Venezuela’s Largest Refinery Halts Production; Covestro Launches New Product; South Korea Proposes Revisions to Food Contact Material Standards

International News Guide:

Raw Material News: Invista and Epoch Biodesign Sign MoU to Accelerate Post-Consumer Recycled Nylon 66 R&D

Automotive News: Vietnam’s 2025 Auto Sales Hit 604,000 Units, Narrowing Gap with Thailand to 17,000 Units; Becomes Southeast Asia’s 3rd Largest Market

Medical News: Covestro Launches Dureflex MA5000 New TPU Film for High-Performance Medical Applications

Electronics News: India Speeds Up Chip Manufacturing: 4 Factories Target Operational This Year, Aiming for 75% Self-Sufficiency

Packaging News: Japan Accelerates Recycled Plastic Application; Environmentalists Call for Shift to “Reuse” Model

Macroeconomic News: Venezuela’s Largest Refinery Temporarily Halts Production Due to Power Outage

Price News: CNY/USD Central Parity Rate Quoted at 6.9458, Up 65 Pips

Detailed International News:

1. Invista and Epoch Biodesign Sign MoU to Accelerate Post-Consumer Recycled Nylon 66 R&D

According to Plastmatch, Invista and Epoch Biodesign have entered into a strategic cooperation to develop post-consumer recycled (PCR) nylon 66 at a commercial scale with virgin-quality performance through enzymatic recycling technology.

Invista, a global leader in chemical intermediates, polymers, and fibers with deep roots in the nylon and polypropylene value chains, has signed a strategic Memorandum of Understanding (MoU) with Epoch Biodesign, a pioneer in enzymatic plastic recycling technology. This agreement marks a significant step toward advancing the R&D and large-scale production of PCR nylon 66 to meet strict commercial and performance standards.

2. Covestro Launches Dureflex MA5000 New TPU Film for High-Performance Medical Applications

Covestro, a global leading supplier of high-tech polymer materials, announced the official launch of Dureflex MA5000. This innovative paper-carrier thermoplastic polyurethane (TPU) film is tailored for high-performance medical wearable applications such as intravenous (IV) catheter securement dressings and continuous glucose monitoring (CGM) patches.

3. Bcomp Flax Fiber Composites Power Ather Energy’s Sustainable Two-Wheeler EV

Swiss cleantech materials innovator Bcomp has partnered with Ather Energy, a leading Indian electric vehicle (EV) specialist, to explore how natural fiber composites will shape the future of two-wheeler mobility.

The result of their collaboration is Redux, a futuristic two-wheeler concept vehicle equipped with ampliTex flax fiber-reinforced composites, pushing the boundaries of sustainable design.

4. Vietnam’s 2025 Auto Sales Hit 604,000 Units, Narrowing Gap with Thailand to 17,000 Units; Becomes Southeast Asia’s 3rd Largest Market

In 2025, Vietnam’s total auto sales reached 604,046 units, a significant year-on-year increase, narrowing the gap with Thailand (621,166 units) to 17,120 units. This performance propelled Vietnam to the 4th position in Southeast Asia’s auto sales rankings, trailing Malaysia (820,752 units), Indonesia (803,687 units), and Thailand – just one step away from the top three in the region.

Data cited by MarkLines from the Malaysian Automotive Association (MAA) and the Indonesian Automotive Industry Association (Gaikindo) shows that Malaysia and Indonesia recorded a marginal 0.5% increase and signs of slowdown in 2025 sales, respectively. While Thailand’s market grew by 8.5% year-on-year, it failed to maintain its long-standing regional leading position.

Vietnam’s market growth was driven by multiple powertrain types. Sales of member automakers (including VAMA members and Hyundai brands reported by TC Motor) reached 428,965 units, up 10.5% year-on-year. VinFast’s pure electric vehicle sales hit 175,099 units, surging 99.5% year-on-year and accounting for nearly 29% of total annual sales. This made VinFast the best-selling auto brand in Vietnam for the second consecutive year, with four of its models – VF 3, VF 5, VF 6, and Limo Green – ranking among the top 10 annual best-sellers. The combined sales of VF 3 and VF 5 alone reached 89,585 units.

Meanwhile, traditional fuel vehicle sales came under pressure, with Hyundai and Kia’s sales declining by 22% and 21.4% year-on-year, respectively.

5. South Korea Proposes Revisions to Food Contact Material Standards

Recently, South Korea’s Ministry of Food and Drug Safety (MFDS) issued Announcements No. 2026-008 and No. 2026-009, proposing revisions to the national food contact material standards, Standards and Specifications for Food Utensils, Containers, and Packaging.

Standards and specifications have been formulated for rubber products for infants and young children (including rubber teethers and rubber straws) to enable separate management of these products, requiring them to comply with the same high specifications as rubber nipples. The revision expands the scope of approved physical recycled materials by adding PP to the existing PET. To ensure the safety of recycled materials, MFDS has clarified the core pathway for closed-loop regulatory requirements.

Overseas Macro Market:

Advisor to Iran’s Supreme Leader Visits Oman to Discuss Latest Regional Developments

On the morning of February 10 local time, Ali Shamkhani, Secretary of Iran’s Supreme National Security Council and Advisor to the Supreme Leader, arrived in Muscat, the capital of Oman, for a visit. It is reported that Shamkhani will hold meetings with Sultan Haitham bin Tariq Al Said of Oman and Foreign Minister Badr bin Hamad Al Busaidi to exchange views on the latest regional and international developments and joint economic cooperation initiatives.

US Announces Trade Deal with Bangladesh

The White House announced on February 9 a trade agreement signed with Bangladesh the same day. Bangladesh will provide preferential market access for US industrial and agricultural products, while the US will reduce the so-called “reciprocal tariff” rate imposed on Bangladeshi goods from 20% to 19% and consider exempting certain textile and apparel products from the country from the so-called “reciprocal tariff.”

First Meeting of China-Cambodia Public-Private Sector Dialogue Mechanism Held in Phnom Penh

The first meeting of the China-Cambodia Public-Private Sector Dialogue Mechanism was held in Phnom Penh, the capital of Cambodia, on February 9. Government officials and business representatives from both countries attended, including Cambodian Deputy Prime Minister Sun Chanthol.

Sun Chanthol expressed gratitude for the outstanding contributions made by Chinese-funded enterprises to Cambodia’s economic and social development, hoping that both sides will actively respond to the demands of Chinese-funded enterprises in Cambodia through the dialogue mechanism and create a favorable environment for Chinese-funded enterprises to expand investment in Cambodia.

Report: Trump Plans to Repeal Obama-Era Climate “Endangerment Finding”

The Trump administration plans to repeal a scientific “endangerment finding” on climate change dating back to the Obama era this week, which has long served as the legal basis for federal regulation of greenhouse gases. This move marks the most far-reaching rollback of US climate policy to date.

The reversal targets the 2009 “endangerment finding,” which concluded that six greenhouse gases pose a threat to public health and welfare.

South Korean Finance Minister Says Government Will Launch Administrative-Level Preliminary Review System for US Investment Candidates

South Korean Finance Minister Koo Yun Cheol stated that the South Korean government will launch an administrative-level preliminary review mechanism to conduct initial assessments of proposed investment projects in the United States. Meanwhile, the National Assembly is preparing to pass the proposed Korea-US Strategic Investment Act by establishing a special committee.

Venezuela’s Largest Refinery Temporarily Halts Production Due to Power Outage

On the afternoon of February 9 local time, a full power outage occurred at Venezuela’s Amuay Refinery, temporarily shutting down multiple refining units. Amuay Refinery is Venezuela’s largest refinery. It is reported that the power outage was caused by a failure at the refinery’s internal power plant. As of press time, the Venezuelan government and state-owned oil company PDVSA have not released an official statement on the incident.

Price Information:

The CNY/USD central parity rate is quoted at 6.9458, up 65 pips. The previous trading day’s central parity rate was 6.9523, the official closing price was 6.9284, and the overnight closing price was 6.9208.

Upstream Raw Materials – USD Market Prices

Ethylene CFR Northeast Asia: $695/mt (down $5/mt)

Ethylene CFR Southeast Asia: $680/mt (stable)

Propylene Northeast Asia FOB South Korea: $790/mt (stable)

Propylene CFR China: $835/mt (stable)

North Asia Refrigerated Cargo CIF: Propane $568–570/mt; Butane $588–590/mt

South China Refrigerated Cargo CIF (Early March): Propane $599–609/mt; Butane $594–604/mt

Taiwan Region Refrigerated Cargo CIF: Propane $568–570/mt; Butane $588–590/mt

LLDPE USD Market Prices

Film grade: $830/mt (CFR Xiamen)

Injection grade: $910/mt (CFR Xiamen)

HDPE USD Market Prices

Film grade: $910/mt (CFR Huangpu)

Injection grade: $800/mt (CFR Huangpu)

Blow grade: $850/mt (CFR Huangpu)

Pipe grade: $1,000/mt (CFR Huangpu)

LDPE USD Market Prices

Film grade: $1,035/mt (CFR Huangpu)

Coating grade: $1,240/mt (CFR Huangpu)

PP USD Market Prices

Injection grade: $830/mt (CFR Dongguan)

Copolymer grade: $890/mt (CFR Nansha)

Film grade: $980/mt (CFR Huangpu)

Transparent grade: $1,075/mt (CFR Huangpu)

Pipe grade: $1,130/mt (CFR Shanghai)