Basf exits joint venture with cnpc! chinese refrigeration products sell explosively overseas! south korea plans to build chip factory

International News Briefing:

Raw Materials News-BASF exits joint venture with PetroChina

Automotive News-The Indian government plans to introduceThe 120 billion rupee incentive program will promote the adoption of private electric buses.

Home Furnishing News-Leesa Sleep launches plant-based polyurethane foam

Electronic News-South Korea is expected to build four chip factories in the southwest, with an investment of about800 trillion won

Medical News-Lubrizol UnitedPolyhose establishes a new medical tubing production base in India.

Macroeconomic NewsIranian President: $6 billion in Iranian assets to be unfrozen

Here are the details of the international headlines.：

Lubrizol UnitedPolyhose establishes a new medical tubing production facility in India.

The base is operated by Lubrizol (Lubrizol operates in collaboration with fluid delivery system manufacturer Polyhose, using a variety of high-performance polymer materials to produce medical tubing, adhering to quality standards consistent with Lubrizol's global production network. The factory focuses on precision extrusion of tubing, with a rich selection of materials. According to Lubrizol, the available materials include polyamide, nylon, Pebax® thermoplastic elastomers, polypropylene, polyethylene, and Lubrizol's medical-grade thermoplastic polyurethane (TPU).

BASF exits joint venture with PetroChina.

Recently, BASF Jihua Neopentyl Glycol Co., Ltd. underwent a change in business registration information. The original shareholders, BASF (China) Co., Ltd. and BASF SE, withdrew, and the registered capital was reduced from…150 million RMB reduced to 60 million RMB. The company was established in November 1995, with Chen Jianjun as the legal representative. Its business scope includes the manufacturing of basic chemical raw materials, the manufacturing of specialized chemical products, and the sales of specialized chemical products. It is currently wholly owned by China Petroleum.

Leesa Sleep launches plant-based polyurethane foam.

Leesa Sleep, known for its award-winning hybrid and cooling mattresses, has announced the launch of GreenFlex® foam—a new generation of plant-based polyurethane foam developed entirely in-house. GreenFlex® foam is now applied to most of Leesa Sleep's product line, marking one of the most significant material innovations in the company's history. It maintains Leesa Sleep's signature premium feel while significantly reducing environmental impact. GreenFlex® is a bio-based foam made from renewable plant-based polyols, reducing reliance on petroleum-based materials.

Heatwaves batter Europe, and Chinese cooling products are selling like hotcakes.

In June 2026, Europe is being battered by an unprecedented heatwave, with record-high temperatures broken in France, Germany, the Czech Republic, and other countries. Air conditioners have suddenly become the most essential necessity. Data from Google Trends over the past week shows that searches for “air conditioner installation” in France have surged by 130%, while related searches in other European countries have also risen sharply. It is reported that portable split air conditioners launched by Chinese companies to address policy constraints in Europe—such as the inability to alter the exterior facades of old apartment buildings—have already been sold out across the European market.

South Korea is expected to build four chip plants in the southwest, with an investment of about800 trillion KRW

South Korea’s Minister of Trade, Industry and Energy, Kim Jung-kwan, said that four semiconductor plants are expected to be built in the southwestern region, with an investment of approximately800 trillion won; investment in the chip sector is expected to reach at least 30 trillion won over the next 15 years, covering areas such as next-generation memory, edge AI, and defense; investment in a chip packaging cluster in the Chungcheong region is expected to reach 81 trillion won. It is reported that Samsung and SK Hynix will each build two chip factories as part of the 800 trillion won project.

The Indian government plans to.Rs 120 Billion Incentive Plan to Boost Adoption of Private Electric Buses

The Indian central government is formulating a plan worth approximatelyA 120 billion rupee (approximately 10.8 billion yuan) incentive plan is aimed at encouraging private fleet operators to procure electric buses. According to officials, the plan may include measures such as interest subsidies, partial credit guarantees, and capital subsidies to alleviate the financial burden on private enterprises purchasing electric buses. A senior official told the Economic Times, "The relevant scheme is currently being formulated, and the scale of the incentive funding is expected to be around 120 billion rupees." The scheme may also include supporting measures such as exemptions from toll fees and vehicle registration fees. The official added that a final decision on the plan and its specific incentives will be made soon.

Overseas Macroeconomic Markets:

[Iranian President:US$6 billion in Iranian assets will be unfrozen.

According to the Islamic Republic News Agency of IranOn the 29th, it was reported that Iranian President Pezeshkian said that of the $12 billion in Iranian assets frozen in Qatar, $6 billion would be unfrozen and returned to Iran.

Samsung announces265.5 trillion won investment plan

Samsung Group announced that it will investConstruct an HBM wafer fab in Cheonan and Onyang, South Korea with an investment of 56 trillion won. Invest 203 trillion won to build a chip cluster in Yongin and Pyeongtaek, South Korea. Invest 40 trillion won to build a new chip factory in the southwestern region of South Korea.

Goldman Sachs: Copper may benefit from the Iran-Israel conflict

Goldman Sachs said that metals, including copper, could benefit from the lingering effects of the Iran-Israel war, as the conflict reinforces several demand-driving trends, including electrification and defense spending, analysts said.Samantha Dart and Daan Struyven said: “The Iran conflict has ultimately reinforced many of the themes supporting demand for electricity and metals, to a greater extent than its impact on oil and gas.” Analysts said that, according to the bank’s recent forecast, copper is now expected to reach $13,735 per tonne by the end of 2026, with an average price of $13,800 per tonne in 2027. Copper last traded on the London Metal Exchange at $13,420 per tonne.

Toyota's global sales have declined for four consecutive months.

Toyota Motor stated,Global sales in May fell 7.4% year on year to 885,207 vehicles, including sales from Toyota subsidiary Daihatsu. Production declined 5.8% year on year to 857,765 vehicles. Toyota expects raw material costs to rise in the fiscal year ending March 2027, which will reduce profits. It forecasts operating profit of 3 trillion yen ($18.8 billion), below analysts’ expectations and also below the 3.8 trillion yen it posted in the previous 12 months.

Heatwave sweeps across multiple European countries Multiple places have successively set new records.June High Temperature Historical Record

In June, after just enduring the heatwave of May, Europe is once again facing oppressive weather, with many regions experiencing record high temperatures. This is not an isolated weather event; climate change is making extreme weather more common and prolonged. Warnings have been issued by UN officials and climate scientists alike, stating that the world must accelerate its response to climate challenges. A recent study released by the World Weather Attribution Coalition on the 26th shows that, due to climate change, the probability of high-temperature weather in Europe is now 200 times greater than it was 20 years ago.

South Korean government: Four chip plants expected to be built in the southwest region Investment approximately800 trillion Korean won]

The South Korean government said it expects to build four chip factories in the southwest, with an investment of about800 trillion won; over the next 15 years, investment in the semiconductor sector is expected to reach at least 30 trillion won, including in next-generation memory, edge AI, and defense. Investment in the semiconductor packaging cluster in the Chungcheong region is expected to reach 81 trillion won.

【The first cross-border transaction of LNG ship cargo has been successfully completed, further expanding the use of RMB settlement in oil and gas trade.

According to the Shanghai Petroleum and Natural Gas Exchange, CNOOC Gas & Power Group Co., Ltd. (The LNG cargo “Cross-Border Pass” product (pilot), jointly launched by the Gas and Electricity Group and the Shanghai Petroleum and Natural Gas Exchange Center, successfully completed its first round of trading on June 26. In this round of trading, multiple city gas enterprises, domestic second- and third-tier natural gas traders, and end users participated, and the first full-ship “Cross-Border Pass” LNG cargo resource was successfully concluded, with the transaction settled in RMB.

Price information:

The middle exchange rate of the RMB against the USD is reported.6.8175, down 9 pips; the previous trading day’s midpoint was 6.8166, the official closing rate was 6.7997, and the overnight session closed at 6.7978.

[Upstream Raw Material USD Market Prices]

On June 26, CFR Northeast Asia ethylene was at USD 830/ton, down USD 20/ton, and CFR Southeast Asia ethylene was at USD 825/ton, down USD 5/ton.

Northeast Asia propyleneThe FOB Korea average price remained stable at USD 850/ton, while the CFR China average price fell by USD 25/ton to USD 865/ton.

CIF North Asia, propaneUSD 559–563/ton; butane USD 559–563/ton.

South China Frozen CargoIn July, the landed prices are as follows: propane at $624-634 per ton; butane at $644-654 per ton.

Taiwan region CIF price for refrigerated propane559-563 USD/ton; butane 559-563 USD/ton.

【LLDPE USD market price]

Thin film:950 USD/ton (CFR Huangpu);

【HDPE USD market price]

Thin film:USD 1,170/ton (CFR Huangpu);

Hollow:$1250/ton (CFR Yantian);

Injection molding:USD 1,200/ton (CFR Yantian);

【LDPE USD market price]

Thin film:USD 1,280/ton (CFR Huangpu);

【PP USD market price]

Homopolymerization:USD 1,270/ton (CFR Huangpu);

Co-polymerization:USD 1,270/ton (CFR Nansha);

Membrane material:USD 1,560/ton (CFR Huangpu);

Transparent:USD 1,440/ton (CFR Huangpu);

Edit: Translate the above content into English and output only the translation result, without any explanation. Yun Shimeng （Carrie）