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1. ADNOC, XRG and Mitsui & Co. Sign Strategic Cooperation Agreement to Explore New Opportunities Across the Energy Value Chain
    
   July 7, 2026 – Abu Dhabi National Oil Company (ADNOC) and XRG have inked a strategic cooperation agreement with Mitsui & Co., Ltd., aiming to jointly tap into new growth opportunities within the energy value chain. The agreement was formally signed during the visit to Japan of Dr. Sultan Al Jaber, Managing Director and Group CEO of ADNOC and Executive Chairman of XRG, in the presence of the UAE Minister of Industry and Advanced Technology and the UAE’s Envoy to Japan. Per the agreement, the parties will explore collaboration across liquefied natural gas (LNG), crude oil, sulfur, shipping and chemical sectors, and jointly evaluate international energy investment opportunities via XRG.
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3. 2. Production Resumes Following Technical Retrofits; France’s Afyren Ramps Up Output of Green Bio-Based Carboxylic Acids

   Afyren, a France-based producer of bio-based carboxylic acids headquartered in Lyon, announced on July 6 that its AFYREN NEOXY plant in Clermont-Ferrand, France, has restarted operations. The facility was shut down in June for technical upgrades designed to boost yields of its fermentation processes. All construction work was completed on schedule with a total budget of 6 million euros.
   “Production has resumed upon completion of engineering works. Afyren expects accelerated output in the second half of 2026, with revenue in the first quarter doubling compared to fiscal 2025,” Afyren stated.
   A flagship green chemical project across Europe, the AFYREN NEOXY plant is purpose-built for large-scale manufacturing of bio-based short-chain carboxylic acids and serves as the industrialization hub for Afyren’s proprietary core technology.

    

   3. Switzerland’s DePoly Commissions Depolymerization Demonstration Plant, Reshaping the Global PET Plastic Circular Economy Landscape

   A brand-new recycling facility has gone into operation in Monthey, Switzerland. Capable of converting waste plastic bottles, PET packaging and polyester textiles into virgin-quality feedstocks, the plant marks a major breakthrough in circular economy technologies and sustainable materials processing.
   DePoly, a circular materials firm headquartered in Sion, Switzerland, has officially inaugurated its demonstration plant — Switzerland’s first PET depolymerization production site of this type and scale. This industrial production line stands as a critical milestone for the company, advancing the full commercial rollout of its transformative technology set to overhaul the global plastics recycling sector.
   The company noted that the timing for scaling this technology is ideal: over 450 million tons of plastic waste are generated worldwide each year, less than 10% of which undergoes effective recycling. In DePoly’s view, massive volumes of plastic waste represent a high-value feedstock resource rather than an environmental burden. By reintroducing waste materials back into industrial supply chains, the technology can reduce the industry’s reliance on fossil-based feedstocks while strengthening supply chain resilience and self-sufficiency in raw materials.

   

   4. Recycled Content Hits 25%: PureCycle Recycled Resins Adopted for Food-Contact Packaging

   Cleveland Kitchen has launched eco-friendly food containers manufactured with PureCycle’s PureFive recycled resins, featuring a recycled material content of 25% while complying with food contact safety standards.

   The brand’s new 24-ounce polypropylene containers incorporate 25% post-consumer recycled plastic, meeting packaging recycled-content regulations being rolled out across multiple U.S. states.

   Cleveland Kitchen plans to launch the new polypropylene food packaging containers later this month with 25% post-consumer recycled plastic. This marks the first commercially mass-produced food-contact packaging solution utilizing PureFive recycled resins from PureCycle Technologies.

   

   5. US Rolls Out New Import Rules Covering Toys, Apparel, Electronics, Children’s Goods, Household Products and More

   The U.S. Consumer Product Safety Commission (CPSC) formally implemented new customs filing regulations on July 8, 2026, focusing on safety compliance reviews for imported consumer goods to strengthen product safety oversight.

   Issued on the same date by U.S. Customs and Border Protection (CBP), Notice No. 41f915e complements the new CPSC rules and officially activates the PGA Message Set electronic filing (eFiling) system with immediate effect.

   Covered product categories include children’s articles, textiles, apparel, electronic products, household goods, furniture and kitchenware, toys, cosmetics, sporting goods, lithium batteries, and others.

   

   Overseas Macro Market

   [Iran Foreign Ministry: US Attacks on Iranian Targets Constitute Grave War Crimes]

   The Iranian Foreign Ministry issued a statement local time on the 9th, strongly condemning US military strikes launched in the early hours of the same day against multiple sites in Iran’s southern coastal provinces and two bridges along the railway leading east to the holy city of Mashhad. Iran holds that such acts undoubtedly amount to grave war crimes, stressing that the Iranian people will firmly safeguard the country’s territorial integrity, sovereignty and national security.

   [US Military Conducts Strikes for Two Consecutive Days; Iran Issues Tough Retaliatory Warning]

   US media reported on the 9th that US President Trump claimed Iran intends to reach an agreement. US Central Command stated on Eastern Time the 8th that US forces carried out additional strikes against Iran that day. This marked the second consecutive day of US military assaults on Iran, under the pretext of responding to recent Iranian attacks on merchant vessels navigating the Strait of Hormuz. The Speaker of Iran’s Parliament subsequently issued a tough response on social media: “If you strike, we will retaliate.” Iranian media reported on the 9th that two days of US airstrikes on Iran have left 14 dead and 78 injured, and the Iranian military has launched counterstrikes against multiple US military assets across the Middle East.

   [Heatwave Persists; UK Grid Operator Issues Rare Summer Power Supply Alert]

   Prolonged high temperatures have gripped multiple European countries, with severe heatwaves exacerbating risks of drought and wildfires. Reuters reported on July 8 that Europe is bracing for a new round of extreme heat. Bloomberg News stated on the same date that Britain’s grid operator issued an unusual summer power supply warning, noting that record heat has strained energy systems across Europe and tightened electricity supply balances. National Grid ESO forecasts a power shortfall of approximately 1.2 gigawatts during the evening peak demand period on the 9th, and has issued a capacity margin notice requiring power generators and flexible power providers to deliver additional power capacity.

   [Chemical Smelter Fire Breaks Out in South Korea; Authorities Warn Residents of Toxic Gas Leaks]

   A fire erupted at a chemical smelter in North Gyeongsang Province, South Korea, at around 12:36 local time on the 9th. South Korea’s fire service upgraded the fire response level to Level 2 at roughly 13:10 and is conducting full-scale firefighting operations. No casualties have been reported to date. Local authorities have sent emergency alerts to residents, warning them to stay alert to toxic gas leaks stemming from the blaze at the smelter facility.

   [US Military Completes New Round of Strikes Against Iran]

   US Central Command posted on social media platform X that US forces finished a fresh round of military strikes targeting Iran on July 8. The US military struck roughly 90 Iranian military sites, including air defense systems, coastal surveillance installations, missile and drone storage depots, naval combat assets and military logistics infrastructure.

   [EU Climate Monitor: Western Europe Records Hottest June on Record]

   The Copernicus Climate Change Service (C3S) released a report local time on the 9th, confirming that June 2026 was Western Europe’s hottest June on record and the second hottest June globally since records began. Record-breaking sea surface temperatures fueled extreme heat across large swathes of Western Europe. The report noted widespread unprecedented heatwaves throughout Western Europe in June, alongside marine heatwaves in the Western Mediterranean and Atlantic coastal zones. Multiple nations set new all-time and June temperature highs, with heat-related fatalities reported across the continent.

   Price Information

   [Central Parity Rate of RMB against USD Hits 3.5-Year High]

   The central parity rate of the RMB against the US dollar stood at 6.8036, hitting its highest level since February 10, 2023, representing an upward adjustment of 41 basis points. The previous trading day’s central parity rate closed at 6.8077, the official spot closing price at 6.7993, and the offshore overnight session settled at 6.8052.

   [US Dollar Market Prices of Upstream Raw Materials]

   July 9

   • Ethylene: USD 810/ton CFR Northeast Asia (+USD 10/ton); USD 790/ton CFR Southeast Asia (flat)
   • Propylene: Average USD 875/ton FOB South Korea (+USD 15/ton); Average USD 920/ton CFR China (+USD 20/ton)
   • North Asia refrigerated cargo CIF prices: Propane USD 630–636/ton; Butane USD 630–636/ton
   • South China (China) refrigerated cargo CIF prices for early August shipments: Propane USD 695–705/ton; Butane USD 715–725/ton
   • Taiwan region refrigerated cargo CIF prices: Propane USD 630–636/ton; Butane USD 630–636/ton

   [LLDPE US Dollar Market Prices]

   Film grade: USD 930/ton CFR Huangpu

   [HDPE US Dollar Market Prices]

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

   [LDPE US Dollar Market Prices]

   Film grade: USD 1250/ton CFR Huangpu

   [PP US Dollar Market Prices]

   • Homopolymer PP: USD 1190/ton CFR Huangpu
   • Copolymer PP: USD 1190/ton CFR Nansha
   • Film-grade PP: USD 1480/ton CFR Huangpu
   • Transparent PP: USD 1400/ton CFR Huangpu

   Editor: Yun Shimeng (Carrie)