BASF Announces Layoff Plan! Another U.S. PET Recycler Collapses, Japanese Automotive Industry Faces Production Suspension Risk

International News Roundup:

Raw Material News: BASF announces layoff plan!

Automotive News: Japan Automobile Manufacturers Association also issues warning: Notifications received regarding inability to guarantee chip deliveries.

Packaging News: PCR Alarm Rings: Another U.S. PET recycler collapses.

Other News: Syensqo's epoxy prepreg included in NCAMP database.

Macroeconomic News: Putin: New U.S. sanctions will not have a major impact on Russia's economy.

Price Information: Ethylene Asia: CFR Northeast Asia USD 780/ton, CFR Southeast Asia USD 770/ton.

Details of International News:

Honeywell ESS Division Profit Rises 11%, Still Warns of Gloomy Macroeconomic Environment in Energy Sector

Plastmatch reported on October 24 that the Energy and Sustainability Solutions (ESS) division of Honeywell International Inc. (headquartered in Charlotte, North Carolina, U.S.) announced a division profit of USD 427 million, a year-on-year increase of 11%. Division sales rose 11% year-on-year to USD 1.7 billion, while organic sales decreased by 2% year-on-year. The company stated that the refrigerants business of the Advanced Materials division performed strongly, but this growth was offset by delays in licensing business and catalyst deliveries of UOP (Universal Oil Products), its catalyst and process technology business unit.

WM, U.S.' Largest Solid Waste Recycling Company, Shuts Down U.S. Plastic Film Recycling Plant

Plastmatch learned on October 24 that WM is closing its plastic film recycling plant near Houston. The company described the move as temporary but also indicated an uncertain future for the plant. In an email on October 22, the U.S.' largest solid waste management and recycling company stated that its Natura PCR recycling plant in Waller, Texas, is affected by insufficient demand for its products — post-consumer recycled pellets made from low-density polyethylene (LDPE) and linear low-density polyethylene (LLDPE).

Manali Petrochemicals Plans to Sell UK-based Polyurethane Elastomer Subsidiary Notedome to COIM

Manali Petrochemicals recently announced its decision to sell Notedome, its UK-based polyurethane elastomer subsidiary, to Italian specialty chemicals company COIM. The transaction will be valued at a price of at least 8.5 times Notedome's adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) of GBP 2.12 million, conducted on a cash-free and debt-free basis with customary adjustments. The board of directors of Manali Petrochemicals approved the sale at a recent meeting, marking a major strategic transformation for the Chennai, India-based company.

Eurasian Economic Union Imposes Five-Year Anti-Dumping Duties on Chinese Titanium Dioxide

Recently, the Department for Protection of the Internal Market of the Eurasian Economic Commission issued Notice No. 2025/454/AD38. In accordance with Resolution No. 96 of the Eurasian Economic Commission dated October 14, 2025, five-year anti-dumping duties are imposed on titanium dioxide (Russian: Диоксид титана) originating from China, as follows: 14.27% for LB Group Co., Ltd., Henan Billions Advanced Material Co., Ltd., LB Lufeng Titanium Industry Co., Ltd., LB Sichuan Titanium Industry Co., Ltd., and LB Xiangyang Titanium Industry Co., Ltd.; 16.25% for Shandong Dawn Titanium Industry Co., Ltd. and other Chinese producers. Meanwhile, the Eurasian Economic Commission approved the price undertakings submitted by the above six enterprises, and no anti-dumping duties will be imposed on Chinese enterprises that comply with the price undertakings. The product subject to the anti-dumping case is pigments with titanium dioxide content ≥80% on a dry basis, involving products under Eurasian Economic Union tariff code 3206110000, excluding titanium dioxide used in the production of fragrances, cosmetics, pharmaceuticals, and food. The measures will take effect 30 calendar days after the issuance of the notice.

Lightweight Engineering Plastics Replace Metals! All Around Polymer Launches Nylon Composite Framework

All Around Polymer Co. has launched a data-driven nylon compounding framework aimed at significantly shortening the validation cycle for manufacturers replacing metals with lightweight engineering plastics. Operating under the Ardlon brand, the Tainan, Taiwan-based company developed this method to address growing industry pressure for lighter and more durable materials in automotive, outdoor, and industrial applications. The company stated that its framework combines Design of Experiments (DOE), standardized testing protocols, and predictive modeling to help engineers select materials with greater confidence.

Syensqo's Epoxy Prepreg Included in NCAMP Database

Syensqo announced that its CYCOM® EP2190 epoxy prepreg has been added to the NCAMP (National Center for Advanced Materials Performance) database. This milestone provides customers with standardized, publicly available qualification data packages, lowering the barrier to adoption and accelerating timelines for aerospace programs. CYCOM® EP2190 is a high-performance thermoset material designed for demanding primary structures. It offers enhanced toughness while maintaining excellent compressive properties — a balance critical for commercial aerospace, defense, and Advanced Air Mobility (AAM) applications.

BASF Announces Layoff Plan!

Chemical giant BASF plans to cut 600 jobs at its Antwerp plant by the end of 2028. Belgium's largest chemical company announced the layoff plan on the morning of Wednesday, October 22. Although BASF's Antwerp plant will cut approximately one-fifth of its workforce, the company insists there will be no forced layoffs. Meanwhile, employer organizations described the news as "a blow to Belgium's industrial sector." The company stated, "The economic situation and the lack of tangible results from measures intended to support the industry have forced the company to take action again."

PCR Alarm Rings: Another U.S. PET Recycler Collapses!

rPlanet Earth, a California-based PET plastic recycler and food and beverage packaging manufacturer, has collapsed. The Vernon-based plant is the second PET plastic recycling facility in California to close this year. The company describes itself as a vertically integrated recycling and packaging enterprise, mainly producing food-grade packaging products, including PET bottles, thermoformed containers, and cold drink cups. The 302,000-square-foot plant was built in 2018, with the project reportedly costing USD 100 million and an annual production capacity of approximately 36,287 tons of packaging products. The specific reasons for the plant's closure remain unclear, but the decision follows Evergreen Recycling's partial closure of its PET bottle recycling business in February citing "economic factors."

Japan Automobile Manufacturers Association Also Issues Warning: Notifications Received Regarding Inability to Guarantee Chip Deliveries

Following automotive associations in Europe and the U.S., the Japan Automobile Manufacturers Association (JAMA) stated on Thursday that it has received a notice from a Dutch semiconductor manufacturer indicating potential inability to guarantee chip deliveries. In a statement posted on its official website, the association pointed out that the affected chips are key components of electronic control units, and this situation may have a severe impact on the global production of its member companies. JAMA's member companies include well-known Japanese automakers such as Toyota, Honda, Mazda, Mitsubishi, Nissan, and Subaru. Although the notice did not name the Dutch semiconductor company, based on recent developments and industry conditions, it is highly likely NXP Semiconductors. On Wednesday, German automotive giant Volkswagen also stated that it uses some NXP components in its vehicles. While production is not currently affected, the possibility of unexpected events impacting production in the short term cannot be ruled out. Volkswagen also noted that production of its Golf and Tiguan models will be suspended this Friday and resume next week.

Overseas Macroeconomic Market:

Will China-U.S. Heads of State Meet? Ministry of Foreign Affairs: China Will Release Timely

Information if There Are Further DevelopmentsOn October 24, Foreign Ministry Spokesperson Guo Jiakun hosted a regular press conference. When asked about a possible meeting between the Chinese and U.S. presidents during the APEC meeting, Guo Jiakun stated that China and the U.S. maintain close communication on a meeting between the two heads of state, and China will release timely information if there are further developments.

Flight Tracking Data Shows U.S. B-1B Bombers Approached Venezuelan Coast

It was learned on October 23 local time that flight tracking data showed at least one U.S. B-1B bomber approached the coast of Venezuela on the same day. This marks the second such show of force by U.S. military aircraft in a week. Earlier that day, when asked about reports of the U.S. deploying B-1B bombers near Venezuela, U.S. President Trump replied that the reports were inaccurate, but added that the U.S. is dissatisfied with Venezuela for many reasons. Trump also stated that ground military operations will be seen in Venezuela soon. It is understood that the U.S. has deployed stealth fighters and naval ships as part of the so-called anti-narcotics operation, but has not released evidence of its targets for combating drug smuggling.

State Government Data Shows U.S. Initial Jobless Claims Rose Last Week; Goldman Sachs: Fewer Than 230,000 Job Applications

Last Week According to an analysis of unadjusted state-level application data released during the federal government shutdown, the number of U.S. jobless claims rose last week. According to an analysis of the data by Bloomberg News, for the week ending October 18, initial jobless claims increased to approximately 227,000 from the previous week's revised 220,000. Economists at Goldman Sachs also estimated 227,000 job applications last week. Due to the government shutdown, the U.S. Department of Labor has not released weekly reports since September 25, but it has provided downloadable data for most states.

Putin: Trump Indicated a Postponement of the Meeting

On October 23 local time, Russian President Vladimir Putin stated in an interview with the media that during his phone call with U.S. President Trump on the 16th, it was Trump himself who proposed holding a meeting, and the choice of Budapest, the capital of Hungary, as the venue was also Trump's proposal. Putin stated that it would be a mistake to treat the meeting hastily without adequate preparation, leading to failure to achieve the expected results. Putin noted that given the current situation, the U.S. president has decided to cancel or postpone the meeting; more precisely, Trump indicated a postponement. Putin reaffirmed that dialogue is always preferable to any form of confrontation, and far better than war. Therefore, Russia has always advocated for dialogue, and this position remains unchanged.

Putin: New U.S. Sanctions Will Not Have a Major Impact on Russia's Economy

According to CCTV reports, on October 23, Russian President Vladimir Putin stated in an interview with the media that the new U.S. sanctions against Russia are intended to exert pressure on the country but will not have a major impact on Russia's economy. Putin said the new U.S. sanctions are clearly unfriendly moves that do not help strengthen the recently recovering Russia-U.S. relations. He emphasized that Russia has always supported the continuation of dialogue. At the same time, he believes that if Russia and the U.S. can "conduct serious discussions on the long-term future including the economic field, the two sides will have cooperation space in many areas."

Price Information:

The central parity rate of RMB against USD was reported at 7.0928, down 10 pips; the central parity rate of the previous trading day was 7.0918, the official closing price of the previous trading day was 7.1221, and the overnight market closing price was 7.1242.

[Upstream Raw Material USD Market Prices]

Ethylene Asia: CFR Northeast Asia USD 780/ton, CFR Southeast Asia USD 770/ton.

Propylene Northeast Asia: FOB South Korea average price remained stable at USD 740/ton; CFR China average price remained stable at USD 760/ton.

Frozen cargo CIF prices in North Asia: Propane USD 486-487/ton; Butane USD 522-523/ton.

Frozen cargo CIF prices for early November in South China, China: Propane USD 536-546/ton; Butane USD 536-546/ton.

Frozen cargo CIF prices in Taiwan Region: Propane USD 486-487/ton; Butane USD 522-523/ton.

[LLDPE USD Market Prices]

Film grade: USD 830-870/ton (CFR Huangpu)

Injection molding grade: USD 935/ton (CFR Huangpu)

[HDPE USD Market Prices]

Film grade: USD 860-900/ton (CFR Huangpu)

Injection molding grade: USD 820/ton (CFR Huangpu)

Blow molding grade: USD 830-860/ton (CFR Huangpu)

Pipe grade: USD 1010/ton (CFR Huangpu)

[LDPE USD Market Prices]

Film grade: USD 1030-1060/ton (CFR Huangpu)

Coating grade: USD 1280/ton (CFR Huangpu)

[PP USD Market Prices]

Injection molding grade: USD 840-915/ton (CFR Huangpu)

Copolymer grade: USD 850-870/ton (CFR Nansha)

Film grade: USD 1015/ton (CFR Huangpu)

Transparent grade: USD 1005-1125/ton (CFR Huangpu)

Pipe grade: USD 1100/ton (CFR Shanghai)