5. Evonik Partners with Celtic Renewables to Expand Footprint in Sustainable Cosmetic Raw Material Sector

Key Term Explanations

6. SABIC Partners with Saudi Arabia's First EV Brand CEER

Saudi Basic Industries Corporation (SABIC) recently announced the signing of a Memorandum of Understanding (MoU) with CEER, Saudi Arabia's first electric vehicle brand and original equipment manufacturer (OEM). Under the MoU, the two parties will explore cooperation opportunities for applying SABIC's advanced materials and innovative solutions in the design, development, and manufacturing of CEER electric vehicles. The MoU aims to assess mutually beneficial commercial prospects and define terms for potential cooperation. It lays the groundwork for both parties to develop and innovate solutions and products, with specific measures including evaluating the potential use of SABIC's advanced materials in certain vehicle applications for CEER and jointly developing material and processing solutions that meet industry needs. The agreement also seeks to share knowledge and experience in sustainability and technology to support CEER's product development goals, explore potential strategic sourcing opportunities, help build a local supply chain that meets global standards for the emerging domestic EV industry, and identify and advance other areas of cooperation agreed upon by both sides.

Overseas Macro Market:

[Egypt Believes US-Iran Crisis "Reconcilable" and Seeks Mediation]
Egyptian Foreign Minister Badr Abdelatty stated that after about two weeks of tit-for-tat attacks between the US and Iran, Egypt believes there is a path to de-escalate tensions and restart peace negotiations. Currently, Cairo is working with key mediators to promote a diplomatic resolution to the dispute.

[UAE Accelerates Construction of New Port to Reduce Dependence on Strait of Hormuz]
According to UAE sources on the 22nd, amid continued regional tensions and the risk of shipping disruptions in the Strait of Hormuz, the UAE is accelerating the construction of a new port project in the eastern emirate of Fujairah to reduce its dependence on the Strait of Hormuz and enhance its container throughput capacity and maritime trade capabilities.

[Sources Say US Is Sending Additional Military Forces to the Middle East]
Sources revealed that the US is currently sending additional military forces to the Middle East, providing more military options for Trump to expand conflict with Iran. The US is deploying additional troops, medical personnel, and military equipment to the region. Over the past week, special operations forces have been deployed from US domestic bases to the Middle East. Multiple fighter squadrons have assembled in the region, and bombers are on high alert. The US has suffered 18 deaths and at least 482 injuries in military operations against Iran. The reinforcement may be to give the US greater capability to strike Yemen's Houthi forces, which have imposed a "maritime embargo" on Saudi Arabia.

[Insiders Say Intelligence on Qom Nuclear Facilities Was Provided by Mossad Director During US Visit]
US sources on the 22nd, citing informed sources, reported that the new director of Israel's Mossad intelligence agency, Roman Gofman, visited Washington, D.C., two weeks ago for talks with US officials on regional tensions involving Iran and Iran's nuclear program. US sources said that during the visit, Gofman provided the US with intelligence on Iran's Qom nuclear facilities, uranium stockpiles, and Iran's economic situation.

[US Military Launches 12th Consecutive Night of Strikes on Iran, Lasting 5 Hours]
US Central Command stated in a social media post on the 22nd that the US military had completed its latest round of strikes against Iran. This marked the 12th consecutive night of US strikes on Iran, with the operation lasting five hours. The statement said the strikes were completed at 10:30 PM US Eastern Time on the 22nd (10:30 AM Beijing Time on the 23rd), targeting Iranian maritime operational facilities, missile and drone storage facilities, coastal surveillance sites, and air defense facilities.

[Iranian Source Says Iran Is Ready to Respond to Possible US Ground Invasion]
Russian media reported on the 23rd, citing an Iranian military source, that the Iranian military has rehearsed multiple scenarios for US attacks and is prepared to respond to a possible US ground invasion. According to TASS, the source said: "Iran's armed forces have prepared various response plans for any new attacks the US might launch, especially if the US government makes the mistake of launching a ground invasion."

[Saudi Arabia Confirms Oil Tanker Attacked and Caught Fire in Red Sea]
Saudi sources reported on the 23rd that the Saudi oil tanker "Ensileah" was attacked while sailing in the Red Sea, causing a fire at the bow, but all crew members are safe. Earlier, Yemen's Houthi forces said they used multiple ballistic missiles, cruise missiles, and drones to strike the Saudi oil tankers "Ensileah" and "Laila" for violating the group's maritime embargo.

Price Information:

USD/CNY central parity rate: 6.7906, up 27 points; previous day's central parity 6.7933, previous day's official closing price 6.7740, previous night's closing price 6.7750.

[Upstream Feedstock US Dollar Market Prices]
July 22: CFR Northeast Asia $950/mt, up $25/mt; CFR Southeast Asia $900/mt, up $50/mt.
Northeast Asia propylene FOB Korea average at $930/mt, stable; CFR China average at $1,010/mt, stable.
North Asia refrigerated cargo CIF: propane $798-800/mt; butane $798-800/mt.
South China refrigerated cargo for late August arrival: propane $861-871/mt; butane $881-891/mt.
Taiwan refrigerated cargo CIF: propane $798-800/mt; butane $798-800/mt.

[LLDPE US Dollar Market Prices]
Film: $990/mt (CFR Huangpu);

[HDPE US Dollar Market Prices]
Film: $1,035/mt (CFR Qingdao);
Blow molding: $1,230/mt (CFR Yantian);
Injection molding: $1,180/mt (CFR Yantian);

[LDPE US Dollar Market Prices]
Film: $1,250/mt (CFR Huangpu);

[PP US Dollar Market Prices]
Homo-polymer: $1,250/mt (CFR Huangpu);
Co-polymer: $1,250/mt (CFR Nansha);
Film grade: $1,480/mt (CFR Huangpu);
Transparent grade: $1,550/mt (CFR Huangpu).