reference 1. China's annual cross-border e-commerce export scale exceeds 2 trillion yuan, with leading sellers expected to continue increasing market share According to media reports, at the 2025 China Langfang International Economic and Trade Fair, which opened on June 16, the Statistical Analysis Department of the General Administration of Customs introduced China's cross-border e-commerce import and export situation in 2024, stating that China's cross-border e-commerce export scale exceeded 2 trillion yuan in 2024, reaching 2.15 trillion yuan, a 16.9% increase from 2023, setting a new historical high for cross-border e-commerce scale. A survey of enterprises by the customs showed that over 70% of enterprises expected cross-border e-commerce import and export to remain stable or grow in 2025. Cinda Securities believes that the increasing penetration of online channels in overseas consumer markets will continue to be an important opportunity for Chinese brands to go global. Leading sellers in cross-border e-commerce are focusing on brand strategies and leveraging their core supply chain advantages, and are expected to continue increasing their market share. 2. Ten new low-altitude logistics routes have been added in the region, and 2025 is expected to be the first year for the commercial application of the low-altitude economy to take root. According to media reports, the Hanshang Low-Altitude Port, which connects the core areas of the three towns of Wuhan (Wuchang, Hankou, and Hanyang) through flight service routes, has officially commenced operations. It is understood that the Hanshang Low-Altitude Port is constructed and operated by Hanshang Low-Altitude Technology Co., Ltd., a subsidiary of Hanshang Group. Currently, it has formed a specialized low-altitude logistics operation system comprising one digital real-time dispatching platform, two intelligent command centers, ten low-altitude routes, and 22 intelligent parking aprons. It primarily serves the distribution and emergency support of commodities such as seafood, fresh-cut flowers, and pharmaceuticals. Galaxy Securities believes that 2025 is expected to be the first year for the commercial application of the low-altitude economy to take root, with infrastructure such as air traffic control systems and takeoff and landing sites accelerating in construction. Kaiyuan Securities further analyzed that the low-altitude economy has ushered in vertical implementation from the macro level (national-level industrial planning) to the meso level (local subsidies in various regions) and then to the micro level (infrastructure mainframe tenders and application scenario creation). It is recommended to pay attention to the subsequent market trends of the low-altitude economy sector. 3. The region's first project of this kind has officially landed! Policy dividends are emerging, injecting strong momentum into foreign trade growth. According to media reports, recently, the Macun Port Customs under Haikou Customs successfully handled the customs clearance procedures for a cross-border bonded lease of a "Lancang" electric multiple unit (EMU) trainset declared by a leasing company within the Haikou Integrated Free Trade Zone, marking the official landing of Hainan Free Trade Port's first cross-border railway EMU leasing project. Currently, the EMU trainset has been delivered to Laos-China Railway Co., Ltd., effectively enhancing the passenger transport supply capacity of the Lao section of the China-Laos Railway and driving regional economic development. "Unlike previous direct sales and exports, the bonded lease approach significantly reduces the investment and operating costs for foreign enterprises. It also helps promote international cooperation and optimal resource allocation, providing more foreign enterprises with access to China's manufacturing resources and market opportunities," said a relevant person in charge of the leasing company. This business represents an important milestone in the company's cross-border leasing business layout. A relevant person in charge of Haikou Customs stated that the customs will strengthen communication and exchanges with various parties, including the Haikou Integrated Free Trade Zone and leasing companies, to further leverage the policy advantages of the Hainan Free Trade Port. By facilitating financing and customs clearance, it will promote industrial development and accelerate the "going global" of large-scale rail transit equipment made in China. According to statistics from Haikou Customs, as of late May this year, the import value of goods under Hainan Free Trade Port's three "zero-tariff" lists reached 22.69 billion yuan, with tax exemptions and reductions totaling 4.32 billion yuan. The early policy dividends of the Hainan Free Trade Port are emerging, injecting strong momentum into foreign trade growth. 4. Hard to Get a Ticket! Number of Scottish Premiership Sponsors Surges to 20 It was reported that as of June 16, the number of Scottish Premiership sponsors had reached 20, more than three times the number at the start of the season. Amid sustained high popularity, the sponsorship fees for the "Scottish Premiership" had soared to 3 million yuan, and it was hard to get a ticket. Meanwhile, according to booking data from Meituan Travel, the booking volume for cultural and tourism activities in Jiangsu Province during the summer vacation had increased by 41% YoY. Over the past weekend, the tourism order volume in Jiangsu Province had surged to the top nationwide, with the order volume for dining in restaurants in Jiangsu contributed by out-of-town consumers increasing by over 49% YoY. The tourism order volume in Nanjing, the provincial capital, led the country, while Suzhou and Yangzhou had both ranked among the top 10, showing a booming trend of "full bloom". The "Scottish Premiership Effect" was amplified by policy support and the platform economy, driving comprehensive growth in the cultural, tourism, sports, and commercial sectors in Jiangsu. The ongoing Jiangsu Provincial City Football League has recently attracted a large number of fans to attend the games. According to Future Report data, the global football market size reached $55.97 billion in 2024 and is expected to expand at a compound annual growth rate of 3.9%, reaching $70.29 billion by 2030. Fang Guangzhao from Kaiyuan Securities believes that driven by both policy support and market demand growth, the Chinese football industry is expected to usher in a period of rapid development, and it is recommended to actively pay attention to investment opportunities related to the football industry chain. The development of the football industry is expected to drive demand for derivatives such as trading cards and sports lotteries. As a core component of the upstream events in the football industry chain, football clubs are expected to see their value continue to rise. In addition, with the rapid development of the football industry, the demand for high-grade football equipment and materials may increase significantly.

On Wednesday local time, US Treasury Secretary Bessent said that the Trump administration is willing to extend the current 90-day tariff suspension period for major US trading partners beyond July 9, as long as they demonstrate "good faith" in ongoing trade negotiations . At a hearing before the House Ways and Means Committee, Bessent stated that the US has 18 "important trading partners," and the Trump administration is "working hard to reach agreements with these countries." Bessent indicated that for countries and trading blocs negotiating in good faith, such as the European Union, the US is "very likely" to "extend the deadline to continue sincere negotiations" . "If countries don't negotiate, then we won't do that," Bessent said. Meanwhile, US President Trump also expressed willingness on Wednesday to extend the deadline for trade negotiations, but he does not consider it necessary . "At some point, we will send letters asking countries to decide whether to accept or reject (the trade agreement). We will send the letters within a week and a half," he told reporters. In early April, Trump announced the so-called "reciprocal tariff" and subsequently suspended it for 90 days for the vast majority of countries and regions, while maintaining a base tariff rate of 10% until July 9. The US is currently using this period to negotiate with major trading partners. Trump administration officials have repeatedly stated that they are on the verge of signing trade agreements with multiple countries. However, so far, the US has only reached limited agreements with a handful of countries. Prior to this, Trump administration officials had never indicated a willingness to extend the 90-day tariff suspension period without "terms of an agreement." The remarks by Bessent and Trump suggest that with less than a month remaining until the end of the 90-day tariff suspension period, the Trump administration may be more inclined to adjust the deadlines it has set .