Macro

1. [Trade and Investment Barrier Investigation] The Ministry of Commerce has decided to initiate a trade and investment barrier investigation into Mexico's restrictive measures against China, effective September 25, 2025. The measures under investigation are the Mexican government's proposed increase in import tariffs on products from China and other non-free trade partners. Other trade and investment restrictive measures taken by Mexico in recent years involving China are also covered by this investigation.

2. [US Tariffs] Trump announced that, effective October 1, the United States will impose a new round of high tariffs on a variety of imported products. These measures include a 50% tariff on kitchen cabinets, bathroom vanities, and related building materials, a 30% tariff on imported furniture, and a 100% tariff on patented and branded pharmaceuticals.

3. [US Initial Jobless Claims] The number of initial jobless claims in the United States fell by 14,000 to 218,000 last week, the lowest level since mid-July and well below market expectations of 235,000.

4. [Swiss Interest Rate] The Swiss National Bank maintained its interest rate at 0%, the first time since the start of its rate-cutting cycle in March 2024, in line with market expectations.

5. [Automobiles] According to the latest data released by the European Automobile Manufacturers' Association (ACEA), EU passenger car sales increased by 5.3% to 677,786 units in August 2025. However, cumulative sales in the first eight months decreased by 0.1% year-on-year.

Building Materials

1. [Building Materials] The Ministry of Industry and Information Technology and six other departments issued the "Work Plan for Stabilizing Growth in the Building Materials Industry (2025-2026)," strictly prohibiting the addition of new cement clinker and flat glass production capacity. The plan requires new and renovated projects to develop capacity replacement plans, and strictly prohibits the transfer of cement clinker and flat glass production capacity to key areas for air pollution prevention and control.

2. [Corrugated Paper] Shanying recently successfully started up its PM71 paper machine at its Suzhou base. As the world's widest and fastest paper machine dedicated to producing 100% corrugated paper, the commissioning of the PM71 and PM72 twin machines at the Suzhou base marks a key step in Shanying's expansion into the high-end corrugated base paper market.

3. [Wood Pulp] As of September 25, 2025, sample inventory at major Chinese pulp ports reached 2.033 million tons, a decrease of 79,000 tons from the previous period, a 3.7% decrease from the previous month. Inventory levels have been declining throughout this cycle.

4. [Wastepaper] On September 25, Nine Dragons Paper in Taicang, Jiangsu Province, increased its waste paper purchase price by 20 RMB/ton, bringing the ex-factory price to 1,760 RMB/ton.

Nine Dragons Paper in Quanzhou, Fujian Province, also increased its waste paper purchase price by 20 RMB/ton, bringing the ex-factory price to 1,750 RMB/ton.

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