Wacker Chemie Plans Global Large-Scale Layoffs! Toyota's Global Production & Sales Both Rise in October

International News Guide

Raw Material News - Wacker Chemie Discloses Cost-Cutting Plan, to Lay Off Over 1,500 Globally!

Policy News - Taiwan Announces Inclusion of 269 PFAS Substances in List of Chemicals of Concern

Equipment News - One-Stop Potting Solution! Engel CCC Launches Global Technology Upgrade

Automotive & Packaging News - Toyota's Global Production and Sales Both Rise in October

Packaging News - PetStar's Expansion of World's Largest PET Bottle-to-Bottle Plant Successfully Opens

Macroeconomic News - Inflation Trends Diverge Among Major EU Economies; French Inflation Stabilizes Unexpectedly While Spanish Inflation Slightly Exceeds Expectations

Price News - CNY/USD Central Parity Rate Stands at 7.0789, Down 10 Pips

Details of International News

1.Wacker Chemie Discloses Cost-Cutting Plan, to Lay Off Over 1,500 Globally!

According to Plastmatch on November 28, Wacker Chemie plans to cut more than 1,500 jobs worldwide as part of a major cost-saving initiative, with most reductions expected to occur at its facilities in Germany.

Facing a challenging business environment, Wacker Chemie launched a project named "PACE" in October, aiming to significantly reduce costs in production and administrative operations. As disclosed during the release of its third-quarter financial results, the company is currently formulating specific measures, focusing on optimizing fixed production costs.

2.One-Stop Potting Solution! Engel CCC Launches Global Technology Upgrade

Engel has established the Clearmelt Competence Center (CCC), which provides comprehensive support for all customer projects involving polyurethane (PUR) potting of plastic components.

In the Engel Clearmelt process, thermoplastic parts are directly potted with PUR inside the injection mold. This process replaces traditional post-coating processes and is gaining increasing importance in automotive engineering. PUR potting achieves surface quality that cannot be attained with pure thermoplastic materials, while reducing the workload and complexity of component logistics.

3.Taiwan Announces Inclusion of 269 PFAS Substances in List of Chemicals of Concern

Taiwan's Environmental Protection Administration recently announced that it will add 269 per- and polyfluoroalkyl substances (PFAS) to the list of Chemicals of Concern, formulating control concentration standards and testing methods to enhance the protection of the environment and public health, while aligning with international regulatory trends.

4.Two Major South Korean Petrochemical Companies Apply for Business Restructuring, Involving 1.95 Million Tons/Year Ethylene Capacity!

According to South Korean media reports, two major South Korean petrochemical companies—Lotte Chemical and HD Hyundai Chemical—jointly announced on the 26th that they have submitted an application to the South Korean government for review and approval of their petrochemical business integration plan.

This is the first specific restructuring plan proposed by the industry since 10 South Korean petrochemical companies signed an agreement for business restructuring in August this year. The core of the restructuring plan is to address the long-standing structural overcapacity of Naphtha Cracker Complex (NCC) capacity in the domestic petrochemical industry.

Lotte Chemical will spin off its naphtha cracker business at the Daesan Industrial Complex and merge it into HD Hyundai Chemical, thereby establishing a unified operational system covering the production of NCC and other petrochemical products. After the merger, the production of petrochemical products in the Daesan Industrial Complex will be integrated. NCC is a key facility for producing basic raw materials for the petrochemical industry such as ethylene and propylene.

In addition, according to South Korea's JoongAng Ilbo, the business restructuring involves an ethylene capacity of 1.95 million tons/year, including 1.1 million tons/year from Lotte Chemical's Daesan plant and 850,000 tons/year from HD Hyundai Chemical. However, both companies stated that they will determine specific details such as the scale of cuts and the facilities involved after the South Korean government approves the restructuring plan.

5.Toyota's Global Production and Sales Both Rise in October

According to Gasgoo Auto News, on November 27, Japanese automaker Toyota Motor Corporation stated that its global production and sales increased in October, with demand in the U.S. market offsetting declines in China and Japan. Benefiting from strong demand for best-selling models such as the RAV4 compact crossover and other products, the company demonstrated operational resilience amid tariff pressures.

Image source: Toyota Motor Corporation

Data shows that in October this year, Toyota's global production (excluding subsidiaries Daihatsu Motor and Hino Motors but including luxury brand Lexus) increased by 4% year-on-year to 926,987 units, marking the fifth consecutive month of year-on-year growth; global sales rose by 2% year-on-year to 922,087 units, achieving 10 consecutive months of year-on-year growth.

6.European Chemicals Agency (ECHA) Sets Deadline for Annual Microplastic Emission Reporting

The EU-wide restriction regulations on microplastics came into effect in 2023. The latest chemical data software IUCLID and submission tool REACH-IT released by our agency will support enterprises in compliance.

Developed jointly by ECHA and relevant stakeholders, this reporting system ensures the standardization and transparency of data collection, helping regulatory authorities monitor emissions, evaluate the effectiveness of risk management measures, and provide data references for future microplastic-related policy formulation.

7.UK Regulator Says EV Mileage Tax Will Suppress Market Demand

According to foreign media reports, the UK's latest budget proposal plans to impose a mileage-based tax on owners of electric vehicles (EVs) and plug-in hybrid vehicles in the country. This move comes as automakers need to meet mandatory EV sales targets.

The Office for Budget Responsibility (OBR) stated that this policy adjustment will lead to a reduction of 440,000 EV sales in the UK over the next few years. According to the budget assessment report released by the OBR, the policy, which will take effect in April 2028, is expected to generate £1.4 billion (approximately $1.8 billion) in annual revenue by 2030. Among them, pure EV owners will be required to pay 3 pence per mile, while plug-in hybrid vehicle owners will pay 1.5 pence per mile.

8.PetStar's Expansion of World's Largest PET Bottle-to-Bottle Plant Successfully Opens

According to PETplanet, Arca Continental, Coca-Cola Mexico, other Coca-Cola bottlers, and shareholders of PetStar recently gathered to celebrate the successful opening of the expansion project of a food-grade recycled PET plant in Toluca, Mexico.

Claimed to be the largest plant of its kind in Mexico and the world, the expansion project involved an investment of approximately $142 million. Guests at the opening ceremony included Alicia Bárcena, Undersecretary of Mexico's Ministry of Environment and Natural Resources, and about 400 other guests. With the completion of the expansion, PetStar's total historical investment has increased to $278 million, consolidating the company's position as a global benchmark for PET bottle recycling and representing its efforts for the circular economy.

After the expansion, the plant's production capacity of food-grade recycled PET resin has increased from 50,000 tons per year to 86,000 tons per year, which means a processing capacity of over 123,000 tons, equivalent to 5.5 billion bottles.

Overseas Macroeconomic Market

【SAFE: China's External Securities Investment Assets (Excluding Reserve Assets) Reach $1.6942 Trillion by End-June】

Recently, the State Administration of Foreign Exchange (SAFE) released data on China's external securities investment assets (excluding reserve assets) by country/region and resident holder sector as of the end of June 2025. Statistics show that as of the end of June 2025, China's external securities investment assets (excluding reserve assets) totaled $1.6942 trillion. Among them, equity investments accounted for $1.0763 trillion, and bond investments accounted for $617.9 billion.

The top five countries/regions in terms of asset distribution are Hong Kong (China), the United States, the Cayman Islands, the British Virgin Islands, and the United Kingdom, with investment amounts of $816.1 billion, $330.7 billion, $125.2 billion, $67.2 billion, and $39.2 billion respectively. As of the end of June 2025, the main sectors holding China's external securities assets are non-bank financial institutions, banks, and non-financial sectors, with investment amounts of $958.4 billion, $472.8 billion, and $262.9 billion respectively, accounting for 57%, 28%, and 16% of China's total external securities investments.

【Inflation Trends Diverge Among Major EU Economies; French Inflation Stabilizes Unexpectedly While Spanish Inflation Slightly Exceeds Expectations】

French inflation unexpectedly stabilized in November compared with the previous month, while Spanish inflation fell but the decline was smaller than analysts' expectations, highlighting the divergence in price trends among major economies in the region. France's EU-harmonized CPI (HICP) rose by 0.8% year-on-year, unchanged from the previous month, compared with a forecast of a slight increase to 1%. Spain's HICP slowed to 3.1% year-on-year, compared with a median forecast of 3%.

These data are part of the intensive inflation releases from the four largest eurozone economies today and will provide a reference for the European Central Bank's (ECB) final interest rate decision in December this year. Italy's inflation rate is expected to remain unchanged at 1.3%, while Germany's inflation rate is expected to rise slightly to 2.4%. The eurozone will release inflation data on December 2, and the final result is likely to be close to October's 2.1%, approaching the ECB's 2% target.

【European Parliament: Europe Must Participate in Ukraine Peace Talks】

On November 27 local time, the European Parliament issued a statement saying that U.S. policy toward Ukraine is not conducive to achieving the goal of lasting peace. On the same day, the European Parliament adopted a resolution urging the EU and its member states to demonstrate leadership at this critical geopolitical moment and continue to cooperate with the United States and other partners.

【Russia and Venezuela Sign Multi-Area Cooperation Agreements to Consolidate Bilateral Relations】

On November 27, Russia and Venezuela signed multiple new cooperation agreements, including advancing 42 new cooperation projects in 10 areas covering energy, agricultural products, medical and health care, transportation, sports, culture, and finance.

Venezuelan Vice President Delcy Rodriguez stated that despite imperialist threats, Russia and Venezuela are "holding high the banner of peace, stability, cooperation, and fair trade on the international stage, promoting exchanges under the framework of international law." Russian Deputy Prime Minister Dmitry Chernyshenko said that Russia will continue to consolidate its relations with Venezuela and is "willing and ready to cooperate side by side."

【Report: OPEC+ Expected to Maintain Oil Production Policy Unchanged in Q1】

Two representatives from the OPEC+ group and a source familiar with OPEC+ negotiations said that OPEC+ is likely to keep oil production levels unchanged at its meeting on Sunday and agree to establish a mechanism to assess the maximum production capacity of member states.

The two representatives stated that eight OPEC+ countries that have been gradually increasing production in 2025 are expected to maintain their policy of suspending production increases in the first quarter of 2026. The source said that the full OPEC+ group is expected to agree on this capacity mechanism at a separate meeting on Sunday.

Price Information

The CNY/USD central parity rate was reported at 7.0789, a decrease of 10 pips; the central parity rate of the previous trading day was 7.0779, the official closing price of the previous trading day was 7.0806, and the night session closing price of the previous day was 7.0800.

【Upstream Raw Material USD Market Prices】

Ethylene Asia: CFR Northeast Asia USD 730/ton; CFR Southeast Asia USD 720/ton.

Propylene Northeast Asia: FOB South Korea average USD 695/ton; CFR China average USD 735/ton.

North Asia refrigerated cargo CIF price: Propane USD 518-520/ton; Butane USD 546-556/ton.

South China (China) refrigerated cargo CIF price for early December: Propane USD 561-571/ton; Butane USD 546-556/ton.

Taiwan region refrigerated cargo CIF price: Propane USD 518-520/ton; Butane USD 539-541/ton.

【LLDPE USD Market Prices】

Film: USD 835-855/ton (CFR Huangpu);

Injection Molding: USD 935/ton (CFR Huangpu).

【HDPE USD Market Prices】

Film: USD 880-900/ton (CFR Huangpu);

Injection Molding: USD 815-820/ton (CFR Huangpu);

Blow Molding (Hollow): USD 830/ton (CFR Huangpu);

Pipes: USD 1000/ton (CFR Huangpu).

【LDPE USD Market Prices】

Film: USD 990-1000/ton (CFR Huangpu);

Coating: USD 1190/ton (CFR Huangpu).

【PP USD Market Prices】

Injection Molding: USD 800/ton (CFR Huangpu);

Copolymer: USD 820-860/ton (CFR Nansha);

Film Grade: USD 990/ton (CFR Huangpu);

Transparent Grade: USD 1065/ton (CFR Huangpu);

Pipes: USD 1100/ton (CFR Shanghai).