PRET Poland Achieves Successful Trial Production! LG Chem Launches Eco-Friendly ABS Home Appliances! Tinci Materials Breaks Ground on Morocco Project

International News Guide

Raw Material News: PRET Poland Completes Successful Trial Production

Automotive News: Tinci Materials Breaks Ground on 150,000-Ton/Year Electrolyte Project in Morocco with USD 280 Million Investment

Electronics News: LG Chem Partners with Hurom of South Korea to Launch PCR ABS Kitchen Appliances

Packaging News: UK Approves Recycled Plastics for Food Packaging; FSA Appointed as Competent Authority to Support Compliance & Exports

Recycling News: Borealis and Borouge to Establish Circular Waste Management System in Indonesia

Macroeconomic News: Russia to Provide Cuba with Crude Oil and Fuel Aid

Price News: Ethylene CFR Northeast Asia at $695/mt, down $5/mt; CFR Southeast Asia at $680/mt, stable

Detailed International News

1. Borealis and Borouge to Establish Circular Waste Management System in Indonesia

Borouge and Borealis have joined forces with the Catalytic Finance Foundation, Pelita Mekar Semesta (PMS), and Indonesia’s Reciki Solusi to develop Indonesia’s first fully integrated circular waste management ecosystem.

Borouge and Borealis stated that this initiative forms part of their strategic goals to accelerate a structural transition and advance a circular economy for plastics in Indonesia. The partnership will first conduct a feasibility study, supported by funding from the Local Climate Fund’s technical assistance program.

The study aims to develop and establish a fully integrated circular waste management and polyolefin recycling ecosystem in Indonesia, converting plastic waste into high-value recycled feedstock to produce high-quality recycled polyolefins based on industry best practices and advanced technologies.

The parties will also collaborate with the STOP program, jointly launched by Borealis and Systemiq, which works with Indonesian governments and communities to design and implement circular waste management systems and reduce marine pollution. This cooperation will help advance marine litter mitigation, improve livelihoods, and contribute to local value creation and economic development in Indonesia.

2. PRET Poland Completes Successful Trial Production

PRET’s Poland plant has successfully completed trial production, with production lines running stably and efficiently. This milestone marks the official entry into the operational phase of PRET’s first manufacturing base in Europe, further strengthening the company’s global footprint.

It lays a solid foundation for deepening penetration into the European composite materials market and global outreach.

Opole, Poland, is located at the heart of Europe, adjacent to Germany and the Czech Republic. It is a strategic hub connecting Western and Eastern Europe and a key segment of the 3rd Pan-European Transport Corridor.

With extensive highways and railway networks across the region, major industrial cities in Europe can be reached quickly, significantly reducing logistics costs and providing convenient transport support for products to reach the EU and global markets, realizing true “local delivery and efficient response.”

3. Tinci Materials Breaks Ground on 150,000-Ton/Year Electrolyte Project in Morocco with USD 280 Million Investment

Tinci Materials announced that its electrolyte project in Morocco has officially broken ground. With a total investment of 2.576 billion Moroccan Dirhams (approximately USD 280 million), the project will have a combined annual production capacity of 150,000 tons of electrolyte and core raw materials upon completion.

The Morocco project serves as a pivotal hub in Tinci Materials’ global layout. Located at the crossroads of Europe, Africa, and the Middle East, the region enjoys outstanding geographical advantages. The industrial park where the project is based features a mature industrial foundation and complete supporting facilities, helping the company get closer to overseas customers and improve response efficiency.

It also lays the groundwork for deepening global supply synergy and optimizing resource allocation.

Upon completion, Tinci Materials Morocco will implement production and management in line with international standards, helping to enhance delivery stability and service capabilities in overseas markets.

4. LG Chem Partners with Hurom of South Korea to Launch PCR ABS Kitchen Appliances

On February 11, LG Chem announced the signing of a cooperation agreement with Hurom of South Korea to jointly develop PCR ABS materials and strengthen a global green development partnership, officially advancing the development and marketing of eco-friendly materials for kitchen appliances.

Lee Su-min, Head of Marketing at Hurom, and Steven Kim, Head of the ABS Business Division at LG Chem, attended the signing ceremony.

5. Applied Materials Fined USD 252 Million for Illegal Exports to China

On February 12, the U.S. Department of Commerce’s Bureau of Industry and Security (BIS) announced a settlement agreement with Applied Materials, Inc. (AMAT), headquartered in Santa Clara, California, and its South Korean subsidiary, Applied Materials Korea Limited (AMK), regarding the illegal export of U.S. semiconductor manufacturing equipment to China.

Applied Materials and AMK agreed to pay a fine of approximately USD 252 million, the second-largest penalty ever imposed by BIS.

Jeffrey Kessler, U.S. Under Secretary of Commerce for Industry and Security, stated: “BIS is firmly committed to protecting U.S. sensitive technologies and deterring misconduct. Companies must comply with the law when exporting products worldwide, or face severe penalties.”

6. UK Approves Recycled Plastics for Food Packaging; FSA Appointed as Competent Authority to Support Compliance & Exports

Recently, the UK Food Standards Agency (FSA) has been officially approved as the competent authority for recycled plastics in food packaging, responsible for implementing and enforcing relevant EU legislation.

The aim is to help UK plastic recycling companies continuously export food-contact-compliant recycled plastics to markets including the EU under strict safety standards.

This move responds to the rising global demand for recycled materials and addresses stricter European regulations on food contact materials.

Overseas Macro Market

Russia to Provide Cuba with Crude Oil and Fuel Aid

According to Russia’s Izvestia on February 12, citing the Russian Embassy in Cuba, Russia will send a batch of crude oil and fuel to Cuba in the form of humanitarian aid in the near future.

Reports stated that the U.S. oil embargo against Cuba has severely impacted people’s lives and national economic development. Currently, Cuban citizens cannot refuel their vehicles, and some hotels have closed.

U.S. President Trump signed an executive order on January 29 this year, threatening to impose ad valorem tariffs on U.S.-bound goods from countries that supply oil to Cuba.

Cuban government officials announced a series of measures including fuel rationing on February 6 to cope with the new round of U.S. oil blockade.

Turkish FM Reveals Progress in U.S.-Iran Talks, Warns Expanded Scope Could Trigger War

On February 12 local time, Turkish Foreign Minister Hakan Fidan warned over U.S.-Iran relations and nuclear negotiations. He pointed out that if the scope of U.S.-Iran talks is expanded from the nuclear agreement to ballistic missiles, the result will be “nothing but another war.”

Madagascar Declares State of National Disaster

Madagascar’s government issued a decree on February 11 declaring a state of national disaster following the passage of Tropical Cyclone Geralda.

The cyclone caused casualties, destroyed infrastructure and housing, and inflicted heavy losses in some areas. Madagascar legally declared a state of national disaster, with the government responsible for organizing relief efforts.

Hedge Funds Turn Bullish on Yen Despite Strong U.S. Jobs Data

According to data from the Depository Trust & Clearing Corporation (DTCC), trading volume in USD/JPY put options with a notional value of USD 100 million or more was about 50% higher than similar call options on Wednesday.

The premium of one-month USD/JPY puts versus calls rose to its highest level since February 2.

Antony Foster, Head of G10 Currency Trading at Nomura International, noted that hedge fund interest in betting on a weaker USD/JPY is growing. He added that there is also demand for buying the yen against currencies such as the Australian dollar and Swiss franc.

Fed’s Milan Says Strong January Jobs Data Still Leaves Room for Rate Cuts

Federal Reserve Governor Stephen Milan stated that the unexpectedly strong January employment data does not mean policymakers should pause further interest rate cuts.

Planned supply-side reforms such as reduced business regulation, along with expected easing in housing inflation, will clear the way for policymakers to continue lowering the benchmark interest rate.

“There are many reasons why I want to see rates come down. While today’s jobs data make me very optimistic about the economic outlook, I believe the fact remains that policies to drive expansion on the supply side of the economy still leave room for monetary policy to accompany that,” he said in an interview with Fox Business.

Trump Meets Israeli PM, Says Deal with Iran Remains U.S. Preference

U.S. President Trump held a closed-door meeting with visiting Israeli Prime Minister Benjamin Netanyahu at the White House on February 11, later posting on social media that reaching an agreement with Iran remains the U.S. “preference.”

The meeting lasted about three hours. Trump called the meeting “very good” on social media while saying the U.S. and Israel did not reach any substantive outcomes other than his “insistence” on continuing negotiations with Iran to reach an agreement.

UK Chancellor Attacks “Made in Europe” Plan, Urges EU Not to Erect Trade Barriers

UK Chancellor of the Exchequer Rachel Reeves urged EU counterparts to expand the “Made in Europe” concept to other like-minded countries.

At an event at the London School of Economics (LSE) on February 11, Reeves warned the EU not to set up barriers for countries with similar interests and called for “broader collaboration between like-minded nations.”

She expressed concern that EU protectionist policies could exclude UK companies from supply chains in key industries and proposed building a “larger club of like-minded countries.”

Price Information

CNH/USD broke above the 6.90 threshold for the first time since May 2023. It is currently at 6.8978, up 115 pips intraday.

Upstream Raw Materials – USD Market Prices

Ethylene CFR Northeast Asia: $695/mt (down $5/mt)

Ethylene CFR Southeast Asia: $680/mt (stable)

Propylene Northeast Asia FOB South Korea: $790/mt (stable)

Propylene CFR China: $835/mt (stable)

North Asia Refrigerated Cargo CIF: Propane $568–570/mt; Butane $588–590/mt

South China Refrigerated Cargo CIF (Early March): Propane $599–609/mt; Butane $594–604/mt

Taiwan Region Refrigerated Cargo CIF: Propane $568–570/mt; Butane $588–590/mt

LLDPE USD Market Prices

Film grade: $830/mt (CFR Xiamen)

Injection grade: $910/mt (CFR Xiamen)

HDPE USD Market Prices

Film grade: $910/mt (CFR Huangpu)

Injection grade: $800/mt (CFR Huangpu)

Blow grade: $850/mt (CFR Huangpu)

Pipe grade: $1,000/mt (CFR Huangpu)

LDPE USD Market Prices

Film grade: $1,035/mt (CFR Huangpu)

Coating grade: $1,240/mt (CFR Huangpu)

PP USD Market Prices

Injection grade: $830/mt (CFR Dongguan)

Copolymer grade: $890/mt (CFR Nansha)

Film grade: $980/mt (CFR Huangpu)

Transparent grade: $1,075/mt (CFR Huangpu)

Pipe grade: $1,130/mt (CFR Shanghai)