[Overseas News] Eastman Polyester Product Prices Increase! South Korea’s Hyosung $1 Billion BDO Plant Starts Up! Syensqo Announces Earnings
International News Highlights:
Raw Materials HighlightsEastman raises prices for polyester, copolyester, and cellulose polymers.
Automotive News - Sogou Releases First Quarter Financial Report
Petrochemical NewsFormer Singapore subsidiary of Hengli Petrochemical to cease operations after U.S. sanctions
Packaging News- Hyosung TNC of South Korea begins operation of its $1 billion bio-based BDO facility in Vietnam
Metallurgical News- Olin Group: Ethylene production cuts in Asia lead to tightened global caustic soda supply.
Macroeconomic HeadlinesIran says it is still communicating with the United States through Pakistan.
The following are detailed international news items.：
1、Price Increase! Eastman Raises Prices for Polyester, Copolyester, and Cellulose Polymer Products
The continuous rise in prices of petroleum-derived raw materials, energy, and logistics costs is being passed through to the pricing of polyester, copolyester, and cellulose polymer products. From Eastman (Manufacturers purchasing the above materials from Eastman should incorporate the latest pricing into project and procurement planning before the price increase takes effect on June 1, 2026. The specific increases are as follows: polyester and copolyester products will increase by USD 0.30 per kg (USD 0.14 per lb), bringing the cumulative increase in 2026 to USD 0.55 per kg. Certain copolyester products announced for a price increase on April 2 will see an additional increase of USD 0.05 per kg, with the cumulative increase in 2026 also reaching USD 0.55 per kg. Cellulose ester polymers will increase by USD 0.25 per kg.
2、After being sanctioned by the U.S., Hengli Petrochemical’s former Singapore subsidiary will cease operations.
Four industry insiders said that Hengli Petrochemical (Dalian) Refining and Chemical Co., Ltd., which is subject to sanctions, plans to cease operations at its Singapore trading arm, Hengli Petrochemical International. Three of the people said the business is expected to...It will be gradually closed at the end of May.The company was previously a subsidiary of U.S.-sanctioned Hengli Petrochemical (Dalian) Refining Co., Ltd. and is based in Singapore. It is understood that some employees will be transferred to other Hengli units that are not subject to U.S. sanctions. The U.S. Treasury Department’s Office of Foreign Assets Control imposed sanctions on Hengli Petrochemical (Dalian) Refining Co., Ltd. last month over alleged involvement in Iranian oil trade. After the sanctions, Hengli reduced its stake in its Singapore subsidiary fromIt decreased from 100% to 5%, while Dalian Changxing International Trade Co., Ltd. became the controlling shareholder.
3. South Korea Hyosung (Hyosung TNC Starts Up $1 Billion Bio-Based BDO Facility in Vietnam
Hyosung, South KoreaHyosung TNC announced on May 14 that its biobased 1,4-butanediol (bio-BDO) plant in Vietnam, with a total investment of $1 billion, has officially commenced operations. The company stated in a release that the facility is located in the Phu My II Industrial Park in Ho Chi Minh City, integrating a raw material fermentation process using sugarcane in a single supply chain along with downstream manufacturing. Hyosung stated that this biobased BDO is chemically identical to traditional fossil-based BDO and can be used in polyurethane systems, as well as for the production of tetrahydrofuran (THF), polybutylene succinate/polyethylene terephthalate (PBT), γ-butyrolactone (GBL), biodegradable packaging, and hygiene elastic fibers. Hyosung TNC is the fiber production division of the South Korean industrial giant Hyosung Group. BDO is a chemical raw material primarily used for producing polytetrahydrofuran (PTMG), which is a core raw material for manufacturing spandex fibers.
4. Shisoko announced its first-quarter financial results.
Shisuo Ke Group AnnouncesIn the first quarter of 2026, the performance report of the Suez Group showed a satisfactory result in a globally complex and volatile market environment. The quarterly net sales reached 1.4 billion euros, with overall sales remaining stable year-on-year, although negatively impacted by foreign exchange fluctuations. Notably, on a quarter-on-quarter basis, net sales increased by 5%, driven primarily by sales growth in the specialty polymers and consumer and industrial specialty chemicals businesses, with prices remaining stable.
5. Clariant and Fuhua Chemical cooperation project breaks ground
Clariant and Fuhua Tongda Chemical Co., Ltd. (hereinafter referred to as)The innovative high-performance phosphorus-based flame retardant project, jointly constructed by "Fuhua" and its partners, officially broke ground in the southern area of the Fuhua New Materials Integrated Industrial Park in Leshan, Sichuan. The core product of this project is a next-generation halogen-free phosphorus-based flame retardant, jointly developed and globally patented by both parties. The target markets primarily focus on Europe and North America, while actively preparing for market development in the Greater China region, precisely addressing the growing demand for efficient and sustainable environmentally friendly flame retardant solutions in industries such as construction materials, new energy vehicles, and electronics.
6、 Lin Group: Asian ethylene production cuts tighten global caustic soda supply
Recently, Ken, the CEO of Olin, a well-known U.S. chlor-alkali chemical company, ...LyondellBasell stated that production cuts at Asian ethylene plants, combined with force majeure declarations by multiple companies, have triggered a chain reaction of output reductions across the olefins and chlor-alkali industry chain, tightening global caustic soda supply accordingly. During its earnings call, LyondellBasell disclosed that about 6% to 9% of global olefins capacity has already been shut down, while a number of Asian olefins producers have been forced to declare force majeure due to raw material shortages and surging costs.
7、ExxonMobil Launches Ionomer-Free Vacuum Skin Packaging Solution
Overseas Macro Markets:
Bond market turmoil becomes an uninvited guest stealing the spotlight at the G-7 meeting, while global economic imbalances are relegated to a sideshow.
As G-7 finance ministers discuss how inflation risks driven by rising oil prices are casting a shadow over the global economic outlook, the global bond sell-off is set to become a focal point of their meeting. The talks in Paris were originally intended to focus on various economic imbalances, including the U.S. budget deficit and weak consumer spending in China, but ministers and central bank governors are now more concerned with another day of surging bond yields, driven by investors’ worries about rising consumer prices.
Iran responds to Trump’s threat: “We know how to respond”
According to Iran's Tasnim News Agency on the 18th, Iranian Foreign Ministry spokesman Baghaei responded to U.S. President Trump's threats: "There is no need to worry, we know how to respond." Trump stated on social media on the 17th that if Iran does not act swiftly, it "will have nothing."
U.S. forces said they carried out a strike against "Islamic State" militants in Nigeria.
On the 18th, the U.S. Africa Command said that, in coordination with the Nigerian side, U.S. forces carried out strikes against militants of the terrorist organization Islamic State in northeastern Nigeria on the 17th.
Iran claims to continue communicating with the U.S. through Pakistan.
On the 18th local time, a spokesperson for Iran’s Foreign Ministry said that Iran is still continuing to communicate with the United States through Pakistan. He noted that although the U.S. side rejected Iran’s proposal, Iran received the views expressed by the U.S. side through Pakistan. Iran has also conveyed to Pakistan its views on these U.S. positions, and communication is ongoing. In addition, he said that media reports about Iran’s uranium enrichment issue are inaccurate and lack factual basis.
[Iran Says It Remains in Ongoing Communication with Oman on the Passage Mechanism in the Strait of Hormuz]
On the 18th local time, an Iranian Foreign Ministry spokesperson said that Iran is maintaining ongoing communication with Oman regarding the transit mechanism in the Strait of Hormuz. He also said that the United States and Israel pose a threat to the safety of passage through the Strait of Hormuz, and that Iran has no hostility toward neighboring countries.
A U.S. military MQ-9 Reaper drone was shot down in Yemen.
According to an Iranian report on the 18th, Yemen’s Houthi armed group shot down a U.S. military MQ-9 Reaper drone in Marib province on the 17th. Some reports said that when the Reaper was shot down, it was carrying AGM-114R9X Hellfire missiles. As of now, the U.S. side has not confirmed that any drone was shot down in Yemen. According to previous reports, each MQ-9 Reaper drone costs about $30 million.
[HSBC Expects High Oil Prices to Be Unfavorable for the Exchange Rates of Most Asian Currencies]
HSBC has raised its year-end forecasts for the U.S. dollar against most Asian currencies, as it expects oil prices to remain elevated for much of the second and third quarters. Foreign exchange strategists Paul Mackel and Joey Chew said in a report that there could be a prolonged stalemate before an agreement is reached on the Iran issue, while rising downside risks to economic growth will put further pressure on pro-cyclical Asian currencies. The report noted that the renminbi, Malaysian ringgit, Singapore dollar and New Taiwan dollar will be more resilient, as they have different combinations of supporting factors.
Netanyahu again demands the cancellation of the hearing related to corruption charges.
On May 18 local time, it was learned that Israeli Prime Minister Benjamin Netanyahu’s lawyer had filed a request with the court to cancel his appearance at a hearing in his corruption case that day. The hearing was originally scheduled to begin at 9:30 a.m. that day. Netanyahu’s lawyer requested the cancellation on the grounds of “diplomatic and security reasons,” a situation that has occurred many times before. As of now, the judge in the case has not yet ruled on whether to accept the request.
Price Information:
The central parity rate of the RMB against the USD is reported at 6.8435, a decrease of 20 points; the previous trading day's central parity rate was 6.8415, the official closing price on the previous trading day was 6.8052, and the night session yesterday closed at 6.8140.
Upstream Raw Material USD Market Prices
On May 15, ethylene CFR Northeast Asia was USD 1,100/ton, down USD 80/ton, while CFR Southeast Asia was USD 1,230/ton, unchanged.
The average price of propylene in Northeast Asia fell by $30/mt to $1,230/mt FOB Korea, while the average CFR China price fell by $30/mt to $1,250/mt.
The CIF price of North Asia frozen goods is as follows: Propane $984-992/ton; Butane $1084-1092/ton.
For refrigerated cargoes arriving in South China in June, the CFR price is USD 983–993/mt for propane and USD 1,033–1,043/mt for butane.
Taiwan CFR, North Asia CFR: Propane USD 984–992/ton; Butane USD 1,084–1,092/ton.
[LLDPE USD Market Price]
Thin film: USD 1,340/ton (CFR Huangpu);
[HDPE USD market price]
Thin film: USD 1,330/ton (CFR Huangpu);
Hollow: $1400/ton (CFR Yantian);
Injection molding: USD 1,400/ton (CFR Yantian);
[LDPE USD Market Price]
Film: $1660/ton (CFR Huangpu);
[PP USD Market Price]
Homopolymer: USD 1,400/ton (CFR Huangpu);
Copolymer: USD 1,600/ton (CFR Huangpu).
Film material: USD 1,650/ton (CFR Huangpu);
Transparent: USD 1,500/ton (CFR Huangpu);
Editor: Yun Shimeng (Carrie)
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