【Overseas Highlights】RMB Hits Record High Against USD! G7 Backs Oil Reserve Release, Covestro Builds PU Recycling Plant

International News Highlights:

Raw Material News – BASF Launches Biomass Balance (BMB) Polyether Polyols for Sleep Products, Automotive, and CASE Industries

Auto News – Porsche: Expects sales to remain under pressure this year, aiming to streamline operations and expand into higher-margin segments.

Packaging News – BASF Expands Ultrason® P (PPSU) Portfolio to Support Recertification of Food-Contact Articles in Compliance with EU Regulation 2024/3190

Medical Highlights - Geon Acquires Arkadia, Strengthening TPU and TPE Layout in Medical-Grade Materials

Aviation News - Hexcel's Revolutionary Carbon Fiber Officially Announced, Aerospace Materials Witness a New Breakthrough

Macro News – Iranian Oil Storage Facilities Attacked; U.S. Official: "It Was All Israel"

Price information - RMB to USD central parity continues to set a new high in three years

The following is the details of international news.

1. Covestro collaborates with the Fraunhofer Institute to build a recycling facility for rigid polyurethane foam waste.

Covestro has announced that it has signed an agreement with the Fraunhofer Institute for Environmental, Safety, and Energy Technology (UMSICHT) to jointly operate a pyrolysis pilot plant, which will chemically recycle 2,000 tons per year of rigid polyurethane foam waste. The plant is scheduled to go into operation in mid-2028.

BASF stated that the facility will process waste insulation materials into high-purity aniline, which will be used to produce recycled methylene diphenyl diisocyanate (MDI), a key raw material for manufacturing polyurethane. The investment amount of this pilot project has not been disclosed.

2. Doubling down on medical-grade materials! Geon acquires Arkadia to strengthen its TPU and TPE portfolio

Geon Performance Solutions, a manufacturer and developer of high-performance polymer solutions, recently announced the acquisition of Arkadia Plastics, Inc., a custom compounder of thermoplastics.

The company stated that this move will solidify Geon's position in the medical polymer market, expand its global footprint, and strengthen its portfolio of thermoplastic polyurethane (TPU) and thermoplastic elastomer (TPE) products.

Geon's healthcare segment, Foster, LLC, will integrate Arkadia Plastics' formulation systems, raw material resources, and global customer base. This acquisition strongly aligns with Geon's mission to provide high-performance biomaterials, technologies, and services to customers worldwide.

3. BASF expands its Ultrason® P (PPSU) product portfolio to support food contact articles in meeting the re-certification requirements of EU Regulation 2024/3190.

For high-temperature applications involving food contact, BASF has now launched a range of polyphenylsulfone (PPSU) grades that are free from bisphenol S (BPS) and bisphenol A (BPA). The Ultrason® P product portfolio fully complies with EU Regulation 2024/3190, which prohibits the use of bisphenol substances in materials and articles intended for contact with food. After the specified transition period, such products will no longer be imported into the EU or manufactured within the EU. Six Ultrason® P grades are now available with technical data sheets, necessary material compliance documentation, and food contact compliance documents. For manufacturers of reusable water bottles, catering utensils, coffee machine components, or high-temperature cookware, these materials can be used to promptly initiate the re-certification process for currently used materials, such as PESU, which are also affected by the ban. By providing this diverse PPSU product portfolio, BASF helps customers smoothly transition to the production of compliant products, while offering excellent processability, broad design flexibility, and long-term performance for food-contact components.

4. Hexcel officially announces its disruptive carbon fiber, ushering in a new era of change for aerospace materials.

Hexcel (Hexcel) officially announced: the launch of HexTow® IM11-R carbon fiber, hailed as the "core key material" for the next generation of aerospace equipment, set to disrupt the global market with its own strength.

As the new flagship of Hexcel's carbon fiber family, HexTow® IM11-R carbon fiber integrates multiple cutting-edge performance attributes to comprehensively meet the demands of high-end applications.

It combines three core characteristics: high strength, lightweight, and ultra-high stiffness. At the same time, it possesses excellent electrical conductivity, low thermal expansion coefficient, high thermal conductivity, and strong corrosion resistance. Each performance index precisely meets the most stringent application standards in the global aerospace field, demonstrating strong product competitiveness.

5. BASF launches biomass balanced (BMB) polyether polyol products for the sleep products, automotive, and CASE industries.

BASF has announced that its integrated production site in Geismar, Louisiana, USA, has started commercial production of biomass balance (BMB) polyether polyols in North America. This new product line broadens BASF's portfolio of sustainable polyurethane raw materials, marking a significant step in the company's efforts to advance its sustainability goals.

Biomass Balance (BMB) polyols have obtained the internationally recognized ISCC PLUS certification, ensuring full traceability and verifiability of sustainable biomass inputs throughout the entire value chain. By adopting the biomass balance approach, BASF replaces part of the fossil-based raw materials with renewable bio-circular materials at the beginning of the production process, while maintaining the same product quality and performance as conventional polyols.

6. Sisico signs a renewed contract with Boeing Company!

On March 9, Syensqo announced that it has signed a new multi-year contract with Boeing to continue providing advanced material solutions for Boeing's commercial and defense projects. The renewed contract covers advanced composite materials and adhesive solutions for Boeing's commercial and defense projects.

It is reported that the aerospace market is Solvay’s largest end market, accounting for approximately 20% of its net sales, and serves as a key driver of innovation, growth, and long-term value creation for the Group. The agreement covers a range of applications, including primary and secondary structures, interiors, and surface treatments.

Aerospace is one of Syensqo's most advanced and high-performance markets, with decades of materials science expertise directly contributing to the development of lighter, more durable, and more sustainable aircraft. Syensqo offers a wide range of mature and innovative lightweight materials, including advanced composites and structural adhesives, which help reduce emissions and improve efficiency.

Currently, Hexcel has released the main mechanical performance indicators of its ultra-high-strength carbon fibers IM8, IM9, and IM10, while the specific performance parameters of this IM11 carbon fiber have not yet been disclosed to the public.

7. Porsche: Expects sales pressure to persist this year, aiming to streamline operations and expand into higher-margin segments.

Porsche expects sales to remain under pressure this year as the luxury carmaker grapples with tariff issues and high costs associated with electric vehicles. On Wednesday, the company said it would aim to streamline its size, accelerate its pace, and expand into areas with higher profit margins to address these challenges. "We will comprehensively reposition Porsche to make the company leaner, faster, and its products even more attractive," said Michael Lohscheller, CEO of Porsche.

Overseas Macroeconomic Market

[Iran Warns of Retaliation Against U.S. and Israeli Banking Targets] On March 11, a spokesperson for the Khatam al-Anbia Central Headquarters of Iran's Armed Forces issued a statement regarding the regional situation, warning that Iran might retaliate against U.S. and Israeli economic targets in the region and urging civilians to stay away from banks and other potential targets. The spokesperson stated in the declaration that U.S. and Israeli forces had struck an Iranian banking facility on March 10. He claimed that, having failed to achieve their objectives through military targets, the U.S. and Israel had turned to attacking Iran's economic infrastructure.

[Peskov: Putin has no plans to visit the US for the G20 summit] On March 11 local time, Dmitry Peskov, the press secretary of the Russian President, stated that President Vladimir Putin currently has no plans to personally attend the G20 summit in the United States. Additionally, regarding the missile attack by Ukraine on Bryansk, Russia, Peskov said that the response to the Ukrainian military's attack would be decided by the Russian military. He emphasized that the Russian armed forces are carrying out their work systematically, and the special military operation must achieve victory.

[US: If Striking Iranian Oil Facilities, Israel Must "Inform in Advance"] US media reported on the 10th, citing informed sources, that the Trump administration has asked Israel to stop attacking Iran's energy facilities, especially oil infrastructure. An Israeli official said that the US has requested that if Israel plans to strike Iranian oil facilities in the future, it must "inform in advance." According to Axios, this is the first time the US has restricted Israeli military actions against Iran since the start of military operations by the US and Israel against Iran.

The G7 stated that it generally supports the use of strategic oil reserves. The Group of Seven (G7) expressed support for utilizing strategic reserves to address the issues of oil supply and market volatility since the outbreak of the conflict in Iran. G7 energy ministers held a video conference with the International Energy Agency (IEA) on Tuesday to discuss the impact of the Iran conflict on energy markets and supply. They said in an email statement on Wednesday: "We are working with the IEA to closely monitor energy market trends and coordinate within the G7 and with our international partners, IEA member countries, and others."

[ECB Governing Council Member Kazimir: ECB May Hike Rates Sooner Than Expected] Peter Kazimir, a member of the European Central Bank's Governing Council, stated that the conflict in Iran and its impact on inflation could force the ECB to raise interest rates sooner than anticipated. Although the ECB remains in a "good position" and there is no need for action at next week's meeting, Kazimir warned that memories of the 2022 inflation shock in the region have lowered the threshold for businesses to raise prices and for consumers to demand higher wages. "Upside risks clearly dominate the outlook," he said. "For now, we need to stay calm," he added, though "I think the ECB's response could come sooner than many expect." Kazimir noted, "I don't want to speculate whether it will be in April or June, but we will be ready to act whenever necessary."

[Yusef Paezeshkiyan, son of Iran's President Paezeshkiyan, says Supreme Leader Mojtaba Khamenei is "safe"] Yusef Paezeshkiyan, son of Iran's President Paezeshkiyan, said on social media on the 11th that Iran's Supreme Leader Mojtaba Khamenei is "safe".

Von der Leyen: Reducing the share of nuclear energy in the EU is a "strategic mistake." On March 10 local time, EU Commission President Von der Leyen attended a nuclear energy summit in Paris, France, and stated that reducing the proportion of nuclear energy in the power generation structure is a strategic mistake. She announced the EU's small modular reactor strategy and established a 200 million euro guarantee mechanism.

[Source close to the matter: US and Israel launch “most intense airstrike” against Iran since outbreak of conflict] On October 10, local time, it was learned that the United States and Israel carried out a fierce strike against Iran on that day. The U.S. Department of Defense and local sources in Iran described it as the “most intense round of airstrikes” in the current conflict.

[Iranian Ambassador to China: Passage through the Strait of Hormuz will be regulated, but this does not mean closing the strait] On the 9th, Iranian Ambassador to China Abdulreza Rahmani Fazli stated at a press conference that if security in the Strait of Hormuz and its surrounding areas cannot be guaranteed, Iran will impose controls on passage through the strait. However, he emphasized that this does not equate to closing the strait. Ambassador Fazli said that the United States and Israel are the sources of regional insecurity, and if the world wishes to ensure the safety of energy transportation routes, the U.S. and Israel must first leave the region.

Iran's oil storage facilities were attacked. On the 7th, when asked whether the attack on Iran's oil industry was a new strategy of the US and Israel, US Energy Secretary Chris Wright immediately denied any involvement, claiming the US had no such plans, and that the attacks on Iran's oil facilities "were all done by Israel."

Price information:

The USD/CNY central parity rate set a new high for three years, at 6.8917, up 65 basis points; the previous trading day's central parity rate was 6.8982, the official closing price on the previous trading day was 6.8718, and the overnight trading session closed at 6.8730.

Upstream Raw Material USD Market Price

On March 9, the CFR Northeast Asia price was $970/ton, down $30/ton, and the CFR Southeast Asia price was $940/ton, down $40/ton.

The FOB Korea average price for propylene in Northeast Asia dropped to 1100 USD/ton, down 10 USD/ton. The CFR China average price dropped to 1135 USD/ton, down 85 USD/ton.

North Asia CFR prices: propane at $788–791/ton; butane at $788–791/ton.

For April, the CIF prices for refrigerated cargoes in South China were: propane at $925-935/ton; butane at $920-930/ton.

Liquefied petroleum gas CIF price in Taiwan, propane 788-791 USD/ton; butane 788-791 USD/ton.

[LLDPE USD Price]

Film: USD 1,150 per metric ton (CFR Huangpu).

Injection molding: 1430 USD/ton (CFR Dongguan)

[HDPE USD market price]

Film: No quotation;

Hollow: No quotation;

Injection molding: No quotation available.

Pipe: No quotation available

LDPE USD Market Price

Film: 1300 USD/ton (CFR Dongguan)

Coating: No quotation.

[PP US Dollar Market Price]

Homopolymer: USD 1,160 per metric ton (CFR Huangpu)

Copolymer: 1200 USD/ton (CFR Huangpu)

Film material: No quotation available.

Transparent: USD 1,415/ton (CFR Huangpu);

Pipe material: $1,450/ton (CFR Shanghai).