SABIC Launches New Process! Lubrizol Establishes Southeast Asia Innovation Center; Leapmotor Secures Localization in Spain

International News Guide:

Raw Materials News - SABIC Launches Thermoplastics Moulding System / Cascade Flow Cuts Clamp Force by up to 50%

Automotive News - Tesla’s July Sales in Europe Drop 40.2% YoY

Major Enterprise News - ABB Helps Citroniq Put Industrial-scale Bio-based PP Plant on the Map
Additives News - Lubrizol Establishes Southeast Asia Innovation Center in Singapore

Macro News - Central Banks of China and New Zealand Renew Bilateral Local Currency Swap Agreement

Price Information - Ethylene Asia: CFR Northeast Asia $842/ton, Up $2/ton

International News Details:

1. SABIC Launches Thermoplastics Moulding System / Cascade Flow Cuts Clamp Force by up to 50%

Saudi petrochemical major SABIC has officially launched its Megamolding process, which the firm claims will make the manufacturing of large thermoplastic components much easier.

The Megamolding platform integrates advanced materials, processing technologies, predictive engineering, and tooling to support industrial-scale production of large thermoplastic parts, the company said. It also addresses typical challenges such as clamp tonnage, warpage, uneven cooling, and extended cycle times.

2. Tesla’s July Sales in Europe Drop 40.2% YoY

Data released by the European Automobile Manufacturers Association (ACEA) on Thursday showed that although total new car sales in Europe rose 5.9% to 1.09 million units in July, Tesla suffered a severe setback amid this sales growth. Tesla’s sales plummeted by 40.2%, and its market share shrank from 1.4% a year ago to 0.8%.

3. Plastic Energy produces first pyrolysis oil at Netherlands plant

Chemical recycler Plastic Energy has announced the production of its first batch of Tacoil at its joint venture plant with Saudi Basic Industries Corp. (SABIC) in Geleen, the Netherlands, marking a key milestone on the road to full commercial operations.

4. Agilyx's Proprietary Recycling Technology Cuts CO₂ Emissions by 86%

Agilyx ASA, announces a third-party reviewed Product Carbon Footprint report of Styrenyx, Agilyx’s proprietary recycling technology, shows CO2 emissions can be cut by up to 86% by using depolymerization of waste polystyrene compared to fossil production.

5. ABB Helps Citroniq Put Industrial-scale Bio-based PP Plant on the Map

Switzerland-based ABB has entered into a supply agreement with bio-based polypropylene (PP) supplier Citroniq to provide advanced automation, electrification, and digitalization technology for Citroniq’s biogenic PP facility in Nebraska. When it is operational in 2029, the plant reportedly will be the world’s first full commercial-scale facility of its kind.

6. Lubrizol Establishes Southeast Asia Innovation Center in Singapore

Recently, Lubrizol announced the establishment of the Lubrizol Southeast Asia Innovation Center in Jurong, Singapore. As a key part of the company’s global innovation network, the center aims to deepen regional collaboration, drive localized technology development, meet evolving market needs, further enhance the delivery capability of high-value-added solutions, and accelerate the time-to-market for customers’ products.

This project also receives strong support from Singapore’s Economic Development Board (EDB), which will help further consolidate Singapore’s position as a regional hub for innovation, high-end manufacturing, and sustainable development.

7. Optical Lens Made From PPG TRIVEX® Outperforms Polycarbonate Alternatives

PPG announced the results of tests carried out in collaboration with HOYA Vision Care to compare the performance of PPG TRIVEX® lens material to polycarbonate across multiple optical and durability categories. The data showed that HOYA PHOENIX® lenses made with PPG Trivex lens material exhibited less damage during impact testing, lighter weight, higher optical clarity and better chemical resistance than comparable polycarbonate lenses.

Overseas Macro Market:

【Counterpoint: Honor’s 2024 European Foldable Phone Market Share Triples YoY】

A report released by Counterpoint Research on August 28 showed that foldable smartphones remain a niche market in Europe, but their sales are growing rapidly—especially book-style foldable models. Intense competition from manufacturers such as Honor has eroded Samsung’s near-monopoly in the book-style foldable phone segment.

Among them, the success of Honor Magic V2 and Magic V3 in the European foldable phone market has helped Honor become the fastest-growing book-style foldable phone manufacturer in Europe in 2024. Its sales soared 377% YoY, and its market share tripled to 34%.

【Central Banks of China and New Zealand Renew Bilateral Local Currency Swap Agreement】

According to the official website of the People’s Bank of China (PBOC), with the approval of the State Council, the PBOC and the Reserve Bank of New Zealand recently renewed the bilateral local currency swap agreement. The swap size is RMB 25 billion, with a validity period of five years, which can be extended with mutual consent.

The renewal of the bilateral local currency swap agreement will help further deepen monetary and financial cooperation between the two countries, promote the facilitation of bilateral trade and investment, and maintain financial market stability.

【Bank of Korea Keeps Interest Rates Unchanged】

The Bank of Korea kept its benchmark interest rate unchanged at 2.50%, in line with expectations.

【Buffett Increases Stakes in Japanese Trading Companies Including Mitsubishi Corporation】

Warren Buffett’s Berkshire Hathaway has increased its stakes in Mitsubishi Corporation and Mitsui & Co., Ltd.—news that boosted stock prices across the sector. Mitsubishi Corporation stated in a Thursday announcement that a subsidiary of Berkshire Hathaway has raised its ownership stake in Mitsubishi Corporation to 10.23% (based on voting rights), up from 9.74% in March. In addition, Mitsui & Co. also announced that Berkshire Hathaway has increased its stake.

【Leapmotor’s European Localized Production Lands in Spain, Scheduled to Start Production in Q3 Next Year】

Leapmotor’s European manufacturing base will be located at the Zaragoza plant in Spain, which is a vehicle manufacturing facility of Stellantis in Spain. According to reporters, after the plant renovation is completed, it will first produce models of the B-series. Production is scheduled to start in Q3 next year, with the first model being the B10, followed by the B05.

The former is a compact all-electric SUV, which was launched in April this year as the first global model of Leapmotor’s B-series. The latter is planned to be unveiled at the Munich Motor Show in September. Market forecasts suggest its domestic price may be below RMB 100,000, and its European pricing may be below GBP 30,000.

【Toyota’s July Global Sales Grow for Seventh Consecutive Month, Hitting Record High for the Same Month in History】

Toyota Motor stated that driven by strong demand in North America and the solid performance of hybrid and new electric models in the Chinese market, its global sales in July rose for the seventh consecutive month. The company’s global sales in July increased 4.8% YoY to 899,449 units, setting a record high for the same month in history.

【Bangko Sentral ng Pilipinas Cuts Interest Rates Again, Benchmark Rate Drops to Near Three-Year Low】

Due to inflation far below the target, the Philippines has loosened monetary policy for the third consecutive time this year, lowering the benchmark interest rate to a near three-year low. On Thursday, Bangko Sentral ng Pilipinas (BSP) cut the overnight reverse repurchase rate by 25 basis points to 5%, the lowest level since November 2022. This result is in line with economists’ expectations. The Philippine peso edged higher, with the USD/PHP falling 0.2% to 57.030.

Price Information:

【USD/CNY Central Parity Rate Rises 45 Pips to 7.1063, Highest Since November 6, 2024】

The central parity rate of USD/CNY was quoted at 7.1063, up 45 pips; the central parity rate of the previous trading day was 7.1108, the official closing price of the previous trading day was 7.1622, and the overnight closing price was 7.1500.

【Upstream Raw Materials USD Market Prices】

Ethylene Asia: CFR Northeast Asia $842/ton, up $2/ton; CFR Southeast Asia $30/ton.

Propylene Northeast Asia: FOB Korea average price $760/ton, up $5/ton; CFR China average price $790/ton, up $5/ton.

North Asia frozen cargo CIF price: propane $517-519/ton; butane $527-529/ton.

South China frozen cargo CIF price for late September: propane $566-576/ton; butane $546-556/ton.

Taiwan region frozen cargo CIF price: propane $517-519/ton; butane $527-529/ton.

【LLDPE USD Market Prices】

Film: $860-915/ton (CFR Huangpu), down $5/ton;

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: $900-960/ton (CFR Nansha), down $10-20/ton;

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

Transparent: $960-1,055/ton (CFR Huangpu);

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