European Chemical Industry Under Pressure; Dow Releases Leak Incident Report; Canada Launches Import Quotas for Chinese Electric Vehicles

International News Digest:

Major Company News 31,000 Pounds of Carcinogen Leaked! US CSB Releases Final Investigation Report on Dow Chemical Ethylene Oxide Incident

Raw Material News Injection Stretch Blow Molding (ISBM) Enables Lighter HDPE Bottles

Recycling News Study Finds Plastic Recycling Terminology Misleads Consumers

Packaging News Focus on Personal Care Packaging: Italy’s Krill Design Develops Biobased Compostable Material

Automotive News First Batch of 24,500 Units! Canada to Issue Import Quotas for Chinese EVs Starting March

Macro News Secretary of Iran’s Supreme National Security Council: No Negotiations with the US

Price Information RMB/USD Central Parity Rate at 6.9236, Down 8 Pips

The following is the details of international news:

31,000 Pounds of Carcinogen Leaked! US CSB Releases Final Report on Dow Chemical Ethylene Oxide Incident

According to Plastmatch, the U.S. Chemical Safety and Hazard Investigation Board (CSB) has released the final investigation report on the explosion, fire, and toxic ethylene oxide leak that occurred at Dow Chemical Company's ethylene glycol Phase II plant in Plaquemine, Louisiana, in July 2023. At approximately 21:15 on July 14, 2023, a series of explosions and fires broke out at Dow's ethylene glycol Phase II unit, causing severe damage to surrounding process equipment and resulting in the leakage of over 31,000 pounds of toxic ethylene oxide from the plant. Ethylene oxide is a reactive, flammable chemical product and a known human carcinogen. Local authorities immediately issued a shelter-in-place order, affecting hundreds of nearby residents. The CSB concluded that the accident was caused by ethylene oxide accidentally entering a vent line containing air; the mixture ignited, and the flame spread approximately 50 feet along the pipe to the relief valve. As pressure rose, the relief valve opened, and the flame entered the vapor space of a reflux drum containing both liquid and gaseous ethylene oxide. The gaseous ethylene oxide inside the drum decomposed upon heating, causing a continuous pressure increase, which ultimately led to a catastrophic rupture and explosion of the reflux drum, releasing all toxic substances inside.

European Chemical Industry Under Pressure, Versalis Posts Full-Year Loss of €819 Million

Versalis, the chemical division of Eni Group, reported an adjusted operating loss of €204 million for the fourth quarter of 2025, compared to a loss of €231 million in the same period of 2024. The improved performance reflects the initial effects of the restructuring plan, although the challenging market environment partially offset this positive impact. Eni expects the positive effects of the plan to become more pronounced in the coming quarters. For the full year, amid an extremely challenging European chemical industry environment, Versalis posted a total adjusted operating loss of €819 million, roughly flat compared to the €814 million loss in 2024. Product sales volume fell from 3.17 million tons in 2024 to 2.72 million tons, a year-on-year decrease of 14%; average plant operating rate slightly dropped from 50% to 49%.

Injection Stretch Blow Molding (ISBM) Enables Lighter HDPE Bottles

Polyplastics, Colgate-Palmolive, and PTI have jointly launched ISBM technology suitable for HDPE bottles, achieving weight reduction and shorter production cycles. Leveraging Polyplastics' Topas COC copolymer, HDPE bottles produced via the ISBM process achieve weight reduction, shorter production cycles, and improved recyclability.

Study Finds Plastic Recycling Terminology Misleads Consumers

New research from the University of Manchester indicates that the language used in plastic packaging waste disposal may influence consumer judgment and pose obstacles to the development of a circular economy. Published in the journal Cambridge Prism: Plastics, the study points out that current packaging labels are filled with terms such as "upcycling," "downcycling," and "recycling." While these terms appear environmentally friendly, they can easily mislead the public about the true environmental impact of materials. Researchers explain that "downcycling" typically refers to converting waste plastic into lower-quality products, while "upcycling" sounds more appealing, implying an increase in product value. However, in reality, materials produced through "downcycling" may also have high added value; conversely, "upcycling" can, in some cases...

Focus on Personal Care Packaging: Italy's Krill Design Develops Biobased Compostable New Material

As an alternative to petrochemical-based plastics, Italian innovative SME Krill Design is dedicated to developing biobased materials using food industry waste as raw materials. Marketed under the brand name ReKrill, the material is produced via a patented thermomechanical compounding process and made from organic waste such as citrus peels, hazelnut shells, coffee grounds, and fruit pits. According to the company, the material can be processed through injection molding, extrusion blow molding, and 3D printing.

First Batch of 24,500 Units! Canada to Impose Import Quota for Chinese Electric Vehicles Starting March

Canada will implement an import quota for Chinese electric vehicles starting March, with the first batch allocated at 24,500 units.

Overseas Macroeconomic Market:

Iran's Secretary of Supreme National Security Council: No Negotiations with the US

Ali Larijani, Secretary of Iran's Supreme National Security Council, stated on March 2 that Iran will not hold negotiations with the United States.

Iran Launches 10th Round of "True Promise 4" Attacks, Targeting Israeli Sites

On March 2 local time, the Islamic Revolutionary Guard Corps of Iran announced in Statement No. 9 of the "True Promise 4" operation that the 10th round of attacks has been launched via "Heibar" missiles, including targeted strikes on Israeli government buildings, attacks on military and security centers in Haifa, and assaults on East Jerusalem. The statement advised Israeli residents to stay away from military bases, security agencies, and government centers and evacuate immediately.

Chinese Foreign Ministry Responds to Trump's Remark on Possible 4-Week Strikes

On March 2, Chinese Foreign Ministry Spokesperson Mao Ning presided over a regular press conference. A reporter from Agence France-Presse asked: U.S. President Trump said yesterday that strikes against Iran could last four weeks. What is China's response, and what message does China want to convey to the U.S.? Mao Ning stated that China has repeatedly clarified its position. We urge all parties to immediately cease military actions, avoid further escalation of tensions, and jointly safeguard peace and stability in the Middle East and the world.

European Natural Gas Futures Surge 25% Amid Middle East Conflict Threats to Global Supply

European natural gas prices have soared as the Middle East conflict sparks market concerns over potential major disruptions to global energy supplies. The European natural gas benchmark futures jumped as much as 25%, marking the largest increase since August 2023. Oil tanker traffic through the Strait of Hormuz came to a near standstill over the weekend. This narrow waterway is a critical energy transport corridor, carrying approximately 20% of the world's liquefied natural gas exports.

Iranian Foreign Minister: Assassination of Iran's Supreme Leader Does Not Mean Regime Change

On March 1 local time, Iranian Foreign Minister Araghchi told multiple media outlets that following U.S. and Israeli military strikes, U.S. President Trump said he "hopes Iran will not retaliate," but the U.S. is committing aggression while Iran is acting in self-defense. No one can deny Iran's right to self-defense. To protect the Iranian people, Iran will spare no cost and impose no restrictions.

Israeli Military Says It Begins Striking Hezbollah Targets in Lebanon

The Israel Defense Forces issued a statement in the early hours of March 2, saying it has begun striking Hezbollah targets in Lebanon in response to rocket fire from Hezbollah into Israel.

Price Information:

The central parity rate of the RMB against the US dollar was set at 6.9236, down 8 pips from the previous trading day's 6.9228. The previous trading day's official closing rate was 6.8559, and the overnight trading session closed at 6.8630.

Upstream Raw Material USD Market Prices

CFR Northeast Asia: $710/ton, up $10/ton

CFR Southeast Asia: $710/ton, up $25/ton

Northeast Asia Propylene: FOB South Korea average $795/ton, up $5/ton; CFR China average $840/ton, stable

North Asia Frozen CIF: Propane $641–643/ton; Butane $641–643/ton

South China Frozen CIF (late March arrival): Propane $633–643/ton; Butane $628–638/ton

Taiwan Region Frozen CIF: Propane $641–643/ton; Butane $641–643/ton

LLDPE USD Market Prices

Film: $860/ton (CFR Shanghai)

Injection Molding: $970/ton (CFR Huangpu)

HDPE USD Market Prices

Film: $920–980/ton (CFR Huangpu)

Blow Molding: $880/ton (CFR Huangpu)

Injection Molding: No quotation

Pipe: No quotation

LDPE USD Market Prices

Film: $1,090/ton (CFR Dongguan)

Coating: No quotation

PP USD Market Prices

Homopolymer: $870/ton (CFR Huangpu)

Copolymer: $910/ton (CFR Nansha)

Film Grade: $1,050/ton (CFR Huangpu)

Transparent Grade: $1,095–1,135/ton (CFR Huangpu)

Pipe: $1,150/ton (CFR Shanghai)