[Overseas Highlights] Chinese polyolefins enter the U.S. market! South Korea's major oil refiners face collective lawsuits; CATL accelerates overseas expansion
International News Digest
Raw Material News: Historic Breakthrough – PetroChina’s Synthetic Resins Shipped Directly to the US
Automotive News: Czech Billionaire Plans to Acquire 14% Stake in Pirelli
Electronics News: CATL Invests in New Zealand Firm to Accelerate Industrial Mass Production of Bio-based Lithium Battery Materials
Macro News: US Media Reports IRGC Struck Two Merchant Vessels in the Strait of Hormuz
Price Information: Central Parity Rate of RMB against USD Stands at 6.8054, Up 12 Basis Points
Full International News Details
Historic Breakthrough! PetroChina Synthetic Resins Exported Directly to the United States
The first batch of 245 tons of specialty feedstock for Intermediate Bulk Containers (IBCs) smoothly arrived at US ports earlier this month. This milestone marks that East China Chemical Sales Company has successfully opened a new export corridor to the US, delivering a historic first for PetroChina to sell synthetic resin products directly to US buyers, and propelling domestic polyolefin new materials into high-end global markets.
Overseas Industry Brief: Domestic Polyolefins Enter US Market; South Korea’s Refining Giants Indicted in Collusion Case; CATL Expands Global Layout
All Four South Korean Refiners Indicted for Alleged Fuel Price-Fixing
Reuters reported South Korean prosecutors announced charges on Monday against four refiners and four employees of two of the firms over an alleged conspiracy to rig fuel prices, with estimated damages reaching approximately USD 17 billion.
South Korea has only four domestic refiners: HD Hyundai Oilbank, SK Energy, GS Caltex and S-Oil. Prosecuting the entire refining sector represents an unusually wide-ranging and severe enforcement action.
The lead prosecutor stated at a press conference that following the outbreak of the Iran conflict, pricing executives from two refiners coordinated the magnitude and timing of price hikes, with the other two refiners subsequently matching adjustments to form a coordinated pricing cartel. Yonhap News cited prosecution sources identifying SK Energy and HD Hyundai Oilbank as the alleged ringleaders.
SK Innovation, parent company of SK Energy, declined to comment. HD Hyundai Oilbank, S-Oil and GS Caltex did not immediately respond to requests for remarks.
CATL Invests in New Zealand Firm to Scale Up Bio-based Lithium Battery Materials
On July 6, New Zealand-based CarbonScape announced a strategic investment partnership with CATL (Contemporary Amperex Technology Co., Limited), the world’s largest battery manufacturer. The cooperation targets the commercialization and mass production of sustainable bio-based graphite materials for next-generation battery supply chains.
Under the deal, CATL will secure a seat on CarbonScape’s board of directors and act as a core industrialization partner to advance further technical development and scaled manufacturing. Automakers and policymakers across Europe and North America are seeking low-carbon, locally supplied, cost-competitive anode materials to shore up regional graphite supply chains, making this collaboration well-aligned with global market demands.
CarbonScape owns a proprietary process that converts forestry byproducts into battery-grade graphite for lithium-ion batteries. CATL will bring its expertise in capacity expansion, manufacturing operations, process optimization and commercialization to the joint initiative.
Czech Billionaire in Talks to Buy 14% Stake in Pirelli
Bloomberg reported, citing people familiar with the matter, that Czech billionaire Michal Strnad is negotiating with Sinochem Holdings, Pirelli’s largest shareholder, to acquire a portion of its holdings. Should the transaction close, it would ease external concerns over Chinese capital’s influence on the Italian tire manufacturer.
Sources, speaking on condition of anonymity as negotiations remain confidential, said Strnad is seeking to purchase a 14% stake in Pirelli. Discussions are ongoing and no final agreement is guaranteed; one potential hurdle is mandatory regulatory approval from Chinese authorities.
Valued at over EUR 1 billion (approx. USD 1.14 billion) based on current market capitalization, the deal would cut Sinochem’s holding in Pirelli to roughly 20% upon completion.
Samsung’s Memory Chip Boom Drives Daily Profit of Nearly CNY 4.4 Billion; DRAM Prices to Surge 20% in Q3, Forcing Terminal Manufacturers to Hike Prices
Fueled by the global upturn in memory chip prices, Samsung posted record quarterly earnings, hitting an all-time high operating profit.
Samsung released its latest earnings guidance, forecasting Q2 total sales of 171 trillion South Korean won, a year-on-year jump of 129%, and operating profit of 89.4 trillion won, skyrocketing 1,810% YoY.
Both metrics far outperformed consensus market forecasts from industry analysts, marking Samsung’s third consecutive quarter of record-high quarterly operating profits.
Overseas Macro Market Updates
Trump Confirms "Very Good Call" with Putin on Ukraine
On July 6 local time, US President Donald Trump stated he was negotiating with Russian President Vladimir Putin to end the Russia-Ukraine conflict, describing their conversation as "very good". Trump added that Ukraine would be discussed at the upcoming NATO summit, warning "the situation is more urgent than people realize".
US Media: IRGC Missiles Hit Two Merchant Vessels in Strait of Hormuz
Axios cited an unnamed US official on July 6 reporting that the Islamic Revolutionary Guard Corps (IRGC) fired at least two missiles targeting merchant ships transiting the Strait of Hormuz. Two vessels sustained heavy damage, with no reported casualties.
LNG Carrier Attacked in Gulf of Oman
Radio recordings from public maritime communication channels near the Strait of Hormuz captured distress alerts issued by an LNG carrier in the early hours of July 7 local time after an attack in the Gulf of Oman. The vessel reported an engine room fire, with all crew members unharmed.
Saudi Arabia Considers Expanding Red Sea Crude Oil Pipeline Capacity
Reuters reported, citing industry insiders, that Saudi Arabia is in preliminary talks with neighboring countries to boost the throughput capacity of its crude oil pipeline running to western Red Sea ports.
Authorities are evaluating either upgrades to existing infrastructure or new pipeline construction to lift capacity by 1 million to 2 million barrels per day, with refined oil products also under consideration for expanded transit volumes.
Iranian Foreign Minister: Final Nuclear Negotiations Will Not Proceed If Hostilities Persist
Iranian Foreign Minister Abbas Araghchi posted on social media on July 7 stating that, per the terms of the memorandum of understanding between Iran and the US, negotiations for a final comprehensive deal will not launch if ongoing threats against Iran continue.
Price Information
The central parity exchange rate of RMB against the US dollar stood at 6.8054, up 12 basis points.
Previous trading day reference data: Central parity rate 6.8066; official closing price 6.7925; overnight session closing price 6.7924.
USD-denominated Raw Material Spot Prices (July 6)
- Ethylene CFR Northeast Asia: USD 800/ton, down USD 10/ton
- Ethylene CFR Southeast Asia: USD 790/ton, flat
- Propylene FOB South Korea (Northeast Asia average): USD 860/ton, down USD 10/ton
- Propylene CFR China average: USD 890/ton, down USD 10/ton
North Asia Frozen Gas CIF Prices
- Propane: USD 593–601/ton
- Butane: USD 593–601/ton
South China Frozen Gas CIF, Early August Shipment
- Propane: USD 647–657/ton
- Butane: USD 667–677/ton
Taiwan Frozen Gas CIF Prices
- Propane: USD 593–601/ton
- Butane: USD 593–601/ton
USD Prices for Polyolefin Resins
- LLDPE CFR Huangpu (film grade): USD 930/ton
- HDPE
- Film grade CFR Qingdao: USD 1050/ton
- Blow molding grade CFR Yantian: USD 1242/ton
- Injection molding grade CFR Yantian: USD 1180/ton
- LDPE Film grade CFR Huangpu: USD 1250/ton
- PP
- Homopolymer CFR Huangpu: USD 1190/ton
- Copolymer CFR Nansha: USD 1190/ton
- Film-grade PP CFR Huangpu: USD 1480/ton
- Transparent PP CFR Huangpu: USD 1400/ton
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