Nasdaq Proposes Listing Rule Revisions! Evonik Launches Next Markets Program; India Cuts GST

International News Guide:

Raw Materials News - Evonik Launches "Next Markets Program" to Tap New Growth Areas

Packaging News - Flexible Film Recycling Alliance：More than 100,000 Users Nationwide

Automotive News - Tesla’s Sales Continue to Decline in Major European EV Markets

Medical News - Stryker, Kaysun Partner to Launch Advanced Surgical PPE Solution

Macro News - India Cuts GST to Mitigate Tariff Impact; Exporters Reportedly to Lobby Central Bank for Exchange Rate Support

Price Information - Ethylene: CFR Northeast Asia $840/ton; CFR Southeast Asia $835/ton

International News Details:

1. Nasdaq Proposes Revisions to Listing Rules for Small IPOs and Chinese Companies

On September 3 (local time), Nasdaq announced proposed revisions to its listing standards and has submitted the proposed rules to the U.S. Securities and Exchange Commission (SEC) for review. If approved, the revised standards will take effect immediately.

Key revisions include:

A minimum public float market value of $15 million (currently $5 million) for new companies listing on Nasdaq under the net profit standard;

Accelerated suspension and delisting procedures for companies with listing deficiencies and listed securities market value below $5 million;

A minimum public offering fundraising requirement of $25 million for new listed companies primarily operating in China.

2. Evonik Launches "Next Markets Program" to Tap New Growth Areas

Evonik announced the official launch of its "Next Markets Program" to further unlock growth potential. The program aims to explore new markets closely aligned with the company’s core businesses and secure favorable positions in emerging markets.

This move comes as Evonik responds to ongoing profound geopolitical and social changes, reshaped market dynamics, and evolving customer needs. In its initial phase, the program will focus on fast-changing areas with urgent demand for innovative solutions, including circular packaging, plastic recycling, defense, and aerospace.

3. DY Polymer Signs Agreement with POSCO International to More Than Double Capacity, Supply Recycled PET to Europe

South Korea’s DY Polymer announced yesterday that it has signed a supply and procurement agreement with POSCO International to support the global export of recycled PET resin for food containers.

Through this agreement, DY Polymer—the only South Korean company with food-grade recycled PET certification—will supply recycled materials to global markets via POSCO International’s network.

4. ACG Commits To Scope 1 and 2 Greenhouse Gas Targets

India-based ACG Packaging Materials has had its greenhouse gas (GHG) emissions targets officially validated by the Science Based Targets initiative (SBTi).

The business, which supplies films and foils to the pharmaceutical and nutraceutical industries, has committed to reducing absolute Scope 1 and 2 GHG emissions by 90 per cent.

It has also pledged to lower Scope 3 emissions from purchased goods and services, fuel and energy-related activities, and upstream transportation and distribution by 97 per cent per tonne of products produced.

5. Samsara Eco Opens Its First Nylon 66, Polyester Chemical Recycling Plant

Australian startup Samsara Eco has opened its first plant for nylon 66 and polyester enzymatic recycling.

The plant is located in Jerrabomberra, New South Wales, Australia. It also houses Samsara Eco’s new headquarters and expanded enzyme production facilities.

6. Flexible Film Recycling Alliance：More than 100,000 Users Nationwide

The Flexible Film Recycling Alliance (FFRA), an initiative of the Plastics Industry Association (PLASTICS), today announced a major milestone: its Plastic Film Recycling Directory has surpassed 112,000 unique users since its launch in mid-January. The interactive tool helps U.S. residents find nearby drop-off locations for recycling plastic film, contributing to a more circular economy.

7. Stryker, Kaysun Partner to Launch Advanced Surgical PPE Solution

Stryker has unveiled its next-generation Steri-Shield 8 Personal Protection System, setting a new standard in surgical personal protective equipment. The newly launched system goes beyond conventional medical equipment, offering healthcare professionals enhanced comfort, reliability, and functionality specifically designed for demanding operating room environments.

8. Tesla’s Sales Continue to Decline in Major European EV Markets

Tesla’s sales are continuing to decline in nearly all major European electric vehicle (EV) markets, resulting in significant market share losses in countries with strong EV demand.

Germany’s Federal Motor Transport Authority (KBA) stated on Wednesday that Tesla’s registrations fell 39% in August and plummeted 56% in the first eight months of this year. The Elon Musk-led EV maker also saw sharp sales drops in France, Belgium, Denmark, and Sweden in August. Norway was an exception, with Tesla registrations rising 21% in August and 26% year-to-date.

Tesla’s global vehicle deliveries fell 13% in the first half of the year, putting the company on track for a second consecutive year of declining deliveries.


Overseas Macro Market:

【India Cuts GST to Mitigate Tariff Impact; Exporters Reportedly to Lobby Central Bank for Exchange Rate Support】

As U.S. tariff hikes escalate risks to India’s economy, Indian policymakers have decided to cut the national Goods and Services Tax (GST) to boost domestic demand. Additionally, exporters are reportedly seeking to propose exchange rate support measures to the Reserve Bank of India.

A panel of federal and state finance officials decided on Wednesday to reduce GST rates for most daily necessities, insurance premiums, and vehicles. However, the panel raised rates on products such as cigarettes, chewing tobacco, and some luxury cars to 40%.

According to an official statement, the GST Council agreed to adjust the existing four-tier tax structure to two tiers: 5% and 18%. The new rates will take effect on September 22, except for cigarettes, chewing tobacco, and other excluded items.

【Trump’s Intervention in Fed Accelerates Gold’s Rally; Bulls Ramp Up Crisis Bets】

U.S. President Donald Trump’s attacks on the Federal Reserve could not only fuel inflation and dampen investment but also erode confidence in the U.S. economy. For gold bulls, however, this presents an attractive prospect, cementing gold’s record rally and making it one of the best-performing assets this year.

Gold prices surged above $3,500 per ounce this week to a new high, as markets bet the Fed will soon start cutting interest rates—further strengthening gold’s three-year bull run, which has been driven by aggressive central bank buying and growing concerns about the global economy.

【Canadian PM: Working to Resolve Canola Trade Issue with China】

According to Reuters, Canadian Prime Minister Justin Trudeau stated on Wednesday (September 3, local time) that he will work to resolve the canola trade dispute between Canada and China. This follows China’s announcement of anti-dumping measures on Canadian canola, while reports of "China restarting purchases of Australian canola" have drawn international attention.

"We need to work to resolve this issue... Our Minister of International Trade, Minister of Foreign Affairs, and I will all be involved in seeking a solution for our agricultural relationship," Trudeau told reporters in Toronto.

Separately, according to local media in Saskatchewan on September 3, Scott Moe, premier of Saskatchewan—a major Canadian grain-producing province—will visit China next week.

【Goldman Sachs: Brent Crude to Fall to Around $50 Next Year Amid Oversupply】

Goldman Sachs Group predicts that Brent crude, the global oil benchmark, will fall to just over $50 per barrel next year due to a global oil glut.

Analysts including Samantha Dart said in a report that the current oversupply in the oil market is worsening: "We expect strong growth in non-OPEC oil supply (excluding the U.S.) to push the global market into a 1.8 million barrels per day surplus by 2026, ultimately forcing Brent to fall to a low of just over $50 per barrel by the end of 2026."

Nevertheless, as OPEC+’s spare capacity dwindles, the oil market is more vulnerable to price spikes from supply disruptions.

Price Information:

【USD/CNY Central Parity Rate】

The central parity rate of USD/CNY was quoted at 7.1052, up 56 pips; the central parity rate of the previous trading day was 7.1108, the official closing price of the previous trading day was 7.1468, and the overnight closing price was 7.1415.

【Upstream Raw Materials USD Market Prices】

Ethylene Asia: CFR Northeast Asia $840/ton; CFR Southeast Asia $835/ton.

Propylene Northeast Asia: FOB Korea average price $760/ton; CFR China average price $790/ton.

North Asia frozen cargo CIF price: propane $543-544/ton; butane $553-554/ton.

South China frozen cargo CIF price for early October: propane $587-597/ton; butane $567-577/ton.

Taiwan region frozen cargo CIF price: propane $543-544/ton; butane $553-554/ton.

【LLDPE USD Market Prices】

Film: $860-910/ton (CFR Huangpu);

Injection molding: $950/ton (CFR Dongguan).

【HDPE USD Market Prices】

Film: $910-970/ton (CFR Huangpu);

Blow molding: $860/ton (CFR Huangpu);

Injection molding: $870/ton (CFR Huangpu);

Pipe: $1,025/ton (CFR Huangpu).

【LDPE USD Market Prices】

Film: $1,115/ton (CFR Huangpu);

Coating: $1,280/ton (CFR Huangpu).

【PP USD Market Prices】

Homopolymer: $915-965/ton (CFR Huangpu);

Copolymer: $900/ton (CFR Nansha);

Film grade: $1,020/ton (CFR Nansha);

Transparent: $955-1,050/ton (CFR Huangpu);

Pipe: $1,130/ton (CFR Shanghai).