Borealis, Huntsman Announce Price Hikes; US Plastics Industry Data Released; Syensqo Advances Low-Carbon Projects

Global News Highlights:

Raw Materials: Syensqo Partners with ENGIE Solutions to Launch Biomass Boiler Emission Reduction Project at Clamecy Site

Automotive: Huntsman Imposes €200/tonne Natural Gas Surcharge on MDI and Other Chemicals in Europe

Toys: US Pop Culture Toy Giant Funko Posts $6.3 Billion in Annual Sales

Packaging: Borealis Cancels Order Agreements, Raises Prices for March Undelivered Orders

Machinery: Chen Hsong Deepens Presence in Indonesia with New Facilities

Macro: US Officials Note Divergence Between US and Israel on Endgame for Iran Strikes

Full Global News Details:

1. Borealis Cancels Order Agreements, Raises Prices for March Undelivered Orders

According to a customer letter obtained by S&P Global Platts on March 17, Austria-based Borealis notified buyers that it has canceled confirmed orders and pricing agreements effective March 16. The polymer producer will adjust prices for March shipments undelivered as of March 17, 2026, by increasing €400 per metric tonne from February levels.

Borealis attributed the revision to an “exceptionally sharp rise” in feedstock costs including naphtha and liquefied petroleum gas (LPG), stating the situation is beyond its control. The company added that the steep cost surge makes it “extremely difficult” to honor contracts at previously confirmed order volumes, agreed prices or pricing formulas.

2. Huntsman Imposes €200/tonne Natural Gas Surcharge on MDI and Other Chemicals in Europe

Market sources confirm Huntsman will levy a €200 per tonne natural gas surcharge on all products across Europe, effective March 20. The firm cited soaring European natural gas prices driven by recent Middle East tensions, which have directly pushed up production costs for MDI and polyols.

While Huntsman has taken proactive measures to ease cost pressures, it cannot fully absorb the increases, prompting the surcharge. The company noted the surcharge policy may be adjusted further based on market conditions, given high uncertainty in the Middle East.

3. Consumer Demand Drives US Plastics Manufacturing; Key Industry Metrics Released

Dr. Perc Pineda, Chief Economist at the Plastics Industry Association (PLASTICS), issued a new economic analysis stating: “US plastics shipments remained stable from 2023 to 2025, with no significant drag from inventory backlogs.”He emphasized retail sales growth is the strongest driver, directly lifting plastics shipments. However, rising retail inventory relative to sales will act as a restraint, typically delaying shipments until excess inventory is resolved.

4. Syensqo Partners with ENGIE Solutions to Launch Biomass Boiler Emission Reduction Project at Clamecy Site

Syensqo has signed a strategic cooperation agreement with ENGIE Solutions to install a biomass boiler at its Clamecy production plant, a move that will sharply cut carbon emissions and advance low-carbon energy transition goals.The project is a key initiative to reduce the company’s environmental footprint and accelerate the shift to clean energy. It is projected to reduce up to 7,000 tonnes of carbon dioxide emissions annually at the site, accounting for nearly 70% of its current carbon output, delivering significant emission-reduction benefits.

5. US Pop Culture Toy Giant Funko Posts $6.3 Billion in Annual Sales

US-based pop culture toy leader Funko released its Q4 and full-year 2025 results, showing a muted year-over-year performance but a recovery trend driven by KPop, Stranger Things and Bitty Pop! mini series.Net sales reached $273.1 million in Q4 2025, down 7% from $293.7 million in Q4 2024, but the decline narrowed sharply from 14.3% in Q3. Gross profit hit $111.6 million with a 40.9% gross margin, down 1.3 percentage points year-on-year, mainly due to channel optimization and tax expenses eroding roughly 4.1 percentage points of margin. Sequentially, Q4 gross margin rose 0.7 percentage points from Q3.

6. Kiefel Opens New Engineering Office in Heilbronn, Germany to Boost R&D and Process Engineering

Kiefel, a global leader in thermoforming and joining technologies for polymers and natural fibers, has established a new engineering office in Heilbronn, Germany to strengthen its process engineering and R&D capabilities.

The facility commenced operations in January 2026, expanding Kiefel’s global technical network with added process engineering and application-oriented expertise.

7. Chen Hsong Deepens Presence in Indonesia with New Momentum

Chen Hsong’s Indonesian subsidiary and technical service center have officially opened, integrating complete machine display, spare parts warehousing, customer mold trials, technical training and exchange.

Moving forward, the company will be closer to customers, deliver faster responses and more professional support to drive efficient development of Indonesia’s plastics industry.

Overseas Macro Markets:

Conflict Enters “New Phase”; Iran Retaliates by “Torching” US-Linked Oil Facilities: Iran’s Islamic Revolutionary Guard Corps announced March 19 it had launched the 63rd wave of Operation “Honest Promise 4,” torching US-linked oil facilities in retaliation. The conflict between Iran, the US and Israel has entered a new phase; Iranian media reported attacks on petrochemical facilities in Bushehr Province on March 18.

IDF: Continues Targeted Operations Against All Senior Iranian Officials: IDF spokesman Avichay Adraee stated March 18 the military will not halt a series of targeted operations against senior Iranian officials. Israeli Defense Minister Yoav Gallant added forces are authorized to strike any senior Iranian official without prior approval.

IDF: Iran Launches Fresh Attack with Cluster-Warhead Missile: The IDF confirmed March 19 Iran launched a fifth ballistic missile attack since midnight, carrying a cluster warhead and striking open ground; no casualties or damage reported.

Iranian Spokesman Praises Resigning US Official for “Conscience”: Iranian Foreign Ministry spokesman Nasser Kanaani commented on the resignation of US National Counterterrorism Center Director Joe Kent, calling it a minimum standard for conscientious Americans, noting the war is not the US people’s war.

Riyadh Attacked; Saudi Arabia Retains Right to Military Response: Saudi Foreign Minister Prince Faisal bin Farhan stated March 19 the attack on Riyadh was not accidental, and Saudi reserves the right to take military action if necessary.

Trump: US Had “No Knowledge” of Israeli Strikes on Iranian Oil/Gas Facilities: US President Donald Trump said March 18 the US was unaware of Israeli strikes on Iranian oil and gas facilities, and Qatar was not involved. He threatened to destroy Iran’s South Pars gas field if Qatari LNG facilities are attacked again.

US Officials: US, Israel Diverge on Endgame for Iran Strikes: US media reported March 18 the two sides differ on core military objectives and risk tolerance. The US favors ending major operations after achieving core goals (weakening Iran’s missile, nuclear, naval capabilities), while Israel focuses on regime change via targeted assassinations.

Price Information:

The central parity rate of the RMB against the US dollar was set at 6.8975, down 66 pips; the previous fixing was 6.8909, the official close was 6.8762, and the overnight close was 6.8879.

Upstream Raw Materials (USD Denominated)

As of March 18: CFR Northeast Asia $1,280/tonne (+$30); CFR Southeast Asia $1,280/tonne (+$30)

Northeast Asia Propylene: FOB South Korea $1,080/tonne (stable); CFR China $1,090/tonne (stable)

North Asia Frozen Cargo CIF: Propane $961-971/tonne; Butane $961-971/tonne

South China Frozen Cargo (Early April Arrival): Propane $975-985/tonne; Butane $970-980/tonne

Taiwan Region Frozen Cargo CIF: Propane $961-971/tonne; Butane $961-971/tonne

USD-Denominated Plastic Prices

LLDPE: Film $1,300/tonne (CFR Huangpu); Injection Molding $1,490/tonne (CFR Dongguan)

HDPE: Film $1,300/tonne (CFR Shekou); Blow Molding $1,300/tonne (CFR Huangpu); Injection Molding/ Pipe: No Quote

LDPE: Film $1,480/tonne (CFR Dongguan); Coating: No Quote

PP: Homopolymer $1,260/tonne (CFR Huangpu); Copolymer $1,300/tonne (CFR Huangpu); Clear Grade $1,410/tonne (CFR Huangpu); Pipe $1,480/tonne (CFR Shanghai); Film Grade: No Quote

Edited by: Carrie Yun