[Overseas News] Ineos’ €5 Billion Cracker Arrives; Giants Close Plants in Unison, North American Paper and Plastic Prices Rise Across the Board

International News Highlights:

Device News - Dover Acquires Cloeren to Enhance Polymer Extrusion Equipment Capacity; INEOS 5 Billion Euro Olefins Cracker Module Arrives at Port.

Raw Materials News - Due to a collaborative cement plant with Indorama, non-renewable PET waste is being co-processed.

Packaging News - Coca-Cola Expands Circular Bottle Production Line, North American Cardboard Prices Rise for the Third Time

Electronics Headlines - The United States has issued new regulations banning the import and sale of new Chinese internet-connected robots.

Macro News - Glencore: Trading team posted $3.3 billion in profit in the first half of the year.

Price Headlines - The central parity rate of the RMB against the U.S. dollar was reported at 6.7899, up by 29 basis points.

The following are the details of international news:

Dover Group acquires extrusion die leader Cloeren.

Dover Corporation has signed an agreement to acquire Cloeren, which will be integrated into its MAAG business following the closing. Cloeren primarily specializes in extrusion dies and melt distribution systems for plastics processing and operates multiple facilities in North America and Austria. Its precision extrusion technology will complement MAAG’s complete polymer processing solutions. The acquisition is expected to be completed in the third quarter of 2026. Previously, Dover acquired Sikora for $625 million, continuing its expansion in polymer processing equipment. Dover reported first-quarter revenue of $2.1 billion this year, up 10% year over year, with orders performing well across all five of its business segments.

Evonik's €5 billion Project ONE cracking module successfully arrived in Antwerp.

Two super-large cracking units modules for the project had been stranded for several months due to the blockade of shipping through the Strait of Hormuz. They were successfully transported to the Port of Antwerp in Belgium during the June ceasefire window. Each of the two modules weighs nearly 7,000 tons. On site, 2,500 construction workers have been mobilized to carry out equipment installation and cable laying in parallel, and the plant’s substation has already been commissioned. The project adopts an overseas prefabricated modular construction model and is scheduled to achieve mechanical completion in the summer of 2026 and commence full commercial operation in the second half of 2027.

Indorama Partners with Philippine Cement Plants to Recover Hard-to-Recycle PET Waste

Thai chemicals leader Indorama has entered into a cross-sector partnership with Republic Cement. Waste such as bottle caps and labels generated during processing at its PETValue recycling plant, which cannot be recycled into food-grade rPET, will be sent to cement plants to replace fossil fuels for incineration, achieving zero waste to landfill. PETValue is the Philippines’ first food-grade recycled PET bottle-to-bottle facility. This partnership increases the overall recycling and utilization rate of plastics, stabilizes the supply of recycled PET feedstock, and helps improve the local plastic circular economy system.

4. Coca-Cola is ramping up its global investment in refillable packaging, with production line expansions being rolled out in multiple countries.

In 2024, Coca-Cola’s refillable glass bottles and durable PET bottles accounted for 14% of its total global beverage sales, with durable refillable bottles capable of being refilled up to 25 times. The brand, together with its global bottling partners, has invested heavily in expanding circular packaging production lines: an Ecuadorian manufacturer invested US$23 million to launch a universal refillable bottle production line, while new reusable packaging production lines were also added in France, Austria, and Thailand. In Latin America, recyclable packaging accounts for more than 22% on average, supported by hundreds of offline collection points to strengthen the circular system.

5. With scrap paper, freight, and electricity costs soaring, North American containerboard and white paperboard have launched a third round of price increases.

Due to the continuous rise in costs of upstream raw materials, logistics, and electricity, combined with the impact of large-scale shutdowns of paper mills and capacity contraction in recent years, the three major paper giants in North America announced price increases for containerboard starting in September. PCA raised prices by $140 per ton, reaching a historic high, while Smurfit Kappa increased by $100 per ton, and International Paper raised prices by $80 per ton, with corrugated paper also seeing price increases. This wave of price hikes has spread to SBS and FBB whiteboard, with many paper companies in Europe and the U.S. increasing board prices by 4%-6% in August and September. The industry is improving profitability through production cuts and price increases.

6. The U.S. FCC has issued an immediately effective ban, comprehensively prohibiting Chinese internet-connected humanoid and quadruped robots.

The U.S. Federal Communications Commission has issued a new rule that took effect immediately without a grace period, banning the import and sale of newly developed domestic humanoid and quadruped robots with network connectivity, as well as their matching power inverters. Regulators say that connected sensors pose data security risks, and Unitree Robotics’ products are specifically targeted. The ban applies only to new, not-yet-launched models; products already on the market are not currently restricted, but the FCC retains the right to revoke sales authorization for products already being sold at any time. Going forward, it may also introduce exemption policies for non-Chinese comparable devices.

The global chemical industry is undergoing a deep adjustment, with leading companies in Europe, America, and Asia simultaneously shutting down facilities and reducing production capacity.

Recently, the global chemical industry has entered a period of profound structural adjustment, driven by a combination of factors including energy price volatility, weak demand, tighter policies, and intensifying regional competition. In Europe, Dow, Shell, and TotalEnergies have permanently shut down multiple ethylene cracking units; chemical companies in Japan and South Korea are restructuring petrochemical complexes and phasing out million-ton ethylene capacity; in the United States, BASF and INEOS Styrolution have closed polymer material production lines in batches. Most of the closures in this round represent permanent exits, and the industry landscape is set for a major reshuffle.

Overseas Macro Markets:
[Glencore: Trading Team Earned $3.3 Billion in the First Half]Glencore stated that its trading team made a profit of approximately $3.3 billion in the first half of the year, so its annual performance is expected to rank among record highs. The company is already very close to the upper limit of its annual profit target range, which is $3.5 billion. The conflict in the Middle East has caused turmoil in various energy markets, allowing commodity trading companies to reap substantial profits. Meanwhile, factors ranging from the AI boom to trade tariffs have driven up metal prices.

Multiple inverter manufacturers responded to the U.S. market ban: the impact on the industry is relatively significant.On July 28, the Federal Communications Commission (FCC) of the United States updated the "Restricted Equipment List." According to the document, new high-end robotic devices and power inverters from overseas are generally unable to obtain FCC equipment authorization and are prohibited from being imported, advertised, or sold within the United States. An executive from a listed company in the inverter industry stated that, based on existing information, the ban will no longer approve new inverter models for certification in the U.S., meaning that the ban mainly affects the sales of future products. Existing products are not affected, and already certified product models can still be sold in the U.S. market.

[Iraq’s Popular Mobilization Organization confirms it was attacked by the United States and Saudi Arabia]On the 29th local time, the Iraqi Shiite militia group "Popular Mobilization Forces" issued a statement claiming that the United States and Saudi Arabia launched attacks on multiple sites of the "Popular Mobilization Forces" within Iraq in the early hours of the day, resulting in multiple casualties. The statement condemned the US-Saudi attacks for escalating tensions in the region and violating Iraq's sovereignty and the security of its official security institutions.

[Saudi Arabia claims to exercise "right of self-defense" to strike militia groups within Iraqi territory]According to the official Saudi news agency, the Saudi armed forces coordinated with the U.S. Central Command on Wednesday to carry out airstrikes against Iranian-backed militia groups within Iraq, which are linked to attacks on Saudi oil facilities. Saudi Arabia stated that the strikes were an exercise of "the right to self-defense" and that it does not seek to escalate the situation; however, it added that "if it suffers any further attacks, it will not hesitate to take all necessary measures to uphold its sovereignty and protect its citizens and national property."

Iran says it intercepted 3 "violating" oil tankers in the Strait of HormuzOn the 29th, the Islamic Revolutionary Guard Corps of Iran issued multiple statements saying that the IRGC Navy continues to "fully control the Strait of Hormuz," and that a few hours earlier it had struck and intercepted three "violating" oil tankers. The statements said that these tankers "ignored its warnings and continued sailing on unsafe and illegal routes, and have been hit and intercepted."

[Trump said he separately discussed a number of important issues with Netanyahu and Zelensky]On July 28 local time, U.S. President Trump posted on social media that he had a “very good meeting” with Israeli Prime Minister Netanyahu and several members of Congress. Trump said the two sides discussed a number of important issues, but he did not disclose the specific contents. Trump also posted on the 28th that he had met with Ukrainian President Zelensky, and the two sides discussed a number of issues. Trump said, “We discussed many things. This meeting went very smoothly!”

Price Information:

The central parity rate of the RMB against the US dollar is reported at 6.7899, up by 29 points; the previous trading day's central parity rate was 6.7928, the official closing price of the previous trading day was 6.7674, and the night session of the previous day closed at 6.7710.

[Upstream Raw Material USD Market Prices]

On July 28, CFR Northeast Asia ethylene remained stable at $980 per ton, and CFR Southeast Asia remained stable at $920 per ton.

The average price of propylene in Northeast Asia fell by USD 20/ton to USD 950/ton FOB Korea, while the CFR China average fell by USD 30/ton to USD 980/ton.

North Asia refrigerated cargo CFR prices: propane $712–714/mt; butane $712–714/mt.

South China frozen cargo landed prices in August: Propane $776-786/ton; Butane $798-808/ton.

Taiwan CFR refrigerated cargo: propane USD 712–714/ton; butane USD 712–714/ton.

[LLDPE US Dollar Market Price]

Film: $995/ton (CFR Huangpu);

[HDPE USD Market Price]

Thin film: USD 1,025/ton (CFR Qingdao);

Hollow: $1230/ton (CFR Yantian);

Injection molding: $1260/ton (CFR Yantian);

[LDPE USD Market Price]

Film: USD 1,320/ton (CFR Huangpu);

[PP US Dollar Market Price]

Homopolymer: USD 1,250/ton (CFR Huangpu);

Copolymerization: USD 1,250/ton (CFR Nansha);

Transparent: USD 1,540/ton (CFR Huangpu);

Pipes: $1330/ton (CFR Huangpu);