Vietnam to Impose Additional Duties, UBE Corporation Establishes Special Materials Application Center, US Toy Manufacturer Faces Survival Challenges

International News Digest:

Raw Materials News​​-UBE Corporation Opens Specialty Materials Application Center in Osaka, Focusing on Nylon and Engineering Plastics​​

Automotive News​​-France’s April New Car Registrations Drop 5.6%​​

Packaging News​​-Launch of PP sealed cup for Nesco

Medical News-Borouge and Mubadala Bio to supply polyolefins to boost UAE healthcare sector  

Macro News​​-Vietnam Plans to Revise Cross-Border E-Commerce Tax, Ending Duty-Free Threshold for Small Parcels​​

Price Information - The central parity rate of the RMB against the US dollar was reported at 7.1894, down by 18 points.

The following is an overview of international news:

1.UBE Corporation has established a Specialty Materials Application Center at its R&D center in Osaka, Japan, focusing on nylon and other engineering plastics.

UBE Corporation recently announced the opening of a new building, the Specialized Materials Application Center, within its Osaka R&D Center located in Sakai City, Osaka Prefecture. This specialized materials application center is dedicated to efficiently and swiftly conducting all tasks from composite material development to application development. UBE Corporation intends to use this facility to provide innovative solutions, create new value, and collaboratively advance application development with its clients in response to societal and market demands.

2.In April, new car registrations in France decreased by 5.6% year-on-year.

The data released by the French Automotive Industry Platform (Plateforme de la filière automobile, or PFA) shows that in April this year, despite the same number of working days as the same period last year, new car registrations in France still decreased by 5.6% year-on-year to 138,694 units. In the first four months of this year, new car registrations in France also decreased by 7.3% year-on-year to 548,782 units, a reduction of 43,099 vehicles.

3. Launch of PP sealed cup for Nesco

4.Vietnam plans to adjust cross-border e-commerce import taxes, and tax exemptions for small parcels may become a thing of the past.

The Vietnam Chamber of Commerce and Industry (VCCI) recently submitted a comment letter to the Ministry of Finance of Vietnam regarding the draft decree on customs management of e-commerce import and export goods. In this document, the VCCI suggested discontinuing the regulation that exempts import tax for orders valued below 1 million Vietnamese dong (approximately 278 RMB). As a result, Vietnam will become the latest country to join the global "crackdown on small-sum tax exemptions," following Japan.

5.Borouge and Mubadala Bio to supply polyolefins to boost UAE healthcare sector   

6. US toy makers struggle to survive

8. UPM and Orkla Finland: Co-create Panda Milk Chocolate High Barrier Paper-based Packaging

Recently, a paper-based packaging product for Panda milk chocolate co-created by UPM and Orkla Finland has been fully launched on the shelves of supermarkets in Finland. This innovative paper-based packaging is based on UPM Asendo™ Pro 75g barrier paper, which not only meets excellent packaging functionality but also represents a significant step forward for the brand towards its sustainability goals.

9.Chemical recycling requires €400B investment to become competitive

The following is overseas macro market information:

【The Reserve Bank of New Zealand announced an interest rate cut, reducing the policy rate from 3.50% to 3.25%, marking the sixth consecutive rate cut, in line with market expectations.

【The Peruvian government issued a statement: it will seek high-level meetings with China and Brazil to promote the "Two Oceans Railway" project, which aims to span the South American continent, connecting the Pacific and Atlantic coasts, and create a new trade corridor for China. The Peruvian Minister of Economy stated willingness to jointly fund the project, and has currently promoted the development of the Lima to Ica section, while studying the construction of multiple railway sections. Earlier in May, it was reported that China and Brazil were actively discussing feasible construction plans for the "Two Oceans Railway," with China showing strong interest in assisting with the project.

【 Japan's 40-year government bond auction results were released. After Japan's 20-year government bond had the worst auction since 2012, the bid-to-cover ratio for Japan's 40-year government bond hit a new low since last July. Following the auction results, Japan's 30-year government bond yield rose 10 basis points to 2.93%, the dollar/yen fell nearly 30 points in the short term, and the 10-year Japanese government bond yield increased by 6.5 basis points to 1.525%.

【Canalys: Q1 European smartphone shipments fell 2% Canalys' latest research shows that in the first quarter of 2025, European smartphone shipments decreased by 2% year-on-year to 32.4 million units, mainly due to weak demand for entry-level devices. Canalys stated that driven by Apple and Samsung, the demand for high-end models in Europe remained strong, with devices priced above 800 euros accounting for a record 32% in the first quarter.

Price Information:

【Renminbi to US dollar middle rate】

The central parity rate of the renminbi against the US dollar was reported at 7.1894, down by 18 points. The central parity rate of the previous trading day was 7.1876, the official closing price of the previous trading day was 7.1949, and the night session closing price was 7.1955.

【Upstream raw material US dollar market prices】

Ethylene Asia: CFR Northeast Asia $780/ton; CFR Southeast Asia $850/ton.

Propylene Northeast Asia: FOB Korea average price $750/ton; CFR China average price $785/ton.

The CIF price of frozen goods in North Asia: propane is $544.5-546.5/ton; butane is $517.5-519.5/ton.

South China frozen cargo CIF prices for June: Propane 619-629 USD/ton; Butane 564-574 USD/ton.

The CIF price for frozen goods in the Taiwan region is $544.5-546.5/ton for propane and $517.5-519.5/ton for butane.

【LLDPE USD market price】

Film: $880/ton (CFR Huangpu)

Injection molding: $990/ton (CFR Dongguan);

【HDPE US Dollar Market Price】

Film: $910-$930 per ton (CFR Huangpu).

Hollow: 865-870 USD/ton (CFR Huangpu);

【 LDPE USD market price】

Film: 1035-1040 USD/ton (CFR Huangpu);

【PP USD market price】

Homopolymer: $905-$950/ton (CFR Huangpu);

Copolymer: 955-1060 USD/ton (CFR Huangpu);

Film material: 1025-1090 USD/ton (CFR Huangpu);

Transparent: $1095/ton (CFR Huangpu);

Pipe material: $1160/ton (CFR Shanghai).