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[Overseas Highlights] U.S. launches new round of attacks on Iran! Elkem's Q2 performance declines, Volkswagen may cut up to 100,000 jobs

Plastmatch 2026-07-14 17:41:02

International News Briefs

Raw Materials News: Mexico Issues Final Anti-Dumping Ruling on Chinese Polycarbonate Sheets

Automotive News: Volkswagen CEO Confirms Additional 50,000 Job Cuts to Staff

Electronics News: SABIC Launches New LNP™ THERMOCOMP™ OFM Compounds for High-Voltage Power Modules

Building Materials News: Saint-Gobain Acquires Xypex to Expand Construction Chemicals Portfolio

Macro News: US Completes New Round of Strikes Against Iranian Military Targets

Price Update: CNY/USD Mid-Price Fixed at 6.7990, Down 18 Basis Points

Full International News Details

1. Mexico Issues Final Affirmative Anti-Dumping Ruling on Chinese Polycarbonate Sheets

Mexico’s Secretariat of Economy recently released an official notice issuing a final affirmative anti-dumping ruling on polycarbonate sheets originating in China. The authority will impose an anti-dumping duty of USD 4.2301 per kilogram on Jiangxi Juchang New Materials Technology Co., Ltd. and all other Chinese manufacturers and exporters.

The TIGIE tariff codes covering the subject goods are 3916.90.91, 3920.61.01, 3921.19.91 and 3925.90.99. The notice shall take effect on the day following its publication.

2. BASF Expands Portfolio of Certified Biomass Balance (BMB) Additives for Architectural Coatings

On July 13, BASF launched Dispex® AA 4145 MB, Rheovis® PU 1333 MB and Rheovis® HS 1169 MB, further expanding its lineup of Biomass Balance (BMB) additives for architectural coatings.

All new additives hold REDcert² certification. Compared with formulations using BASF’s conventional additives, they enable coating manufacturers to cut the Product Carbon Footprint (PCF) of end formulations while maintaining equivalent high performance standards.

3. Turkey Implements Definitive Safeguard Tariff on PET Resin, Up to USD 120 Per Metric Ton

Turkey has formally implemented definitive safeguard import tariffs on PET (Polyethylene Terephthalate) resin, replacing the temporary safeguard tariff of USD 100 per metric ton introduced at the end of 2025. The new policy will remain valid for three years.

The ruling was published in Turkey’s Official Gazette on July 11 and shall enter into force on July 19, 2026. Per the new regulation, import shipments of PET resin with intrinsic viscosity ≥78ml/g will be subject to tiered safeguard tariffs as follows:

July 19, 2026 – December 30, 2026: USD 120 per metric ton
Second policy year: USD 115 per metric ton
Third policy year: USD 110 per metric ton

4. Saint-Gobain Signs Definitive Agreement to Acquire Xypex to Expand Construction Chemicals Assets

Saint-Gobain has signed a definitive agreement to acquire Canada-based Xypex. The transaction will strengthen the group’s foothold in high-value construction chemicals and extend its market reach across fast-growing non-residential and infrastructure sectors.

Headquartered in Vancouver, Xypex operates in over 100 countries with approximately 170 employees, and is projected to generate CAD 110 million in sales for 2026. The firm holds a leading position in crystalline waterproofing technology, especially for infrastructure and code-compliant building projects across North America, Asia-Pacific and Europe.

This acquisition adds highly differentiated waterproofing technology to Saint-Gobain’s construction chemicals platform, complementing its existing asset portfolio including membrane systems (GCP Preprufe, FOSROC Proofex), liquid coating waterproofing solutions (Stirling Lloyd Eliminator, GCP Silcor), as well as grouting and repair technologies.

5. SABIC Launches New LNP™ THERMOCOMP™ OFM Compounds for High-Voltage Power Modules

SABIC, a global leader in the chemical industry, has recently announced the launch of its new lineup of LNP™ THERMOCOMP™ compounds engineered for high-power, high-voltage electric drive and power module applications, including Insulated Gate Bipolar Transistor (IGBT) power switching devices.

The new LNP THERMOCOMP OFM76XXP and OFM76EXP compounds are formulated on polyphenylene sulfide (PPS) resin. They deliver superior impact resistance and dimensional stability, a high Comparative Tracking Index (CTI-PLC 0), and robust thermal shock resistance to meet increasingly stringent application requirements. In addition, the materials feature outstanding heat resistance, reliable dielectric breakdown strength for electrical insulation, and a UL94 V0 flame retardant (FR) rating.

These high-performance materials are suitable for power modules in high-voltage (800 V and above) electric vehicle traction inverters and fast chargers, as well as renewable energy systems and industrial automation equipment such as robots.

6. Elkem Q2 2026 Results: Cost Cutting and Balance Sheet Strengthening

Elkem generated an EBITDA of NOK 523 million in the second quarter, representing a 19% year-on-year decline. Total operating revenue stood at NOK 3.708 billion, down 4% year on year. Revenue from its Silicon Products division fell 4% year on year, with divisional EBITDA slumping 28% year on year. The Carbon Solutions division posted an EBITDA of NOK 172 million, a 29% year-on-year drop driven by lower sales volumes and weaker pricing.

The corporate restructuring program has been fully completed. Launched in March this year, the initiative originally targeted around 300 full-time equivalent roles; the final headcount reduction will now approach 400, with an expected annual cost saving of over NOK 600 million. The company aims to cut working capital by NOK 1 billion, of which NOK 841 million has been delivered year-to-date. Capital expenditure for 2026 is capped at NOK 1 billion.

7. Volkswagen CEO Confirms Additional 50,000 Job Cuts to Staff

Volkswagen’s Chief Executive informed employees via an internal memo that the company may carry out an additional round of roughly 50,000 job cuts to sustain competitiveness amid an increasingly fierce automotive market. This marks the first time Volkswagen has formally acknowledged that its total headcount reduction could reach as many as 100,000 positions.

Overseas Macro Market News

[Iran Oil Minister: Iran’s Oil Exports Proceed As Usual]

“Thanks to sustained mechanisms ensuring the continuity of oil exports, Iran’s oil exports are proceeding as usual,” Iranian Oil Minister Mohsen Paknejad stated in a Telegram statement responding to the U.S. revocation of sanctions waivers. “We will not face any obstacles in this regard.”

[IRGC Confirms Retaliatory Strikes on U.S. Air Base in Jordan]

On local time July 14, the Public Relations Department of the Islamic Revolutionary Guard Corps (IRGC) released Bulletin No. 9, confirming it launched ballistic missiles at key facilities of a U.S. air base in Jordan. The operation, codenamed “Operation Nasr 2”, was carried out in response to U.S. military provocations against Iran launched from the base.

[IRGC Confirms Attacks on U.S. Fifth Fleet]

In a social media statement issued on July 14, the IRGC said its Navy and Aerospace Force targeted the U.S. Fifth Fleet stationed in Bahrain with missiles and drones. The strikes hit the fleet’s fuel depots and successfully destroyed radar systems as well as PATRIOT air defense systems. The control and monitoring center for unmanned surface vessels belonging to the Fifth Fleet was completely demolished. Iran’s retaliatory operations are still underway.

[General Administration of Customs: China-US Goods Trade Totals RMB 2 Trillion in First Half of Year]

A spokesperson for the General Administration of Customs introduced that customs statistics show China’s goods trade volume with the United States reached RMB 2 trillion in the first half of the year, accounting for 7.9% of China’s total foreign trade volume. The figure dropped 18.7% year-on-year in Q1, before rebounding 13.7% year-on-year in Q2.

[US Completes New Round of Strikes Against Iranian Military Targets]

U.S. Central Command said in a statement it completed its latest wave of strikes on military targets inside Iran within five hours. Targets included Bushehr, Chah Bahar, Jask, Konarak, Abu Musa and Bandar Abbas. More than 50,000 U.S. military personnel are currently deployed across the Middle East.

Price Information

The central parity rate of RMB against USD stood at 6.7990, down 18 basis points.

Previous trading day’s central parity rate: 6.7972

Previous official closing price: 6.7817

Overnight closing quote of the previous session: 6.7810

US Dollar Prices for Upstream Raw Materials

July 13 Ethylene: USD 855/MT CFR Northeast Asia, up USD 20/MT; USD 810/MT CFR Southeast Asia, flat
Propylene Northeast Asia: Average USD 920/MT FOB South Korea, up USD 20/MT; Average USD 970/MT CFR China, up USD 20/MT
North Asia refrigerated cargo CIF prices: Propane USD 647–656/MT; Butane USD 647–656/MT
South China August early refrigerated cargo CIF prices: Propane USD 717–727/MT; Butane USD 733–743/MT
Taiwan region refrigerated cargo CIF prices: Propane USD 647–656/MT; Butane USD 647–656/MT

US Dollar Prices for LLDPE

Film grade: USD 950/MT CFR Huangpu

US Dollar Prices for HDPE

Film grade: USD 1050/MT CFR Qingdao
Blow molding grade: USD 1220/MT CFR Yantian
Injection molding grade: USD 1180/MT CFR Yantian

US Dollar Prices for LDPE

Film grade: USD 1250/MT CFR Huangpu

US Dollar Prices for PP

Homopolymer: USD 1190/MT CFR Huangpu
Copolymer: USD 1190/MT CFR Nansha
Film grade PP: USD 1480/MT CFR Huangpu
Transparent grade PP: USD 1330/MT CFR Huangpu

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