In the second quarter, Solvay experienced a continuation of the soft market environment, impacted by ongoing global tariff discussions and heightened geopolitical tensions. This led to a progressive reduction of demand, and a slowdown in order books, particularly in certain soda ash end-markets and in the Coatis business unit. Visibility remains low and market conditions are expected to remain challenging throughout the second half of 2025.
DuPont plans to sell Nomex and Kevlar brands for $2 billion! Covestro Declares Force Majeure on TDI / oTDA-based / Polyether Polyol; GAC Group Enters UK Market
International News Guide:
Raw Material News - American DuPont plans to sell Nomex and Kevlar brands for $2 billion
Automotive News - GAC Group Enters UK Market, to Launch Two AION Brand EVs First
Electronics News - Counterpoint: Global Smartphone Shipments Grew 2% YoY in Q2
Other News - Covestro India and CSIR-NCL Partner to Convert PU Waste into Chemical Building Blocks
Details of International News:
1. American Dupont Plans to Sell Nomex and Kevlar Brands for $2 Billion
It is reported that DuPont's iconic high-performance brands - Nomex and Kevlar, have now been put up for sale. As part of a major corporate restructuring, DuPont is preparing to spin off the Nomex and Kevlar heat-resistant fiber brands by mid-2025. Private equity firms Advent International and Platinum Equity are preparing to submit bids, and the deal is expected to be valued at approximately $2 billion (equivalent to about RMB 1.44 billion). The purpose of this spin-off is to focus on high-growth areas (semiconductors, medical care, water treatment).
2. Covestro Declares Force Majeure on TDI / oTDA-based / Polyether Polyol
Due to a fire in an external transformer station in building L26 at Chempark Dormagen early Saturday morning on July 12, 2025, there was a sudden and unpredictable power outage in parts of the Chempark. In addition to the process control system, Covestro's PUD and PET operations as well as the chlorine plant were also affected by this incident, which had to be shut down to a safe state. The specific impacts of this incident cannot yet be assessed by Covestro. Furthermore, it is not foreseeable how long this condition, the interruption of the power supply, and the failure of the process control system will last.
3. Solvay Revises Its 2025 Underlying EBITDA Outlook and Confirms Its Free Cash Flow Guidance
4. Adnoc to transfer OMV stake to XRG
Abu Dhabi National Oil Co. (Adnoc) announced July 16 that it intends to transfer its 24.9% shareholding in OMV AG (Vienna) to XRG PJSC, Adnoc’s wholly owned international investment company. Details of the transaction have not been disclosed.The transfer, which is subject to regulatory approvals, is aligned with Adnoc’s s strategy to consolidate its international growth investments under XRG, the company said. XRG, launched in November 2024, is also Adnoc’s vehicle for the previously announced acquisition of Covestro AG.
5. Canada’s KSR sold to U.S.-based Angstrom Automotive Group
KSR International, a Ridgetown, Ont.-based automotive parts maker, has been acquired by Angstrom Automotive Group Inc., in a move that expands Angstrom’s product offering, manufacturing footprint, and vertical integration, while deepening business with OEMs.
6. GAC Group Enters UK Market, to Launch Two AION Brand EVs First
On July 16, GAC Group and Saudi-owned distributor Jameel Motors announced a cooperation agreement, under which the latter will distribute GAC Group's models in the UK, Europe's second-largest automotive market. This makes GAC Group the fourth Chinese automaker to launch a new brand in the UK market this month. According to the plan, GAC Group will first launch two AION brand electric models in the UK market - the AION V SUV and AION UT Hatchback, with the first batch of vehicles expected to be delivered to UK consumers in the first quarter of 2026.
7. Covestro India and CSIR-NCL Partner to Convert PU Waste into Chemical Building Blocks
Covestro (India) Private Limited has signed a Memorandum of Understanding (MOU) with the CSIR-National Chemical Laboratory (NCL) launching an innovative Corporate Social Responsibility project. The project aimed at developing sustainable upcycling solutions for polyurethane materials, addressing the critical limitations in current recycling technologies.
8. South Korea Plans to Impose 5-Year Anti-Dumping Duties on Chinese Petroleum Resins
Recently, South Korea's Ministry of Strategy and Finance issued Announcement No. 2025-142, stating that it will impose anti-dumping duties for five years on petroleum resins originating from Mainland China and Taiwan Region of China. Among them, the duty rate for Mainland China is 2.26% ~ 3.50%, and that for Taiwan Region of China is 7.07% and 18.52%. The case involves products under Korean tariff code 3911.10.1000, but C9 petroleum resins with a softening point of not less than 130℃ are not subject to the above anti-dumping duties.
9. Counterpoint: Global Smartphone Shipments Grew 2% YoY in Q2
On July 17, according to preliminary data estimates from Counterpoint Research's market monitoring service, global smartphone shipments in the second quarter of 2025 grew slightly by 2% year-on-year (YoY). This growth marks the second consecutive quarter of expansion, mainly driven by contributions from the North American, Japanese and European markets. Samsung maintained its position as the world's top smartphone vendor in Q2 2025 with an 8% YoY increase in shipments. Apple remained in second place, with its shipments rising 4% YoY. Xiaomi's performance in Q2 2025 was flat YoY, ranking third. vivo and OPPO ranked fourth and fifth respectively, performing steadily in the mid-range market and showing signs of recovery in overseas markets such as Latin America and the Middle East and Africa (MEA).
Overseas Macro Market:
【Fed Releases "Beige Book" on Economic Conditions】
On July 16 local time, the Federal Reserve released the "Beige Book" on economic conditions.
【US June Producer-Side Inflation Data Unexpectedly Lower Than Expected】
On July 16 local time, US June producer-side inflation data was unexpectedly lower than expected, failing to reflect the potential price increase effect that tariff policies might bring to producers for the time being. The market continues to bet that the Federal Reserve will cut interest rates twice within the year.
【Trump Denies Plan to Fire Powell】
On July 16 local time, US President Trump denied news that he would soon fire Federal Reserve Chairman Powell, easing market concerns.
【Earnings of Major US Financial Institutions Remain Stable】
On July 16 local time, major financial institutions such as Bank of America, Goldman Sachs, and Morgan Stanley released relatively stable earnings reports, boosting market risk appetite. The three major US stock indexes closed higher collectively on Wednesday, with the Nasdaq hitting its ninth closing record high this year.
【UK June CPI Year-on-Year Increase Rebounds to 3.6%】
On July 16 local time, data released by the UK Office for National Statistics showed that the year-on-year increase in the UK's June Consumer Price Index (CPI) unexpectedly rebounded to 3.6%, hitting a new high since January 2024. The market is worried that the UK economy is on the verge of stagflation.
【ASML Reports Strong Earnings but Faces Gloomy Outlook】
On July 16 local time, Dutch lithography giant ASML released its earnings report, showing that the company had strong performance in the second quarter of fiscal year 2025. However, management warned that uncertainties in macroeconomic and geopolitical risks are increasing, and the company's performance may not grow in 2026. ASML's European shares plummeted 11.37% on Wednesday, which also triggered a decline in most large European technology stocks. The three major European stock indexes closed lower collectively on Wednesday.
Price Information:
【RMB/USD Central Parity Rate】
The central parity rate of RMB against USD was reported at 7.1461, up 65 points; the central parity rate of the previous trading day was 7.1526, the official closing price of the previous trading day was 7.1776, and the night session closing price of the previous day was 7.1771;
【Upstream Raw Material USD Market Prices】
Ethylene Asia: CFR Northeast Asia 820 USD/ton; CFR Southeast Asia 830 USD/ton;
Propylene Northeast Asia: FOB Korea average price 740 USD/ton; CFR China average price 765 USD/ton;
North Asia frozen cargo CIF price, propane 520-521 USD/ton; butane 490-491 USD/ton;
South China frozen cargo CIF price for early August, propane 552-562 USD/ton; butane 523-531 USD/ton;
Taiwan region frozen cargo CIF price, propane 520-521 USD/ton; butane 490-491 USD/ton;
【LLDPE USD Market Prices】
Film: 875-900 USD/ton (CFR Huangpu);
Injection molding: 950 USD/ton (CFR Dongguan);
【HDPE USD Market Prices】
Film: 920 USD/ton (CFR Huangpu);
Blow molding: 855-860 USD/ton (CFR Huangpu);
【LDPE USD Market Prices】
Film: 1070-1100 USD/ton (CFR Huangpu);
Coating: 1350 USD/ton (CFR Huangpu);
【PP USD Market Prices】
Homopolymer: 935-965 USD/ton (CFR Huangpu);
Copolymer: 965-995 USD/ton (CFR Huangpu);
Film grade: 1000 USD/ton (CFR Huangpu);
Transparent grade: 1085 USD/ton (CFR Huangpu);
Pipe grade: 1160 USD/ton (CFR Shanghai);
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