【Overseas news】 Major Breakthrough in US-Iran Talks! European Chemical Production Drops Sharply in Q1, India Imposes Anti-Dumping Duty on Chinese PET

News Highlights:

Feedstock News - Data from the European Chemical Industry Council (Cefic) shows that European chemical production fell by 3.2% year-on-year in the first quarter.

Automotive News - Mitsubishi Chemical’s Durabio Bio-Based PC Applied for the First Time in the Interior of the All-New Audi Q3

Electronics & Electrical News - LG Chem to invest KRW 15 trillion, focusing on semiconductors, mobility and robotics materials

Macro NewsIran said that $12 billion would be unfrozen ahead of Rubio’s trip to the Gulf.

Price Information-The central parity rate of the RMB against the US dollar is 6.8171, down 21 points.

Below are the details of the international news:

Joint Statement Released by the U.S. and Iran Talks: Final Agreement Reached!

On June 22, the first meeting of the high-level committee attended by representatives from the United States, Iran, and mediators Qatar and Pakistan concluded at Lake Lucerne, Switzerland.

The Switzerland talks were held in a tense atmosphere. Although there were earlier media reports that the Iranian delegation had left the venue after U.S. President Trump threatened to resume military strikes, the talks ultimately went much more smoothly than the media had predicted and achieved significant progress.

The mediators Qatar and Pakistan simultaneously issued a joint statement detailing the current status of the US-Iran agreement - "Joint Statement of the State of Qatar and the Islamic Republic of Pakistan on the Conclusion of the Lucerne Lake Summit and the First Meeting of the High-Level Committee."

According to data from the European Chemical Industry Council (Cefic), chemical production in Europe decreased by 3.2% year-on-year in the first quarter.

According to the latest Chemical Trends Report released by the European Chemical Industry Council (Cefic), Europe’s chemical output fell by 3.2% year-on-year in the first quarter, while the year-to-date chemical production index stood at 84.4 (with 2021 as 100), “well below” the pre-crisis benchmark level.

France had the highest year-on-year growth in chemical production among major economies, with an increase of 2.4%; the Netherlands saw the largest decline at 9.4%. Italy's chemical production decreased by 7.7%, while Germany experienced a decline of 4.3%.

India will continue to impose anti-dumping duties on Chinese PET at US$200.66 per ton.

The Indian Ministry of Finance's Tax Department has issued Notification No. 12/2026-Customs (ADD), stating that it will continue to impose anti-dumping duties on "polyethylene terephthalate resin" (PET) with a characteristic viscosity of 0.72 deciliters/gram or higher, originating from or imported from the People's Republic of China, under tariff headings 39076110, 39076190, 39076930, and 39076990.

The anti-dumping duty shall take effect from the date of publication of this notification in the official gazette, for a period of five years (unless revoked, replaced, or modified prior to that), and shall be payable in Indian currency. According to the table above, the anti-dumping duty is $200.66 per ton.

Evonik is undergoing a comprehensive restructuring and plans to cut 3,200 jobs to address the ongoing intensifying cost pressures.

Facing increasingly severe global economic pressures, specialty chemicals giant Evonik Industries has announced that it will implement deep structural reforms and cost-cutting measures over the next few years to accelerate its corporate transformation.

Evonik's CEO Christian Kullmann stated, "The global political situation remains filled with uncertainty, economic growth continues to be sluggish, and international competition is becoming increasingly intense. We must become stronger in this environment. Our fate is in our own hands, and we are determined to seize the opportunities that belong to us."

INEOS phenol plant in Antwerp restart plan postponed until after 2027.

Ineos Phenol’s management at the Doel site informed all employees today that the originally planned restart of the phenol plant will be postponed. The company had disclosed last June that the unit was expected to resume production by the end of 2027, but due to continued severe volatility in supply and demand markets in Europe and globally, the stable profit environment needed for the site’s restart has still not materialized, and the restart plan must therefore be delayed.

The typical manifestation of market volatility comes from the European automotive industry, which is the core downstream of INEOS phenol products. Currently, China's import volume of cars has significantly increased, putting pressure on domestic car manufacturers' sales, which directly lowers the demand for phenol and acetone in the European market.

LG Chem will invest 15 trillion won, focusing on semiconductors, mobility, and robotics materials.

Against the backdrop of global oversupply and intensifying competition, profitability in the chemicals business continues to slow. In response, LG Chem will focus on high-growth industries and accelerate the optimization of its profit structure. At the same time, it will continue to strengthen the competitiveness of its existing businesses and, by leveraging its technological strengths and customer base, expand the share of high-value-added businesses.

LG Chem plans to invest a cumulative KRW 15 trillion in R&D by 2035. Of this, 70% of its R&D resources will be focused on core areas such as semiconductors, mobility, and robotics materials, while also securing AI-based innovative application fields and leading technologies. To this end, LG Chem established a new business development organization reporting directly to the CEO in June this year and is accelerating the implementation of its strategy.

In addition, LG Chem plans to accelerate its business expansion and enhance its global market competitiveness through external growth strategies such as mergers and acquisitions.

 

Mitsubishi Chemical’s DURABIO bio-based PC makes its debut in the interior of the all-new Audi Q3.

Mitsubishi Chemical and Audi deepen their cooperation, with the door switch trim panels of the Audi Q3 made using Durabio bio-based polycarbonate (PC) material.

This collaboration is of milestone significance, marking the first application of Durabio materials in Audi vehicle interiors. The new car door switch panel is made from a one-piece Durabio injection-molded component, achieving significant improvements in production efficiency, design freedom, and environmental performance.

Durabio is independently developed by Mitsubishi Chemical and is a partially bio-based material produced using isosorbide as a raw material.Engineering plasticsThanks to its bio-based components, this material can significantly reduce the use of fossil-based raw materials.

 

Minister of Manufacturing: BYD, Chery and Geely are all interested in forming joint ventures to build car factories in Canada.

Canadian Federal Industry Minister Mélanie Joly said on June 22 that China’s three leading automakers—BYD, Chery and Geely—are seeking electric vehicle import quotas from Canada and are “willing to explore” setting up joint-venture vehicle assembly plants locally.

During his one-week visit to China, Joly held talks with representatives from BYD, Chery, and Geely. The Canadian government is actively seeking investment in the automotive industry and is offering access to the domestic market in exchange. The Canadian federal government has clearly stipulated that if Chinese automakers want to establish production in Canada, they must form joint ventures with Canadian capital holding majority control and carry out production relying on local supply chains.

Overseas macro market:

Iran has stated that as part of ongoing negotiations with the United States, $12 billion of its frozen assets is set to be released. Overall, both sides are sending signals that negotiations aimed at formally ending the conflict are making progress. However, there remain numerous points of tension, including the war between Israel and Hezbollah, which is supported by Iran, and the U.S. has not yet confirmed how much of the released funds Tehran will receive.

[Iran says missiles and national defense will not be subjects of negotiation] On the 23rd local time, Iranian Foreign Ministry spokesperson Baghaei, responding to claims that the missile issue had been discussed in the Swiss talks, said that Iran’s missile issue and national defense capabilities have never been, and will never be, subjects of negotiation.

[Increase in Traffic Through the Strait of Hormuz as More Tankers Declare Passage Intentions] An increasing number of vessels are openly declaring their intention to transit the Strait of Hormuz, indicating that as tensions ease, shipowners and traders are growing more confident in dispatching ships through this strategic chokepoint. According to routine visible tracking signals, seven tankers indicated their presence in the strait on Tuesday morning, including two fully loaded non-Iranian supertankers departing the Persian Gulf. Additionally, three product tankers also left the strait, while two Suez-max tankers flying the Iranian flag were approaching from the opposite side. Muyu Xu, a senior crude oil analyst at Kpler Ltd., stated that this shift "reflects an increase in shipowner confidence, as it is expected that Iran will avoid attacking vessels." However, the analyst also cautioned that it remains to be seen whether safe and unrestricted passage can truly be achieved.

[Iranian President Says Off-Agreement Remarks Do Not Help Negotiations] Iranian President Ebrahim Raisi stated today (June 23) on social media that the effectiveness of negotiations between Iran and the United States "depends on comprehensive commitment and specific execution of previously defined obligations. The progress of this path will be measured by actual compliance with established duties. Remarks outside the agreement text do not help advance the negotiations." The first round of talks between the U.S. and Iran took place in Switzerland, with all parties agreeing to reach a final agreement within 60 days. On June 22, the day the first round of negotiations concluded, U.S. President Trump stated at the White House, "If Iran does not comply with the agreement, I will do what I have to do."

[After Securing a U.S. Waiver, Iran Is Working to Win Back Asia’s Biggest Oil Buyers] As a 60-day U.S. sanctions waiver takes effect, Iran is working to court some of Asia’s largest oil buyers. The temporary lifeline will allow Tehran to resume exports and begin clearing a backlog of cargoes at sea. According to traders involved in the discussions, sellers including intermediaries and representatives of the National Iranian Oil Company had already reached out to refiners in India, Japan, South Korea and other regions even before the license was formally issued.

[Oman Reaffirms It Will Ensure Free and Safe Passage Through the Strait of Hormuz] On the evening of the 22nd local time, Oman’s Foreign Minister Badr met in Muscat, the Omani capital, with a visiting delegation led by Mohammad Bagher Ghalibaf, Speaker of the Islamic Consultative Assembly of Iran. After the meeting, Badr said on social media that the two sides had held constructive discussions focusing on the provisions concerning the Strait of Hormuz in the recent U.S.-Iran memorandum of understanding, and reaffirmed their commitment to abide by international law and ensure free and safe passage through the strait.

[U.S. President Says He Will Take Necessary Action If Iran Does Not Comply with the Agreement] On June 22 local time, U.S. President Trump said that negotiations between the United States and Iran are moving toward reaching a "fair and reasonable agreement." At the same time, Trump told reporters at the White House that if Iran does not comply with an agreement with the United States, he will take necessary action.

Price information:

The central parity rate of the RMB against the USD is 6.8171, down 21 points; the previous trading day's central parity rate was 6.8150, the official closing price of the previous trading day was 6.7763, and the night session of the previous day closed at 6.7773.

[Upstream raw material USD market prices]

On June 22, CFR Northeast Asia ethylene was steady at USD 870/ton, and CFR Southeast Asia was steady at USD 900/ton.

Northeast Asia propylene FOB Korea average price rose to USD 960/ton, up USD 20/ton; CFR China average price rose to USD 1,015/ton, up USD 45/ton.

North Asia refrigerated cargo CIF prices: propane USD 588–592/ton; butane USD 588–592/ton.

The arrival prices for frozen cargo in South China in July are propane at 651-661 USD/ton and butane at 671-681 USD/ton.

The CIF price of frozen goods in Taiwan is as follows: propane 588-592 USD/ton; butane 588-592 USD/ton.

[LLDPE USD market price]

Film: USD 1,200/ton (CFR Huangpu);

HDPE US dollar market price

Film: 1160 USD/ton (CFR Huangpu);

Hollow: USD 1,280/ton (CFR Yantian);

Injection molding: USD 1,200/ton (CFR Yantian);

[LDPE Market Price in USD]

Film: $1300/ton (CFR Huangpu);

[PP market price in US dollars]

Homopolymer: USD 1,300/ton (CFR Huangpu);

Co-polymer: $1300/ton (CFR Nansha);

Membrane material: 1560 USD/ton (CFR Huangpu);

Transparent: USD 1,455/ton (CFR Huangpu).