Hengli Petrochemical Responds to US Sanctions! Three Japanese Giants' Merger Approved! Iran Says Nuclear Issue Not Open to Negotiation

International News Digest

Raw material newsMitsui, Idemitsu, and Sumitomo Polyolefins Merger Approved! Sumitomo's Polyolefins Business to be IntegratedPRM

Auto NewsThe EU-funded pilot project for a circular economy in the automotive sector has officially started.LYB is involved in it.

Refining & Petrochemical NewsHengli Petrochemical Dalian Refinery is sanctioned by the United States.

Packaging News BriefBASF collaborates withBTC European Company attends the 2026 Dusseldorf Packaging Fair, showcasing complete packaging material solutions

Medical NewsKistler Upgrades Process Monitoring and Production Platform to Meet Medical Injection Molding Requirements

Textile NewsKorean brandMardi Mercredi accelerates its exit from the Chinese market

Macro News -Iran officials: Iran's oil industry chain has sufficient resilience.

International News Details:

1. Hengli Petrochemical's Dalian refinery has been sanctioned by the United States.

Recently, a sanction order issued by the U.S. Department of the Treasury thrust Hengli Petrochemical (Dalian) Refining Co., Ltd. into the spotlight. The reason is straightforward: the company purchased Iranian crude oil. Approximately 40 shipping companies and vessels were sanctioned alongside Hengli Petrochemical, with the U.S. government asserting these entities are linked to Iran’s “shadow fleet.” According to Reuters, this move forms part of Washington’s ongoing efforts to restrict Iran’s oil export revenues, simultaneously bringing into focus Chinese refining enterprises, Iranian crude oil, shipping networks, and financial settlement risks. In response, Hengli Petrochemical stated that its production and operations are proceeding normally, with all production facilities operating at high load and stable conditions. Crude oil processing, chemical production, and sales are all proceeding in an orderly manner. The company currently holds ample crude oil reserves, sufficient to meet over three months’ worth of processing requirements, and its crude oil procurement activities remain unaffected. Going forward, the company will continue procuring crude oil via RMB-denominated settlement channels and adopt a combined strategy of strategic reserves and market-based procurement to ensure diversification and security in crude oil procurement settlements.

2. The merger of Mitsui, Idemitsu, and Sumitomo Polyolefins has been approved! Sumitomo’s polyolefins business will be integrated into PRM.

Mitsui Chemicals, Idemitsu Kosan, and Sumitomo Chemical reached a basic cooperation agreement on September 10, 2025. The three companies plan to integrate the polyolefin (PO) business operated by Prime Polymer Co., Ltd. (PRM), a joint venture between Mitsui Chemicals and Idemitsu Kosan, with Sumitomo Chemical's polypropylene (PP) business and linear low-density polyethylene (LLDPE) business in Japan. This integration aims to establish a core industry that supports Japan's industrial development and has strong risk resistance, enhancing the comprehensive competitiveness of PP and polyethylene (PE) businesses in Japan. On December 24, 2025, the three companies formally signed the business integration agreement and related joint venture agreements.

3, BASF partners with BTC Europe to showcase a comprehensive packaging material solution at the 2026 Düsseldorf Packaging Exhibition

BASF, in collaboration with its European distribution arm BTC Europe, will be showcasing its comprehensive range of products for the packaging industry at the 2026 International Packaging Processing Exhibition (interpack). The event, which focuses on packaging materials and processing technologies, will take place from May 7 to 13 in Düsseldorf, Germany. BASF's booth will be located at A44 in Hall 10.

4. The EU-funded pilot project on automotive circular economy has officially launched, with LYB participating in it.

During ChinaPlas 2026, the pilot project “Extending Producer Responsibility for Vehicles to Enhance Material Circularity” was officially launched. This project falls under the Sino-European Circular Economy Action Programme, funded jointly by the European Union and the German Federal Ministry for the Environment, Nature Conservation, Nuclear Safety and Consumer Protection (BMUKN), and implemented by the German International Cooperation Agency (GIZ). Currently, plastic materials recovered from End-of-Life Vehicles (ELVs) suffer from low recycling rates and are rarely reintegrated into new vehicle production, due to regulatory, technical, and economic constraints. This multi-stakeholder pilot project aims to explore and validate a practical, scalable “Car-to-Car” plastic recycling model. It brings together participants across the automotive value chain, including ELV dismantling company Yucheng, recycling company Aosai, and polymer producer LYB, and is open to all Original Equipment Manufacturers (OEMs).

5. South Korean brand Mardi Mercredi accelerates withdrawal from the Chinese market.

The Korean brand Mardi Mercredi, which gained popularity with its daisy and dachshund designs, is accelerating its exit from the Chinese market. A Lanjing journalist found that the homepage of its Taobao and Douyin flagship stores shows that operations have been terminated/suspended. Prior to this, the brand had already closed all of its physical stores in China. The customer service of the store responded that, due to a full-channel business adjustment, Mardi will officially close its store on April 20. At that time, all product listings will be taken down and sales will stop. Customers who need to handle after-sales matters must complete them by the end of April.

6. To meet the needs of medical injection molding, Kistler upgrades its process monitoring and production platform

In response to feedback from the medical device manufacturing industry, Kistler announced an enhancement to its injection molding quality inspection software, aiming to optimize user-friendliness and standardization options. This measurement technology specialist introduced new standardized process templates compatible across multiple production sites in its ComoNeo 9.0 process monitoring software. Meanwhile, the AkvisIO 9.0 process and production management platform has been upgraded. After the upgrade, the platform can quickly aggregate key production data, helping companies simplify data-driven troubleshooting in daily operations. Additionally, the ComoNeo hardware features a significantly upgraded processor, enabling better compatibility with AI applications such as ComoNeoPREDICT, while enhancing data analysis capabilities for multi-cavity injection molding.

Overseas Macro Market

Iran says excessive U.S. demands led to the breakdown of negotiations.

Alaqaqi stated in an interview with the media in St. Petersburg, Russia, today (April 27) that Iran’s most recent round of negotiations with the United States, though making progress, failed to achieve its goals because the U.S. side put forward excessive demands and adopted inappropriate practices. Iran therefore needs to consult with Pakistan to assess the latest developments. It is reported that Alaqaqi will hold talks with Russian President Vladimir Putin in St. Petersburg.

New Delhi, India, records the highest April temperature in recent years.

New Delhi, the capital of India, recently experienced a heatwave, with temperatures reaching 42.8 degrees Celsius, setting a record for the highest temperature in April in recent years. For several days, popular open-air attractions in New Delhi such as the Red Fort, Humayun's Tomb, and the Moon Market have been extremely hot during the afternoons. The Indian meteorological department has issued a high-temperature warning to surrounding areas, reminding tourists to avoid outdoor activities if not necessary and to plan their trips accordingly.

The Ministry of Foreign Affairs responded to the U.S. sanctions against Chinese refining enterprises: It urges the U.S. side to cease its erroneous practices of arbitrarily imposing sanctions and exercising “long-arm jurisdiction.”

On April 27, Foreign Ministry Spokesperson Lin Jian presided over the regular press conference. A Bloomberg journalist asked: “The United States has imposed sanctions on a Chinese private refining company due to its ties with Iran; the U.S. Department of the Treasury announced last Friday that it has placed the Chinese company on its blacklist.” In response, Lin Jian stated that China consistently opposes unlawful unilateral sanctions lacking a basis in international law, urges the U.S. side to cease its erroneous practices of arbitrarily imposing sanctions and exercising extraterritorial jurisdiction, and will resolutely safeguard the legitimate rights and interests of Chinese enterprises.

[Iranian official: Iran's oil industry chain has sufficient resilience]

On April 27, local time, CCTV reporters learned from Iranian sources that a member of the Energy Committee of the Islamic Consultative Assembly of Iran stated that Iran’s oil industry chain possesses sufficient resilience and stress resistance in the face of U.S. threats. Even during the most severe maritime blockade, Iran’s oil exports not only continued but also increased. The committee member noted that the United States has long relied on pressure and threats to advance its strategy but has, to date, failed to achieve the intended results.

[U.S. Media: Israeli President Temporarily Withholds Pardon for Netanyahu, Seeking to Facilitate a Plea Agreement]

According to a report by The New York Times on the 26th, Israeli President Isaac Herzog has decided not to grant a pardon to Israeli Prime Minister Benjamin Netanyahu, who is implicated in a corruption case, and instead will initiate a mediation process to facilitate a plea agreement.

Iran official says nuclear issue is not subject to negotiation.

Ebrahim Azizi, Chairman of the Iranian Parliament's National Security and Foreign Policy Committee, stated in an interview broadcast on April 26 that Iran has no intention of negotiating with the United States, particularly on nuclear issues—because Iran firmly believes it has the right to uranium enrichment, and its enrichment activities must be regarded as a fait accompli. He explained that even if Iran were to hand over more than 400 kilograms of enriched uranium as demanded by the U.S., the issue would not be resolved, and the U.S. would only escalate its demands further. He emphasized that the reason for Iran's victory "lies precisely in our resistance, our firm stance, and our success in preventing the United States from advancing its ambitions step by step."

Iran’s Foreign Minister stated that the country has assessed the conditions for continuing talks with the United States.

Iran's Foreign Minister Abbas Araghchi stated that during his visit to Pakistan, he assessed "the progress made in negotiations between Iran and the United States, as well as the conditions for continuing the talks." Araghchi said that Iran's conditions in the negotiations are crucial, but he provided no further details. He mentioned that during his previous visit to Oman, he had discussed with local officials the issue of "safe passage" through the Strait of Hormuz, and there is a high level of consensus between Iran and Oman. He said that he plans to discuss and coordinate developments in the war situation during his meeting with Putin.

The U.S. has received Iran's new negotiation proposal.

Price Information:

The RMB/USD central parity rate hits a new high since March 24, 2023.

The central parity rate of the RMB against the US dollar was set at 6.8579, up by 95 basis points; the previous trading day’s central parity rate was 6.8674, the previous trading day’s official closing rate was 6.8342, and the overnight session closed at 6.8310.

[Upstream Raw Material USD Market Price]

Ethylene CFR Northeast Asia $1325/ton, down $45/ton; CFR Southeast Asia $1410/ton, stable.

The FOB Korea average price of propylene in Northeast Asia remained stable at $1,320/ton, and the CFR China average price remained stable at $1,340/ton.

North Asia CFR prices: propane at $827–832/ton; butane at $927–932/ton.

For May, the CF South China prices for frozen goods are: propane $1000-1010/ton; butane $1050-1060/ton.

CIF prices for refrigerated cargo in the Taiwan region: propane at USD 827–832 per metric ton; butane at USD 927–932 per metric ton.

LLDPE USD price market

Film: 1350 USD/ton (CFR Huangpu)

[HDPE US Dollar Market Price]

Film: USD 1,420/ton (CFR Huangpu)

Hollow: USD 1,450/ton (CFR Huangpu);

Injection molding: USD 1,320 per metric ton (CFR Huangpu)

[LDPE US Dollar Market Price]

Film: 1480 USD/ton (CFR Dongguan)

[PP US Dollar Market Price]

Homopolymer: USD 1,420/ton (CFR Huangpu)

Copolymer: 1620 USD/ton (CFR Huangpu)

Film material: 1630 USD/ton (CFR Huangpu)

Transparent: 1520 USD/ton (CFR Huangpu)