[Overseas News] Mecca Quadrilateral Talks! Oil Prices Fall, Plastic Market Volatile
International News Highlights:
Raw Material News: Mecca Quadrilateral Talks! Oil Prices Fall, Plastics Market Fluctuates
Auto News: XPeng Plans to Build Over 100 Charging Piles in Mexico
Electronics News: From 28nm to 90nm! India’s First Wafer Fab Delays Mass Production Again: Chip Manufacturing Not Expected Until 2028
Toy News: Global Toy Giant Officially Announces New China Headquarters!
Macro News: Saudi-led coalition claims interception of missiles and drones from Yemen's Houthi rebels
Price Information: The RMB/USD central parity rate was reported at 6.7171, down by 9 basis points.
Below are the details of international news highlights:
Mecca Quadrilateral Talks! Oil Prices Fall, Plastics Market Volatile
As high-level officials from Saudi Arabia, Turkey, and Pakistan visited Iran for consultations to ease tensions, international oil prices declined. WTI crude opened lower with a gap and remained volatile, briefly dipping below the $100 mark during trading before closing down 2.17% at $100.55 per barrel. Brent crude finished 1.33% lower at $110.42 per barrel. The primary trading logic in the international crude market remains unchanged. Bullish factors include ongoing obstacles in U.S.-Iran negotiations, the incomplete restoration of navigation through the Strait of Hormuz, the Houthi blockade of Saudi maritime routes, and U.S. naval restrictions on Iran. Bearish factors consist of continued mediation efforts to advance U.S.-Iran talks, sluggish demand recovery, and heightened expectations of Federal Reserve interest rate hikes. Against this backdrop, the plastics market has continued to oscillate at elevated levels.
Plastic futures (contract 9148) fell 0.01% from the previous trading session.
PP reported 10,013, unchanged from the previous trading day;
PVC was quoted at 5,087 yuan per ton, down 0.92% from the previous trading day.
Styrene was quoted at 10,855 yuan per ton, down 1.31% from the previous trading day.
XPeng plans to build over 100 charging stations in Mexico.
From 28nm to 90nm! India’s first wafer fab delays mass production again: chip manufacturing won’t begin until 2028
The production timeline for Tata Electronics’ facility in Dholera, Gujarat—India’s first large-scale domestic semiconductor wafer fab—has been significantly delayed, and the initial technology node has also been downgraded from the original plan.
The factory, jointly built by the Tata Group and Powerchip Semiconductor, has a total investment of approximately 910 billion Indian rupees (about 64.06 billion Chinese yuan). According to the latest official information,The factory is not expected to commence commercial operations until mid-2028, nearly two years later than the initial plan for production to start by the end of 2026.
In terms of process technology,In its initial phase, the factory will primarily adopt the mature 90nm process node, rather than the previously announced 28nm node.Indian Minister of Electronics and Information Technology Ashwini Vaishnaw has confirmed this adjustment.
However, from a long-term planning perspective,The factory's technology coverage remains at 28 nanometers to 110 nanometers.The initial phase will stabilize early production capacity using 90/55-nanometer processes, with subsequent gradual advancement to more advanced nodes.
Tata Electronics has made initial progress in customer acquisition. According to reports, the factory has secured six customers, three of which have signed binding offtake commitments, one has reserved capacity, and the other two are in early-stage negotiations.
The progression of India’s first semiconductor fab, from an initial 28nm target to a current starting point of 90nm, and from late 2026 to mid-2028, reflects the real-world challenges of building a semiconductor manufacturing ecosystem from scratch.
Global toy giant officially announces new China headquarters!
Toy giant ZURU recently announced that its new China headquarters will be located in the China Resources Tower (also known as "Spring Bamboo") in Nanshan, Shenzhen. ZURU has leased eight floors of the tower, totaling approximately 32,000 square meters, with each floor offering over 4,000 square meters of space. The facility can accommodate around 3,000 employees, and the team plans to begin moving in early 2027, with potential for further expansion by adding more floors in the future.
Public information shows that ZURU was founded in New Zealand in 2003, rising to prominence with hit products such as foam-dart blasters, self-sealing water balloons, and miniature blind-box collectibles. Its toy business spans more than 120 countries and regions worldwide, and its portfolio of owned brands includes XSHOT, Bunch O Balloons, Mini Brands, Fuggler, and Rainbocorns. The company also maintains deep collaborations with major IP holders such as Disney, Warner Bros., and Universal.
ZURU’s development model differs from that of traditional toy manufacturers, establishing a transnational system characterized by R&D and supply chain operations in Shenzhen and its surrounding areas, manufacturing in the Pearl River Delta, retail channels in Europe and the United States, and brand management and capital operations at the group level. For many years, ZURU’s Chinese operational hub has been based in Shenzhen (handling product development, engineering, and procurement), while its trade, financing, and brand entities have been structured in Hong Kong. Manufacturing and pilot production are primarily located in cities such as Dongguan and Huizhou. In March this year, ZURU Group launched its Bay Area Intelligent Manufacturing Project in Qingxi, Dongguan, with a total investment of RMB 880 million. Once fully operational, the project is expected to generate an annual output value exceeding RMB 5 billion.
The Saudi-led coalition claims to have intercepted Houthi missiles and drones from Yemen. Turki al-Maliki, spokesperson for the Saudi-led multinational coalition, stated on social media on the 27th that the coalition had intercepted and destroyed three ballistic missiles fired by Yemen’s Houthi rebels toward eastern Saudi Arabia, as well as four drones launched toward the country’s south.
[ING Report: ASML’s Share of the Dutch Economy Could Reach 1.6% by 2026] ING Group stated in a report released on Monday that chip equipment manufacturer ASML could contribute directly as much as 1.6% to the Dutch economy this year, up from 1.3% in 2025, highlighting the Netherlands’ growing dependence on ASML.Artificial Intelligence(AISurging demand has pushed ASML’s market capitalization to €547 billion ($613 billion), making it the most valuable company in Europe. Citing Finland’s Nokia as an example, researchers warn of the risks associated with growing economic reliance on a single company.
[Experts Say the People’s Bank of China Encourages the Establishment of a Dual Loan Pricing Benchmark Based on “LPR + DR001”] Lou Feipeng, a researcher at the Postal Savings Bank of China, stated in an article published in Securities Times that, looking ahead, DR001 has effectively become the target interest rate for the central bank’s monetary policy operations. The People’s Bank of China (PBOC) will study the timing to shift the tenor of its main open market operation instruments to overnight, so that the overnight repurchase rate in the open market will correspondingly become the primary policy rate, achieving maturity matching and further enhancing the precision of interest rate regulation. The PBOC will issue policy guidelines on reforms related to diversified loan pricing benchmarks at an appropriate time and will continue to reform and improve the Loan Prime Rate (LPR) quotation mechanism to enhance the quality of quotations. This indicates that the PBOC is encouraging the establishment of a dual pricing benchmark of “LPR + DR001,” thereby smoothing the interest rate transmission channel from the short-end money market to the credit market.
[Chairman of Brazil’s Liberal Party Acknowledges Lula’s Victory in Presidential Election] On the 26th, Waldemar Costa Neto, chairman of Brazil’s Liberal Party, acknowledged that Luiz Inácio Lula da Silva, the Workers’ Party candidate and incumbent president, had won the 2026 Brazilian presidential election. This came after Flávio Bolsonaro, son of former president Jair Bolsonaro and the Liberal Party’s candidate, refused to concede defeat in the second round of voting held on the 25th.
[Iranian President Meets with Senior Officials from Saudi Arabia, Turkey, and Pakistan] On the 26th, Iran, Saudi Arabia, Turkey, and Pakistan held regional security talks in Tehran, the Iranian capital. The meeting was chaired by Mohsen Rezaei, Secretary of Iran’s Supreme National Security Council, and attended by Saudi Defense Minister Khalid bin Salman, Pakistan Army Chief General Asim Munir, and Turkish National Intelligence Organization Director Ibrahim Kalin. Iranian President Masoud Pezeshkian held meetings with the aforementioned representatives.
[Zelenskyy signs bill extending martial law and general mobilization for 90 days] On October 26, Ukrainian President Volodymyr Zelenskyy signed a related bill, extending martial law and the general mobilization order by another 90 days until January 29, 2027. Earlier that day, Zelenskyy submitted a draft decree to the Verkhovna Rada (Parliament), proposing a 90-day extension of the country’s martial law and general mobilization. Subsequently, the Verkhovna Rada approved the extension of martial law and the general mobilization order in Ukraine until January 29, 2027.
The RMB central parity rate against the US dollar was set at 6.7171, down by 9 pips from the previous trading day’s fixing of 6.7162. The official closing rate on the previous trading day was 6.6681, and the overnight session closed at 6.6695.
On October 27, CFR Northeast Asia ethylene was stable at $1,190 per tonne, and CFR Southeast Asia was stable at $1,130 per tonne.
The average FOB Korea price for propylene in Northeast Asia remained stable at $1,300 per ton, while the average CFR China price held steady at $1,340 per ton.North Asia frozen cargo November CIF prices: Propane at USD 1,020–1,022 per tonne; Butane at USD 1,170–1,172 per tonne.
The November CIF prices for frozen LPG in South China were USD 1,128–1,138 per tonne for propane and USD 1,208–1,218 per tonne for butane.
For Taiwan, the November CIF prices for refrigerated cargo are: propane at USD 1,020–1,022 per tonne and butane at USD 1,170–1,172 per tonne.
LLDPE USD Market Price
Film: USD 1,280/ton (CFR Huangpu)[HDPE USD Market Price]
Film: USD 1,280/ton (CFR Yantian)
Hollow: USD 1,350/ton (CFR Dongguan);
Injection molding: USD 1,200/ton (CFR Huangpu)
LDPE USD Market Price
Film: USD 1,490/ton (CFR Huangpu)
[PP USD Market Price]
Homopolymer: USD 1,500/ton (CFR Huangpu)
Copolymer: USD 1,460/ton (CFR Nansha)
Transparent: USD 1,600/ton (CFR Huangpu)
Pipe material: USD 1,650/ton (CFR Huangpu)
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