【Overseas Highlights】Qatar Oil Tanker Attacked! India Reduces Tariff on PVC and Other Plastics, Pop Mart World Cup Collectibles Go Live

News Highlights

Commodity News: Gulf States Considering New Pipeline to Completely Bypass the Strait of Hormuz

Electronic News - US ITC officially initiates 337 investigation into display devices, streaming players, and their components

Automotive News – Lightweight Breakthrough! Sainia HM High-Modulus Technology Empowers Aerospace and Racing Fields

Macro News -Trump delivers TV address, declares victory in war against Iran

Price informationThe central parity rate of the Chinese yuan against the US dollar was set at 6.8880, up by 145 pips.

The following is the details of international news:

1. Gulf states are considering building a new pipeline to completely bypass the Strait of Hormuz!

Gulf countries are considering building a new oil pipeline to bypass the Strait of Hormuz, according to a report by the Financial Times on April 2.

Several officials and industry executives stated that the new pipeline could be the only way to reduce Gulf states' reliance on the Strait of Hormuz. Saudi Arabia is evaluating whether to expand its existing East-West oil pipeline or establish a new route, and Abu Dhabi is said to have long maintained a "backup option" leading to Fujairah Port.

The current discussion takes place against the backdrop of ongoing tensions in the Strait of Hormuz, where related conflicts have abruptly heightened concerns among all parties regarding the security of energy exports.

2. Germany's DOMO Leuna plant narrowly avoids shutdown as joint buyers step in with an emergency takeover!

The DOMO Chemicals plant in Leuna, Germany, will be able to continue operating. The plant, along with two other German subsidiaries of the group, entered insolvency proceedings at the end of last year.

Temporary insolvency administrator and partner at Flöther & Wissing law firm, Lucas F. Flöther, successfully found a buyer for the plant operated by Domo Caproleuna, which has 436 employees. The buyer is a special purpose company established by InfraLeuna and Leuna-Harze. InfraLeuna is responsible for the infrastructure operations of the chemical park where the plant is located, while Leuna-Harze is an epoxy resin producer within the same park.

India has reduced import tariffs on PVC and other plastics to address inflation issues caused by regional conflicts.

On April 1, the Indian government reduced the import duty on polyvinyl chloride (PVC), polypropylene (PP), and polyethylene (PE) from 7.5% to 0%, effective from April 2 for an initial period of three months, aiming to address inflation triggered by regional conflicts.

This notice shall take effect on April 2, 2026, and remain in force until and including June 30, 2026.

4. Annual capacity of 13.6 million tons! The world's fourth-largest polyolefins producer is born.

Austrian oil and gas group OMV and XRG, the international investment arm of Abu Dhabi National Oil Company (ADNOC), jointly announced the successful establishment of Borouge Group International, which will become the world’s fourth-largest polyolefins producer.

Borealis International was formed through the merger of Borealis and Borouge, and the acquisition of Canadian NOVA Chemicals. XRG and OMV each hold a 50% stake in Borealis International.

The new company's headquarters is set in Vienna, Austria, with a regional headquarters in the UAE. It will establish multiple operational centers in North America, Europe, and Asia, and set up innovation centers in Austria, the UAE, Canada, Finland, Sweden, and China.

XRG stated that the new polyolefin production complex, Borealis-4 expansion project, will start production this week, with an ethylene capacity of 1.5 million tons per year and a polyethylene capacity of 1.4 million tons per year. With this, Borealis International will have a total polymer production capacity of 13.6 million tons in Europe, the Middle East, and North America, becoming the fourth largest polyolefin producer in the world.

5. Amid ongoing global market volatility, Thailand's PTT Group maintains full-capacity polyethylene production.

PTT Global Chemical Public Company Limited (GC) reiterates that despite ongoing market fluctuations and uncertainties, the company will maintain full production of polyethylene (PE) to ensure stable and sufficient local supply, supporting downstream industries that heavily rely on plastic raw materials. By maintaining full production, GC aims to minimize the impact of external shocks on the local market and ensure an uninterrupted supply of critical raw materials.

6. Lightweighting Breakthrough! Siniya HM High-Modulus Technology Empowers Aerospace and Racing Sectors

Xenia Materials officially launches its innovative HM High-Modulus Upgrade Technology, specifically designed to enhance the stiffness and structural response performance of carbon fiber-reinforced materials by utilizing high-modulus fibers, meeting the increasingly stringent demands of lightweight, high-performance applications.

Compared to traditional formulations, HM upgrade technology can increase the tensile modulus of materials by an average of 15%, without compromising the lightweight advantage of the composites. Moreover, the tensile strength at break and flexural modulus of the materials are also increased by an average of 15%, providing superior structural stability under high-load conditions. The company stated that this technology can also improve the impact resistance of the materials, with the highest improvement of 20% in impact resistance, depending on the polymer matrix.

7. The U.S. ITC formally initiates a 337 investigation into display devices, streaming media players, and their components.

According to the China Trade Remedy Information Network, on April 1, 2026, the U.S. International Trade Commission (ITC) voted to initiate a Section 337 investigation concerning certain display devices, streaming media players, and components thereof. Hisense Group and Hisense Visual Technology are among the named respondents.

China's pop culture toys launch World Cup series, online sales start on April 2.

Overseas Macro Market:

[Trump Delivers Television Address, Unilaterally Declares “Victory” in Conflict with Iran] U.S. President Trump delivered a speech on April 1, unilaterally declaring a “rapid, decisive, and overwhelming victory” in the conflict with Iran. Trump stated that the core strategic objectives of the U.S. campaign against Iran are “nearly accomplished.” He said: “Iran’s navy has now been completely destroyed, and its air force and missiles…” "...has also been severely damaged." Trump also said the military campaign against Iran is expected to achieve all its objectives "in a very short time." "Within the next two to three weeks, we will hit them extremely hard... and negotiations are also underway."

[Trump says stronger military strikes against Iran will come in the coming weeks] S&P 500 futures fell 0.6% on the day. Trump said that in the next two to three weeks, extremely severe strikes against Iran will be carried out.

Qatar Energy confirmed that one of its chartered oil tankers was struck by a missile. On April 1, Qatar Energy issued a statement confirming that one of its chartered oil tankers was hit by a missile in Qatar’s northern territorial waters in the early hours of that day. The statement noted that all crew members aboard the vessel were unharmed and that the incident caused no environmental impact. On April 1, Qatar’s Ministry of Defense stated that Qatar had been targeted that day by three cruise missiles launched from Iran; Qatar successfully intercepted two of them, while the third struck an oil tanker chartered by Qatar Energy and anchored within Qatar’s territorial waters. Qatari authorities successfully evacuated all 21 crew members aboard the vessel, with no casualties reported.

[Emirates Airlines states that Iranian citizens are prohibited from entering the UAE or transiting through the country] On April 1, Emirates Airlines posted travel information on its official website stating that Iranian citizens are currently not allowed to enter the United Arab Emirates or transit through the country. Another airline, FlyDubai, also stated that, except for those holding a UAE long-term residence visa "golden visa," all other Iranian citizens are prohibited from entering the UAE or transiting through the country.

[Israeli Prime Minister Says Iran No Longer Poses an Existential Threat] On the evening of March 31 local time, Israeli Prime Minister Benjamin Netanyahu delivered a video address stating that although Iran and its allied armed groups "still retain a limited capability to threaten Israel, they can no longer threaten Israel's existence." Netanyahu also said, "In the past, Israel stood 'alone against Iran,' but now we are 'fighting side by side with the United States.'" He described this as "unprecedented, historic cooperation" between himself and former U.S. President Donald Trump, as well as between the U.S. and Israeli militaries.

[Thousands of U.S. troops are heading to the Middle East] On March 31, local time, according to U.S. officials, thousands of additional U.S. troops are being sent to the Middle East. Two U.S. officials said that the USS Bush aircraft carrier had been deployed on that day and was scheduled to head to the Middle East with three destroyers. The carrier strike group consists of more than 6,000 sailors. In addition, two anonymous U.S. officials said that thousands of soldiers from the 82nd Airborne Division have also arrived in the Middle East in succession.

Iranian media published a letter from Iran's Supreme Leader to Hezbollah's leader: Iran will continue supporting the resistance against the U.S. and Israel. On April 1, Iran's Tasnim News Agency released a letter recently sent by Supreme Leader Mokhber to Hezbollah Secretary-General Naim Qassem. In the letter, Mokhber stated that Iran's policy is to continue supporting the struggle against Israel and the United States.

Foreign ministers from 15 countries, including Italy, Norway, and Spain, issued a joint statement on April 1, expressing concern over the Middle East conflict and alarm at the sharp deterioration of the situation in Lebanon and the renewed escalation of violence. They called for an immediate halt to military operations in Lebanon. The statement noted that 1.2 million people—approximately 25% of Lebanon's population—have been displaced within the country, and according to Lebanon's Ministry of Health, over 1,000 people have been killed, the majority of them civilians.

[Iran Says War Will Continue Until the Enemy Surrenders] According to Iran's Tasnim News Agency, a spokesperson for Iran's Khatam al-Anbia Central Headquarters stated today (April 2) that "the war will continue until the enemy surrenders and feels permanent remorse." The statement also said that the United States and Israel do not have a comprehensive understanding of Iran's military capabilities and equipment, and are completely unaware of Iran's strategically significant, powerful capabilities. The spokesperson added, "Do not imagine that you have destroyed our strategic missile production centers, long-range offensive and precision-guided drones, modern air defense and electronic warfare systems, or specialized equipment—such notions will only sink you deeper into the quagmire." He emphasized that the enemy will face "actions that are even more devastating, broader in scope, and more destructive."

Price Information:

The central parity rate of the Chinese yuan against the US dollar was set at 6.8880, up by 145 pips from the previous trading day's rate of 6.9025. The official closing rate on the previous trading day was 6.8740, and the overnight trading session closed at 6.8750.

[Upstream raw material USD market price]

On April 1, CFR Northeast Asia ethylene was assessed at USD 1,440 per ton, down USD 10 per ton; CFR Southeast Asia ethylene was assessed at USD 1,450 per ton, down USD 50 per ton.

The FOB Korea average price of propylene in Northeast Asia remains stable at 1250 USD/ton, and the CFR China average price remains stable at 1290 USD/ton.

North Asia CIF prices for frozen cargo: propane at USD 906–916 per metric ton; butane at USD 1006–1016 per metric ton.

China South China import CFR prices for April: propane at USD 983–993/ton; butane at USD 1033–1043/ton.

Free on board price in Taiwan area, propane 906-916 USD/ton; butane 1006-1016 USD/ton.

LLDPE USD price market

Film: 1170 USD/ton (CFR Huangpu)

Injection molding: USD 1,490 per metric ton (CFR Dongguan)

[HDPE US Dollar Market Price]

Film: No quotation available;

Hollow: $1,380/ton (CFR Dongguan);

Injection molding: 1420 USD/ton (CFR Yantian);

Pipe material: No quotation;

[LDPE US Dollar Market Price]

Film: 1450 USD/ton (CFR Dongguan)

Coating: No quotation.

[PP USD market price]

Homopolymer: USD 1,380 per metric ton (CFR Huangpu)

Copolymer: USD 1,580 per metric ton (CFR Huangpu)

Film material: 1560 USD/ton (CFR Huangpu)

Transparent: 1625 USD/ton (CFR Huangpu)

Pipes: USD 1,680 per metric ton (CFR Shanghai).