SunSirs: Building Materials Industries Bulk Commodity Intelligence (April 3, 2026)

Macroeconomics

1. [U.S. Tariffs] The U.S. White House has issued two consecutive policy statements announcing the implementation of new tariff policies targeting key industrial and pharmaceutical sectors. Regarding metal tariffs, the Trump administration is maintaining a 50% tariff on various imported steel, aluminum, and copper products, while simultaneously simplifying tariff regulations for goods with lower metal content by imposing a uniform 25% tariff on manufactured goods and derivative products. Regarding pharmaceutical tariffs, the U.S. will impose a 100% tariff on imported medicines that "possess a brand or patent"; however, countries, regions, and pharmaceutical companies that have reached agreements with the Trump administration may be granted exemptions from these tariffs.

2. [U.S. Initial Jobless Claims] In the past week, the number of initial jobless claims in the U.S. fell by 9,000 to 202,000—falling below market expectations of 212,000 and marking a new low for nearly two years. In the preceding week, the number of continuing jobless claims rose to 1.84 million.

3. [U.S. Trade Deficit] Data released by the U.S. Department of Commerce indicates that the trade deficit in goods and services expanded by 4.9% month-over-month in February, reaching $57.3 billion; however, this figure fell below economists' forecasts of $61 billion. Specifically, exports grew by 4.2%, while imports grew by 4.3%. During the same month, the U.S. trade deficit in goods with China widened to $13.1 billion.

4. [Shipping] Iran is currently drafting an agreement with Oman aimed at monitoring maritime traffic within the Strait of Hormuz, with the objective of facilitating and ensuring navigational safety. Concurrently, Iran is exploring the possibility of levying transit fees on vessels passing through the Strait of Hormuz. The Iranian Ministry of Foreign Affairs has stated that vessels belonging to non-aggressive parties may traverse the Strait of Hormuz following proper coordination.

Building Materials

1. [Pulp] As of April 2, 2026, the sample inventory of pulp at China's major ports stood at 2.352 million tons. This represents a reduction of 43,000 tons compared to the previous period—a month-on-month decline of 1.8%—marking a shift in the inventory trend at major ports from accumulation to depletion during the current cycle.

2. [Wastepaper] On April 2, 2026: Zhejiang Jiaxing Jingxing Paper reduced its wastepaper procurement price by 10 RMB/ton; the adjusted ex-factory price (excluding VAT) is now 1,570 RMB/ton.

Zhejiang Jiaxing Shanying Paper reduced its waste paper procurement price by 10 RMB/ton; the adjusted ex-factory price (excluding VAT) is now 1,630 RMB/ton.

Zhejiang Pinghu Rongcheng Paper reduced its waste paper procurement price by 10 RMB/ton; the adjusted ex-factory price (excluding VAT) is now 1,610 RMB/ton.

Jiangsu Taicang Nine Dragons Paper reduced its waste paper procurement price by 10 RMB/ton; the adjusted ex-factory price is now 1,570 RMB/ton.

3. [Asphalt] Domestic asphalt production for April 2026 is projected to reach 1.527 million tons. This represents a month-on-month decrease of 440,000 tons (down 22.4%) and a year-on-year decrease of 764,000 tons (down 33.3%). Specifically, Sinopec plans to produce 120,000 tons (down 76.5% month-on-month); PetroChina plans to produce 171,000 tons (down 57.8% month-on-month); and local refineries plan to produce 1.072 million tons (up 20.2% month-on-month).

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