Trade alert

  • Fiberglass mesh fabrics: EU launches second anti-dumping sunset review investigation.Recently, the European Commission issued an announcement saying that it initiated the second anti-dumping sunset review investigation on glass fiber mesh fabrics originating in mainland China. The EU CN codes of the products involved are ex 7019 63 00, ex 7019 64 00, ex 7019 65 00, ex 7019 66 00 and ex 7019 69 90 (EU TARIC codes are 7019 63 00 19, 7019 64 00 19, 7019 65 00 18, 7019 66 00 18 and 7019 69 90 19)

Trade

  • South Korea’s imports of kimchi (泡菜) in October increased by 50.9% year-on-year and 16.2% month-on-month to US$17.018 million, a new monthly high. The price of raw materials has risen, and the price of Korean-made kimchi has remained high. Restaurants mostly choose to use imported kimchi with relatively low prices. The cumulative import value of kimchi in the first 10 months increased by 30% year-on-year, which has exceeded the import value of the whole year of last year.
  • Southeast Asia: Central banks of the five countries will strengthen cooperation to support cross-border payments. According to the Chinese version of Lianhe Zaobao on November 15, the Monetary Authority of Singapore, Bank Indonesia, Bank Negara Malaysia, Central Bank of the Philippines and Bank of Thailand agreed to strengthen cooperation in payment connections , to support faster, cheaper, transparent and inclusive cross-border payment transactions. The memorandum of understanding on regional payment connectivity (RPC) cooperation, which includes QR codes and fast payment systems, was signed during the G20 summit in Bali, Indonesia, on November 14.
  • India: Exports fell 16.65% year-on-year in October. India’s exports in October this year were US$29.78 billion, down 16.65% year-on-year; imports were US$56.69 billion, up about 6% year-on-year. The Press Trust of India reported that slowing global demand was the main reason for the decline in India’s exports.
  • South Africa: Mining production fell for the eighth straight month in September. According to the website of the South African Daily Business Daily, the latest data from the South African Bureau of Statistics shows that due to the impact of mining strikes and power load shedding, South Africa’s mining output has declined for the eighth consecutive month. After a year-on-year decline of 6.4% in August, the decline in September was 4.5%. South Africa’s iron ore and gold production saw the biggest drop in September, with iron ore down 23.1% year-on-year, Statistics South Africa said.

Industry

  • TrendForce: The revenue of the DRAM industry in the third quarter was US$18.19 billion, down 28.9% from the previous quarter, the second-highest recession since the financial tsunami in 2008. The demand for consumer electronics continued to shrink, and the decline in contract prices not only expanded to 10%-15%, but even for server DRAM, which had been relatively stable in shipments, the client also began to adjust the inventory, and the momentum of pulling goods fell significantly compared to the second quarter.
  • Pilbara Minerals: A new round of lithium concentrate auctions was held, and the bidding price was about US$7,804/ton, an increase of US$549/ton or 7.6% from the transaction price on October 24. The amount of ore in this auction is 5,000 tons, the concentrate grade is 5.5%, and the cost price of 1 ton of LCE is about 550,000 yuan / ton. The batch of ore is expected to be delivered in mid-November. After considering the logistics cycle, the product will enter the market from January to February.
  • Yicai.com: Severe bird flu outbreaks broke out in three continents in Europe, America and Asia. A large number of poultry were culled abroad. At present, no epidemic has been detected in China. The minimum is less than 1 yuan/feather, and now 4 yuan/feather has hit a new annual high, an increase of more than 300%.
  • South Korean technology companies’ operating rates fell in the third quarter, with Samsung Electronics’ smartphone operating rate hitting a record low. Samsung’s handheld player factory operating rate in the third quarter was 72.2%, down 8.1 percentage points from 80.3% in the same period last year, and also a new low since the announcement. Operating rates at LG Electronics factories also declined. The operating rate of refrigerator factories dropped from 129.7% last year to 113.3%, washing machine factories from 105% to 88%, air conditioner factories from 113.2% to 102.9%, and visual equipment factories from 96.4% to 81.1%.

Industry-China

  • Deloitte: Virtual reality could have ‘transformative impact’ on Asian economies. By 2035, the Metaverse’s contribution to Asia’s GDP could be between $800 billion and $1.4 trillion per year, and the annual contribution to mainland China’s GDP will reach $456-862 billion. China is “shaping a metaverse with Chinese characteristics” through deep technological and manufacturing prowess.
  • Shanghai Securities News: At present, the rental price of car carriers has risen nearly 10 times from the low point two years ago. The main reason is that the growth rate of demand far exceeds the supply. Since last year, the global demand for new energy vehicles has grown significantly, especially the increase in China’s automobile exports, which has led to a significant increase in the demand for automobile shipping. However, on the supply side, since 2016, the number of newbuilding orders for car carriers has been small, and the current shipping capacity is at a low level, resulting in a serious imbalance between supply and demand.
  • Air travel: International air ticket bookings show a clear upward trend. In the first half of November, domestic airline bookings for international air tickets increased by nearly 140% year-on-year. Airline bookings peaked on November 15, a record high for international airfare bookings this year. In the first half of November, domestic airlines actually performed nearly 1,900 passenger flights on international routes, basically returning to the same period last year.
  • Strategy Analytics: TSMC foundry revenue exceeded $20 billion in Q3, more than all other manufacturers (including Samsung) combined. All major foundries posted double-digit revenue growth. All large foundries, however, will be flat or down. All major foundries, including TSMC, GlobalFoundries, UMC and SMIC, saw double-digit growth in wafer-packaged chips.
  • Since late October, a number of titanium dioxide companies have successively issued price adjustment letters, raising the domestic price of titanium dioxide by 600 yuan/ton to 1,000 yuan/ton, and some companies’ international price by 80 US dollars/ton to 150 US dollars/ton. From the perspective of cost, the price of titanium dioxide is affected by the price of raw materials such as sulfuric acid, showing a trend of rising volatility. Titanium dioxide enterprises are under the dual pressure of raw material procurement and product sales.
  • As the popularity of new energy continues to rise, many listed titanium dioxide companies are targeting the new energy track with their own industrial advantages, actively deploying lithium batteries and vanadium batteries in the field of energy storage, and creating a second growth pole. It is understood that the solid waste ferrous sulfate produced by titanium dioxide enterprises has nowhere to be digested. With the hot lithium battery market, ferrous sulfate has become one of the raw materials of lithium iron phosphate. For titanium dioxide enterprises, it not only found a channel to eliminate industrial solid waste and reduce enterprise costs, but also brought new profit growth points for enterprises.
  • Eight departments including the State General Administration of Sports recently jointly issued the “Outdoor Sports Industry Development Plan (2022-2025)”. Among them, it is proposed that by 2025, the high-quality development of the outdoor sports industry will achieve remarkable results, and a development pattern of effective connection between supply and demand, coordinated development of industry and ecology, product and service brands, and continuous innovation of business formats and models will be formed. Outdoor sports venues and facilities continue to increase, the popularity has increased significantly, the number of participants has continued to grow, and the total scale of the outdoor sports industry has exceeded 3 trillion yuan.

China

  • Ministry of Finance: From January to October, the national general public budget revenue was 17,339.7 billion yuan, a decrease of 4.5% in natural terms. The national general public budget expenditure was 20,633.4 billion yuan, a year-on-year increase of 6.4%. The stamp duty on securities transactions was 235.5 billion yuan, a year-on-year decrease of 3.7%.
  • CAICT: As of the end of September, the total market value of China’s listed Internet companies was 8.8 trillion yuan, down 19.3% from the previous quarter. The total revenue of Chinese listed Internet companies in the second quarter was 970.4 billion yuan, a year-on-year increase of 1.4% and a decrease of 25.9 percentage points from the same period last year.
  • Chairman of Yiwei Lithium Energy: The company will form a delivery capacity of more than 100GWh by the end of this year. Large cylinders and large iron lithium will be the dominant products in the next three years, which will significantly reduce the cost per Wh. It is expected that there will be excess capacity in the entire industry chain at the latest in the last year, and the only thing that will not be excess is high-quality and low-cost battery products.
  • Bureau of Statistics: In October, among the 70 large and medium-sized cities, 58 and 62 cities saw a month-on-month decrease in the sales prices of new commercial housing and second-hand housing, an increase of 4 and 1 respectively from the previous month. The sales price of new commercial housing in first-tier cities fell by 0.1% month-on-month, the same rate of decline as the previous month; the sales price of second-hand housing changed from the previous month’s flat to a decrease of 0.3% month-on-month.
  • Deputy Director of the State Administration of Taxation: As of November 10, the cumulative purchase tax of new energy vehicles was 68.62 billion yuan, a year-on-year increase of 101.2%; the cumulative sales of new energy vehicles was 4.48 million, a year-on-year increase of 78.1%. From June to November 10, a total of 39.75 billion yuan in vehicle purchase tax was reduced for eligible passenger cars. The sales volume of passenger cars with a displacement of 2.0 liters and below was about 6.523 million units, a month-on-month increase of 20.6% compared with the January-May period before the implementation of the policy.

Company

  • ASML, a Dutch semiconductor equipment leader, will invest at least 240 billion won to set up a technology base in South Korea. In order to cooperate with local customers such as Samsung Electronics and SK Hynix. Construction of the remanufacturing center and training center in South Korea is scheduled to start on November 16, covering an area of ​​16,000 square meters. After the construction is completed, parts can be supplied in South Korea.
  • Estee Lauder is about to buy fashion brand Tom Ford for about $2.8 billion.
  • OECD: Leading indicators for October point to continued recession in economic growth.
  • Huawei: Maintaining WiFi patent rights and launching multiple lawsuits overseas.Huawei recently launched a patent lawsuit in a German court against four European and American companies. The four companies are the automaker Stellantis, the US e-commerce Amazon, the router manufacturer Netgear and the Internet router supplier AVM. It is understood that in July this year, Sisvel and Huawei announced the launch of the WiFi 6 patent pool plan almost simultaneously. After the establishment of the WiFi 6 patent pool, only Panasonic has joined the patent pool in the name of the licensor and licensee. The patent pool plan The list of pooled patents will not be disclosed until the end of this year. Industry insiders speculate that Huawei’s series of lawsuits are aimed at advancing the plan.
  • 2022– Blizzard Entertainment,Inc. announced today that it will be suspending most Blizzard game services in mainland China due to the expiration of the current licensing agreements with NetEase, Inc. on January 23, 2023. This includes World of Warcraft, Hearthstone, Warcraft III: Reforged, Overwatch, the StarCraft series, Diablo III, and Heroes of the Storm, Diablo lmmortal co-development and publishing is covered under a separate agreement between the two companies. (《魔兽世界》、《炉石传说》、《魔兽争霸III：重铸》、《守望先锋》、《星际争霸》系列、《暗黑破坏神III》和《风暴英雄》《暗黑破坏神：不朽》)

World

  • United States: On November 15, local time, former US President Trump officially announced that he would run for the 2024 US presidential election. It is expected to face a race against Florida Gov. DeSantis within the Republican Party.
  • United States: The moon landing rocket “Space Launch System” was launched at the Kennedy Space Center in the early morning of November 16, local time, carrying the Orion spacecraft to perform the “Artemis 1” mission, marking the United States’ step to return to the moon. first step. If the mission is successful, NASA expects to launch the manned Artemis 2 mission around the moon as early as 2024.
  • Eurozone: Composite PMI fell to 47.1 points in October, a 23-month low.
  • UK: London is no longer home to Europe’s largest stock market. Bloomberg, citing research data from French stock markets, said the French stock market is currently valued at $2.823 trillion, compared with $2.821 trillion in the UK.