【Overseas Highlights】U.s. plans to impose additional tariffs on eu vehicles; raw material exports cool off; exxonmobil’s q1 net profit hits $4.2 billion

International News Highlights:

Raw Material News - ExxonMobil earns $4.2 billion in the first quarter amid supply chain turbulence in the Middle East.

Medical News – Braskem Launches Bio-based Polyolefins That Directly Replace Conventional Alternatives, Suitable for Food Packaging and Healthcare Applications

Packaging News – Japan’s JEPLAN Expands Chemical Recycling: HELIX™ Used for Beer Packaging

Auto News: Geely Reportedly to Acquire Ford's Spanish Plant Production Line to Accelerate Its New Energy Vehicle Expansion in Europe

Macro InformationUS threatens to raise EU car tariffs, while its own raw material exports face "cut-off" orders first

Price InformationThe Chinese yuan to U.S. dollar mid-price was quoted at 6.8562, hitting the highest level since March 24, 2023, up 66 points.

The following is the detailed international news:

ExxonMobil reported first-quarter earnings of $4.2 billion amid supply chain disruptions in the Middle East.

ExxonMobil announced a net profit of $4.2 billion for the first quarter of 2026, achieving profitability through strong operational performance despite supply disruptions in the Middle East.

After excluding gains from special items, earnings reached $4.9 billion; further excluding the impact of timing-related gains and losses, earnings surged to $8.8 billion, or $2.09 per share.

The company generated $8.7 billion in total operating cash flow; excluding cash inflows from margin deposits related to derivative valuation fluctuations, operating cash flow was $13.8 billion. The global energy giant returned $9.2 billion to shareholders, comprising $4.3 billion in dividends and $4.9 billion in share repurchases, consistent with its previously announced shareholder return program.

Eastman releases first quarter 2026 financial report

● Sales volume and product mix of special services increased by more than 10% quarter-on-quarter, achieving a significant improvement.

● Implementing a price increase across the entire product portfolio, amounting to approximately $500 million, to offset the significant rise in raw material and distribution costs.

● Leveraging integrated U.S.-based assets and a global business footprint, we consistently deliver reliable supply to our customers amid an ever-changing global environment.

Methanol decomposition unit revenue is growing rapidly, expected to achieve an additional $30 million in revenue.

Benefiting from increased sales and strict price cost management, the EBIT margin increased by 240 basis points quarter-over-quarter.

● Continued strong momentum in achieving key financial objectives, including year-over-year profit growth, realization of cost savings of $125 million to $150 million, and achievement of cash flow targets.

The Center for the Polyurethanes Industry (CPI) of the American Chemistry Council has elected new Chair and Vice Chair.

The American Chemistry Council’s (ACC) Center for the Polyurethanes Industry (CPI) announced the election of its new leadership team for the Steering Committee, with representatives from Carpenter Co. and COIM USA elected as Chair and Vice Chair, respectively.

Brad Beauchamp, President and CEO of Carpenter Co., has been elected as the Chairman of CPI for a two-year term (2026-2028). He will succeed Dr. Tobias Haber of BASF, whose leadership over the past two years has propelled CPI's work in industry initiatives, product regulation, and member engagement.

Brad Beauchamp stated, "The polyurethane industry has achieved tremendous growth, and CPI has been essential in driving and advocating for the advancement of our industry. As the outgoing vice chairman, I thank Tobias Haber for his work and express my gratitude to the members for bestowing this honor upon me. I look forward to continuing to serve in my new role as chairman."

Robert Tauchen, Vice President of Polyurethanes at COIM USA, has been elected Vice Chairman of CPI for a two-year term (2026–2028).

Braskem launches a direct replacement bio-based polyolefin, suitable for food packaging and healthcare applications.

Braskem said that this is the first time the company hasI'm green™ Bio-based PolyethyleneThe product portfolio includes sugarcane-based plastic products applicable to food contact and healthcare segments.

Walmir Soller, Vice President of Braskem North America, Europe and Asia (NAMEA), said: "The various challenges facing the packaging industry require practical solutions. Sustainable development goals must be supported by materials that meet performance standards, are scalable, and ensure stable supply. From renewable materials, recycled content to conventional resins, Braskem's complete product portfolio helps customers transition steadily towards a low-carbon circular economy, while meeting their technical standards, regulatory requirements, and operational stability."

Japan’s JEPLAN Expands Chemical Recycling with HELIX™ for Beer Packaging

Recently, PET REFINE TECHNOLOGY Co., Ltd., a subsidiary of JEPLAN Group, announced that its manufactured and sold recycled material HELIX™ has been used in the 1-liter PET bottles of Kirin Beer Co., Ltd.'s product "KIRIN Home Tap."

Energy Autonomy + Circular Economy Drive Cortec to Redefine Sustainable Standards in European Corrosion Protection Packaging

As European companies intensify efforts to achieve net-zero emissions, many are realizing that their largest carbon footprint stems from their supply chains. EcoCortec, a producer of green corrosion-inhibiting packaging and the European subsidiary of Cortec, has introduced a closed-loop recycling system that addresses this challenge. This system not only prevents plastic waste from ending up in landfills but also enables a complete circular economy model.

EcoCortec takes a significant step towards energy self-sufficiency, becoming the first VCI production factory in Europe to generate its own power using self-installed photovoltaic panels.

Geely reported to acquire production lines of Ford’s Spanish plant to accelerate its new energy vehicle layout in Europe.

According to the Spanish automotive media outlet La Tribuna de Automoción, Geely has reached an agreement with Ford Motor Company to acquire Ford’s Body 3 assembly line at its Almusafes plant in Valencia, Spain.

Reports state that Geely will use this production line to manufacture a new energy vehicle based on the Global Electric Architecture (GEA), which currently underpins multiple models including the Galaxy A7 and E5.

Currently, information about this new car is very limited, with reports only confirming its internal code name as 135. Rumors suggest the vehicle will offer hybrid, plug-in hybrid, and pure electric powertrain options. Foreign media speculate that this mysterious model might be the EX2 (a compact electric vehicle with a length of 4135 mm, width of 1805 mm, height of 1570 mm, and a wheelbase of 2650 mm, offering 30.1/40.1 kWh batteries, CLTC range of 310/410 km, and rear-mounted motor power of 58/85 kW).

Lubrizol Releases TPU Physical Foaming White Paper, Empowering a New Ecosystem for Running Shoe Midsoles

Against the backdrop of the continuous global growth of running and the ongoing convergence of professional training with everyday running scenarios, midsoles in running shoes are evolving from single-function components into critical systems that deliver performance experience, manufacturing efficiency, and sustainability goals.LubrizolMaterials Science Empowerment: Accelerating UpgradesTPU"Technical White Paper on the New Ecosystem of Physical Foaming Industry", systematically presenting the technical logic, manufacturing pathways, and industrial collaboration framework of TPU (Thermoplastic Polyurethane) physical foaming in the midsoles of next-generation running shoes.

Overseas Macroeconomic Market

[US Threatens to Raise EU Car Tariffs, Its Own Raw Material Exports First Face 'Order Cancellations'] US President Trump recently threatened to raise tariffs on EU cars to 25%. In response, an industry insider in the field of tariff consulting pointed out on the 5th that, due to the impact of tariffs, some manufacturers outside the US have already stopped or slowed down orders for raw materials from the US. Some companies have also stated that they will not bear these tariff costs themselves but will directly pass them on to consumers.

Novo Nordisk’s First-Quarter Profit Exceeds Expectations; Slightly Raises Full-Year Outlook Novo Nordisk reported on Wednesday that its first-quarter revenue and adjusted operating profit both exceeded expectations and announced a slight upward revision to its full-year outlook. Novo Nordisk stated that it now expects its adjusted… Earnings and operating profit are expected to decline by 4% to 12% year-on-year at constant exchange rates, compared to the previous guidance range of a 5% to 13% decline. CEO Mike Doustdar stated in a press release: “Wegovy’s strong performance, coupled with continued international growth, has enabled us to raise our 2026 guidance for adjusted sales and adjusted operating profit.”

[Iran’s Largest Island Activates Air Defense System to Intercept Drone] According to Iranian media reports, a “loud boom” was heard on Qeshm Island in Hormozgan Province in southern Iran, resulting from the activation of an air defense system to intercept a drone; it was emphasized that “no impact, damage, or explosion occurred.” Qeshm Island is Iran’s largest island, located on the northern side of the Strait of Hormuz. Although the U.S., Israel, and Iran reached a temporary ceasefire agreement on April 8, Iran’s air defense systems have intercepted drones multiple times in recent weeks, many of which occurred over Tehran.

Irani media said that US President Trump's suspension of the "Freedom Plan" was to cover up its failure. After US President Trump announced on the 5th that he had suspended the "Freedom Plan" operation to "guide" vessels stranded in the Strait of Hormuz, some Iranian media stated the same day that Trump's move was to cover up the failure of the plan. Fars News Agency and ISNA reported that Trump's announcement to suspend the "Freedom Plan" was due to Iran's firm stance and severe warnings, as well as the US failure to achieve the objectives of the operation.

Cuban Foreign Minister Rodriguez stated on the 5th that U.S. Secretary of State Rubio's statement that "Cuba is not under a petroleum blockade" is a "lie." According to a statement released by the U.S. Department of State website, on the same afternoon, Rubio held a press conference at the White House and said that Cuba is not under a petroleum blockade.

11.279 million people of Chinese and foreign nationals traveled across the border during this year's May Day holiday, an increase of 3.5 percent compared to the same period last year. On average, 2.256 million people passed through border checkpoints each day. The peak of cross-border clearance occurred on May 2nd, with 2.529 million people.

[EU Urges US to Restore Last Year's Trade Agreement Tariff Arrangements] The European Commission announced on the 5th that Maroš Šefčovič, the Commissioner for Trade and Economic Security, has urged the United States to quickly restore the tariff arrangements agreed upon in last year's EU-US trade agreement. The European Commission stated that Šefčovič called for the swift restoration of the terms of the EU-US trade agreement, imposing a 15% tariff on EU goods exported to the US, and maintaining the agreed-upon exceptions with the EU. The European Commission also urged that the main provisions of the agreement be implemented as soon as possible before the one-year anniversary of the signing at the end of July.

Price Information:

The Chinese yuan opened at 6.8562 against the U.S. dollar, hitting a new high since March 24, 2023, up 66 points; the previous trading day's central parity was 6.8628, the official closing price on the previous trading day was 6.8335, and the overnight session closed at 6.8310.

[Upstream raw material USD market price]

Northeast Asian propylene FOB Korea average price remains stable at $1,270/ton, CFR China average price remains stable at $1,320/ton.

May 1 North Asia frozen cargo landed prices: propane USD 876–884 per metric ton; butane USD 976–984 per metric ton.

China South China import price for liquefied petroleum gas in May, propane 935-945 USD/ton; butane 985-995 USD/ton.

CIF prices for refrigerated cargo in the Taiwan region: propane at USD 876–884 per metric ton; butane at USD 976–984 per metric ton.

LLDPE USD Market Price

Film: 1330 USD/ton (CFR Huangpu)

HDPE USD market price

Film: 1350 USD/ton (CFR Huangpu);

Hollow: $1400/ton (CFR Yantian)

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

LDPE USD Market Price

Film: USD 1,700 per metric ton (CFR Huangpu)

[PP USD Market Price]

Homopolymer: $1,420/ton (CFR Huangpu);