Trump Tariff Case Faces Key Ruling! Dow Raises Silicone Prices; Anta Proposes to Acquire 29% of Puma

International News Highlights:

Raw Material News - $950 Million! SABIC Sells European and American Plastics Business

Automotive News - World's First! Autoliv and Tensor Partner to Develop Collapsible Steering Wheel for Autonomous Driving

Packaging News - Henkel Successfully Issues First Panda Bond; German Industrial Giant Enters RMB Bond Market for the First Time

Other News - Anta Files Formal Takeover Offer to Acquire Puma Shares

Macro News - Today! Trump Tariff Case Faces Key Ruling

Price Information - RMB/USD Central Parity Hits Highest Level Since September 30, 2024

The Details of International News:

$950 Million! SABIC Sells European and American Plastics Business

SABIC announced the sale of its plastics businesses in the Americas and Europe through two major transactions with a total value of $950 million. The transactions involve buyers German investment groups Mutares SE & Co. KGaA and Aequita SE & Co. KGaA, and are highly aligned with SABIC’s ongoing “portfolio optimization program” aimed at achieving sustainable growth and value creation. Among them, Mutares SE & Co. KGaA has signed a $450 million acquisition agreement to take over SABIC’s Engineering Thermoplastics (ETP) business in the Americas and Europe. According to Mutares, this acquisition is the largest in its history and will help the company establish a new “Chemicals & Materials” business segment.

Profit Warning! Shell’s Chemicals Division to Post Loss in Q4 2025, Dragged by Supply-Demand Pressures

Plastmatch learned on January 9 that Shell recently released its Q4 2025 business update, warning that its Chemicals & Products division will report a loss in the quarter, while performance in other business segments remains broadly stable. The report shows that the company’s indicative chemicals margin is expected to drop from $160/ton to $140/ton. “Adjusted earnings for the Chemicals sub-segment are expected to show a significant loss, mainly reflecting the impact of a (non-cash) deferred tax adjustment at a joint venture,” Shell said in the update.

Henkel Successfully Issues First Panda Bond; German Industrial Giant Enters RMB Bond Market for the First Time

On January 7, Bank of China announced that as the sole Chinese lead underwriter, it successfully assisted German industrial and consumer goods giant Henkel AG & Co. KGaA in issuing RMB 1.5 billion Panda Bonds in China’s interbank bond market. The issuance is not only Henkel’s debut in the RMB bond market but also the first foreign Panda Bond in the entire market in 2026, marking the century-old multinational enterprise further deepening its strategic layout in China. The successful issuance of this RMB 1.5 billion Panda Bond is an important step for Henkel to diversify its global capital market financing. As its first attempt to enter China’s domestic bond market, the bond reflects Henkel’s confidence in China’s economic resilience and the long-term value of RMB assets.

BYK Announces 5.2% Price Increase for Additives Starting February 2026

BYK, one of the world’s leading suppliers in additives and measuring instruments, announced a 5.2% price increase for its additive products, effective February 1, 2026, or as per existing contract terms. Given ongoing rising labor costs, global supply chain challenges, and operational cost pressures from relevant regulatory adjustments, this price adjustment is a necessary measure for BYK to maintain high-level service and innovation capabilities in its additives business and protect customer interests.

Avro India to Expand Plastic Recycling Business with New Plant in Ghaziabad

Avro India Limited, a leading Indian plastic molded furniture manufacturer, will launch its state-of-the-art new recycling plant in Ghaziabad to address one of India’s most complex environmental challenges—recycling hard-to-process plastic waste. The plant is operated by AVRO Recycling Limited, a wholly owned subsidiary of Avro India Limited, and houses India’s largest flexible plastic recycling facility, currently with a monthly processing capacity of 500 metric tons (MTPM). By Q4 of the 2025-26 fiscal year, processing capacity is planned to increase to 1,000 metric tons per month. To date, the recycling plant has invested capital expenditure of INR 250 million and plans to add another INR 300 million by fiscal year 2027. As part of the company’s long-term sustainability vision, it also plans to expand across India through future new recycling projects.

Anta Files Formal Takeover Offer to Acquire Puma Shares

Recently, Hong Kong-listed Anta Sports submitted an offer to France’s Pinault family to acquire their 29% stake in German sportswear brand Puma. The potential deal would make Anta Puma’s largest single shareholder, replacing the Pinault family. However, sources indicate that while Anta has secured financing for the acquisition, negotiations have currently stalled. The market reacted strongly, with Puma’s share price surging as much as 9% to its highest level since May 2025.

Kumho Mitsui Chemicals to Increase MDI Capacity

Mitsui Chemicals announced that its affiliate Kumho Mitsui Chemicals has decided to further expand the production capacity of its diphenylmethane diisocyanate (MDI) facilities. MDI is a key raw material for polyurethanes, widely used in automotive parts, furniture and bedding, residential and refrigerator insulation materials, spandex, and various adhesives.

World’s First! Autoliv and Tensor Partner to Develop Collapsible Steering Wheel for Autonomous Driving

On January 5, 2026, automotive safety systems supplier Autoliv announced a partnership with private autonomous driving vehicle company Tensor to develop the world’s first collapsible steering wheel, which will be installed on the Tensor Robocar autonomous vehicle. The steering wheel has dual functions: it can be used for conventional manual control and can also fold away during autonomous driving. Amid the continuous development of automated mobility, this technology enhances adaptive safety and design flexibility. The Tensor Robocar is expected to enter mass production in the second half of 2026.

Dow Chemical Raises Silicone Prices by Another 5-10%

Recently, a price adjustment notice sent by Dow Chemical’s Silicones business to Greater China partners once again brought the industry’s cost pressures into public view. According to the notice, prices for its High Performance Building business products will be increased by 5-10% starting January 26, 2026.

Overseas Macro Market:

Today! Trump Tariff Case Faces Key Ruling

On January 9, the U.S. Supreme Court is likely to issue a ruling on the legality of former President Trump’s tariff hikes. This decision will not only have far-reaching implications for trade policy but also a significant impact on the U.S. fiscal position. It will primarily address two issues: first, whether the tariffs imposed by Trump under the International Emergency Economic Powers Act are legal; second, whether the U.S. must refund tariffs already paid. If the court overturns the tariffs, U.S. tariffs on China could be reduced by up to 20% (10% fentanyl tariffs + 10% reciprocal tariffs), and tariffs already paid could be eligible for a refund.

U.S. Customs Launches Tariff Refund System in Preparation for Large-Scale Refunds

Recently, U.S. Customs and Border Protection announced that starting February 6, all tariff refunds will be issued electronically, replacing paper checks, mainly to accelerate payments and reduce fraud and errors. This move may be a signal that the Trump administration is “preparing for a tariff defeat” and getting ready for potential large-scale refunds. Importers must register for an electronic refund account by February 6, 2026, otherwise refunds may be delayed or affected.

Cuban Foreign Minister: Cuba Will Continue to Work for Peace

Cuba’s Foreign Minister stated in a speech on January 8 that Cuba will continue to carry out work to defend peace, promote international mobilization, conduct struggles to uphold international law and the rights to life and peace of all peoples, and work for the release of Venezuelan President Nicolás Maduro and his wife Cilia Flores.

South Korean President Yoon Suk Yeol to Visit Japan After China Trip; Foreign Ministry: No Comment on ROK-Japan Matters

Foreign Ministry Spokesperson Mao Ning chaired a regular press conference. A foreign journalist asked that South Korean President Yoon Suk Yeol will visit Japan next week after his trip to China and meet with Prime Minister Sanae Takaichi. What is China’s comment on his visit? South Korea hopes to strengthen cooperation with Japan—what is China’s comment? Mao Ning said that South Korean President Yoon Suk Yeol’s visit to Japan is a matter between South Korea and Japan, and she will not comment. She added that exchanges between countries should be conducive to maintaining regional peace and stability.

Foreign Ministry: No Matter How Venezuela’s Political Situation Changes, China’s Willingness to Deepen Pragmatic Cooperation Remains Unchanged

Regarding Venezuelan Acting President Delcy Rodríguez’s post on social media saying she had met with the Chinese Ambassador to Venezuela, Foreign Ministry Spokesperson Mao Ning said at a regular press conference on January 9 that China attaches importance to China-Venezuela relations and has always maintained good communication and cooperation with the Venezuelan government. China will continue to firmly support Venezuela in safeguarding its sovereignty, dignity, national security, and legitimate rights and interests. “No matter how Venezuela’s political situation changes, China’s willingness to deepen pragmatic cooperation in various fields and promote common development will not change.”

BOJ Likely to Raise Economic Growth Forecast, Keep Interest Rates Unchanged This Month

According to Bloomberg, the Bank of Japan is expected to raise its economic growth forecast at its board meeting later this month while keeping its benchmark interest rate unchanged. The upward revision to the economic growth forecast mainly reflects the expected impact of the economic stimulus package approved by Japan’s Prime Minister Sanae Takaichi last month. BOJ officials believe there is no need to adjust the forecast for underlying inflation, which is expected to align with its price target in the second half of the three-year forecast period starting in April last year.

Price Information:

RMB/USD Central Parity Hits Highest Level Since September 30, 2024

The RMB/USD central parity rate was set at 7.0128, up 69 pips; the previous trading day’s central parity was 7.0197, the previous trading day’s official closing price was 6.9807, and the previous night session closed at 6.9835.

Upstream Raw Material USD Market Prices

CFR Northeast Asia: $745/ton; CFR Southeast Asia: $725/ton. Northeast Asia propylene FOB Korea average to $710/ton; CFR China average to $740/ton. North Asia refrigerated cargo CIF: propane $547-549/ton; butane $607-609/ton. China South China refrigerated cargo CIF for early February arrival: propane $595-605/ton; butane $590-600/ton. Taiwan refrigerated cargo CIF: propane $547-549/ton; butane $607-609/ton.

LLDPE USD Market Prices

Film: $780/ton (CFR Xiamen); Injection: $900/ton (CFR Yantian).

HDPE USD Market Prices

Film: $890/ton (CFR Huangpu); Injection: $770/ton (CFR Huangpu); Blow molding: $795-820/ton (CFR Huangpu); Pipe: $1000/ton (CFR Huangpu).

LDPE USD Market Prices

Film: $940/ton (CFR Huangpu); Coating: $1050-1180/ton (CFR Qingdao).

PP USD Market Prices

Injection: $785/ton (CFR Dongguan); Copolymer: $820-850/ton (CFR Nansha); Film: $960/ton (CFR Huangpu); Transparent: $1000/ton (CFR Huangpu); Pipe: $1100/ton (CFR Shanghai).