SunSirs: Building Materials Industries Bulk Commodity Intelligence (October 22, 2025)

Macroeconomics

1. [Fed Rate Cut] On October 29th local time, the Federal Reserve announced a 25 basis point cut to the target range for the federal funds rate, bringing it to between 3.75% and 4.00%. This is the Fed's second rate cut since September 17th, following a 25 basis point cut, and the fifth rate cut since September 2024.

2. [Federal Reserve] Fed Chairman Powell stated that the government shutdown could affect the December meeting, and that greater caution may be necessary in the absence of data. The lack of economic data could provide a reason to pause rate adjustments. A December rate cut is "far from" a certainty.

3. [Canadian Rate Cut] The Bank of Canada cut its benchmark interest rate by 25 basis points to 2.25%, in line with market expectations, marking its second consecutive rate cut.

4. [South Korea-US Trade Talks] South Korea and the US reached a concrete agreement in their trade talks. Of the $350 billion South Korean investment in the US, South Korea will invest $200 billion in cash, and the remaining $150 billion will be used for shipbuilding cooperation. The US will reduce tariffs on South Korean automobiles from 25% to 15%. In the semiconductor sector, South Korea stated that the agreed-upon tariff levels will not disadvantage it. Furthermore, South Korea has obtained most-favored-nation (MFN) status regarding pharmaceutical tariffs.

Building Materials

1. [Glass] Foshan Sanshui Xicheng Glass Co., Ltd. recently announced a plan to transfer the production capacity of its 300-ton-per-day flat glass production line. The public notice period is from October 21st to November 3rd, 2025.

2. [Wood Pulp] Wuzhou Special Paper Group Co., Ltd. recently released an announcement regarding project investment progress. The announcement disclosed the latest construction status of four key projects located in Hanchuan, Hubei; Wuxue, Hubei; and Hukou, Jiangxi. The total investment of these four projects exceeds 44 billion yuan, covering core industrial chain links such as pulp and paper integration, public wharves, and chemical pulp. The overall layout is gradually being implemented.

3. [Wood Pulp] Nine Dragons Paper (Holdings) Co., Ltd. will increase the price of all its all-wood pulp cultural paper products by 200 RMB/ton from November 1st, based on the existing prices.

4. [Wastepaper] On October 29th, Jiangsu Taicang Nine Dragons Paper Co., Ltd. increased its waste paper purchase price by 20 RMB/ton, with the adjusted price delivered to the factory at 1,830 RMB/ton. Zhejiang Jiaxing Shanying Paper Industry Co., Ltd. has raised its waste paper purchase price by 20 RMB/ton, bringing the price (excluding tax) to 2,000 RMB/ton delivered to the factory.

Zhejiang Pinghu Rongcheng Paper Industry Co., Ltd. has raised its waste paper purchase price by 20 RMB/ton, bringing the price (excluding tax) to 1,910 RMB/ton delivered to the factory.

Zhejiang Jiaxing Jingxing Paper Industry Co., Ltd. has raised its waste paper purchase price by 20 RMB/ton, bringing the price (excluding tax) to 1,870 RMB/ton delivered to the factory.

5. [Corrugated Paper] According to data from the General Administration of Customs, my country's corrugated paper imports in September 2025 were approximately 165,800 tons, an increase of 17.94% month-on-month and a decrease of 3.78% year-on-year; corrugated paper exports in September were approximately 5,200 tons, a decrease of 5.64% month-on-month and a decrease of 36.84% year-on-year.

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