International News Highlights:
Policy News-European Carmakers Welcome, and Worry About, U.S. Tariff Deal
Investment News-Adnoc takeover of Covestro hit by EU foreign subsidies probe
Automotive News-Toyota Tsusho's ASR-derived recycled plastic adopted for Toyota's front fender
Packaging News-Kreyenborg’s IR-Clean Technology decontaminates PET flake
Macro News-UBS Asks Advisors to Reduce Sales of Complex Foreign Exchange Products
Price Information-CNY/USD Central Parity Rate Reported at 7.1511, Down 44 Points
The Details of International News：
1. European Carmakers Welcome, and Worry About, U.S. Tariff Deal
Europe’s automakers expressed a mixed sense of relief and wariness the day after a trade agreement was reached between the United States and the European Union on Sunday. The companies welcomed a reduction in U.S. tariffs on imported cars and parts, to 15 percent from 25 percent, but warned that even a lower levy would hurt their businesses.
After an initial rally, major European carmakers’ shares turned sharply lower on Monday. Volkswagen, Mercedes-Benz and BMW all fell more than 3 percent. Porsche and Stellantis, which owns Chrysler and Jeep as well as the European brands Peugeot and Fiat, dropped more than 4 percent.
2. Toyota Tsusho's ASR-derived recycled plastic adopted for Toyota's front fender
Toyota Tsusho Corporation announced that recycled plastic derived from ASR (Automotive Shredder Residue) manufactured by its Group company K.K. Planic ("Planic") has been adopted for the first time in a Toyota vehicle in Japan for the front fender seal of the Crown "Sport."
As it is difficult to sort collected plastics that include ASR-derived plastics by material, it is hard to conduct Car to Car recycling, which requires high quality, so the plastics have mainly been incinerated (thermal recycling). Amid these circumstances, Planic has become the first company in Japan to introduce advanced gravity separation technology and equipment, which has been put to practical use in Europe, enabling the manufacture of high-quality recycled plastic and Car to Car recycling. This has become a major strength of the company.
3. Adnoc takeover of Covestro hit by EU foreign subsidies probe
The proposed €14.7 billion takeover by Abu Dhabi National Oil Co. (Adnoc) of Covestro AG has been hit by a new in-depth EU probe under foreign subsidies regulations just two months after clearing a previous EU antitrust investigation.
4. Benvic redesigns plastics for sustainable future
Global manufacturing faces an unpredictable and uncertain future: Supply chains everywhere face disruption from a multitude of causes and from the growing pains of the new circular economy.The constrained economic outlook has made all companies adopt a more cautious and balanced business outlook - differentiating products and product costs for a variety of needs in a much more fragmented marketplace
5. Kreyenborg’s IR-Clean Technology decontaminates PET flake
The European Food Safety Authority (EFSA) has issued a positive "Scientific Opinion" to Germany-based Kreyenborg under EU 2022/1616 for its infrared technology, IR-Clean, that decontaminates recycled polyethylene terephthalate (PET) flakes so they can be used to produce food packaging. With EFSA’s approval of its process, Kreyenborg's IR-Clean system will be assigned a unique recycling authorization number (RAN) and listed in a public register, the company says.
Macro Market Information:
【UBS Asks Advisors to Reduce Sales of Complex Foreign Exchange Products】
The Financial Times quoted informed sources as saying that UBS has asked advisors to stop promoting structured foreign exchange products called Range Target Profit Forwards (RTPFs) to many clients. After US President Trump announced tariff hikes in April, which led to sharp fluctuations in the US dollar, some clients suffered losses, and the bank has paid more than 100 "goodwill" payments to clients.
【Trump Says US Will Attack Again if Iran Restarts Nuclear Program】
US President Trump told the media in Scotland on July 28 that Iran has sent unfriendly signals, and if Iran restarts its nuclear program, the US will launch another attack to destroy Iran's nuclear facilities in a short time. After the US struck three Iranian nuclear facilities in June this year, Iranian officials have repeatedly emphasized that they will not abandon the uranium enrichment program. Iranian Foreign Minister Araghchi posted on social media on July 28 that if the US and Israel carry out another aggression against Iran, Iran will take firm and powerful retaliatory actions.
【US Trade Representative Says More Trade Negotiations with India Needed】
With only a few days left until the August 1 deadline for tariff hikes, US Trade Representative Greer said that more negotiations with India on the trade agreement are still needed. Greer said in an interview on Monday that the US side needs to conduct more negotiations to assess the Indian government's determination to reach a trade agreement. He admitted that he had previously suggested that an agreement with New Delhi might be reached soon, but he emphasized that India's long-standing policy of protecting its domestic market means that reducing trade barriers will represent a major policy shift.
【Hong Kong Monetary Authority to Hold Technical Briefing on Stablecoin Issuer Regulatory Regime Today】
Hong Kong's "Stablecoin Regulation" will be formally implemented on August 1. On July 29, the Hong Kong Monetary Authority (HKMA) announced that it will hold a technical briefing on the stablecoin issuer regulatory regime at 4:30 pm. It is reported that the technical briefing will be hosted by senior officials of the HKMA, including Deputy Chief Executive Chan Wai-man, Assistant Chief Executive Chan King-hung in charge of regulations and anti-money laundering, Assistant Chief Executive Ho Hon-kit in charge of monetary management, and Head of Digital Finance Ho Wang-che.
【Thai Finance Minister Says: Thailand Is Very Close to Reaching a Trade Agreement with the US】
Thai Finance Minister Pichai Chunhavajira: The US will resume tariff negotiations with Thailand. Thailand is very close to reaching a trade agreement with the US and is expected to reach the main part of the tariff agreement. The tariff rates between Thailand and the US are likely to be lower than 36%. The tariff announcement on Thailand will be issued by the US.
【Stellantis' First-Half Adjusted Operating Income Below Estimates】
Stellantis' first-half adjusted operating income was €540 million, a year-on-year decrease of 94%, compared with the estimate of €1.33 billion. The first-half adjusted operating margin was 0.7%, compared with 10% in the same period last year and the estimate of 1.97%. The first-half net loss was €2.26 billion, compared with a profit of €5.65 billion in the same period last year and the estimated loss of €855.3 million. The first-half net revenue was €74.26 billion, a year-on-year decrease of 13%, compared with the estimate of €74.96 billion.
Price Information:
【CNY/USD Central Parity Rate】
The CNY/USD central parity rate was reported at 7.1511, down 44 points; the previous session's central parity rate was 7.1467, the previous session's official closing price was 7.1729, and the previous night session's closing price was 7.1787.
【Upstream Raw Material USD Market Prices】
Ethylene Asia: CFR Northeast Asia $820/ton; CFR Southeast Asia $830/ton.
Propylene Northeast Asia: FOB Korea average $740/ton; CFR China average $770/ton.
North Asia frozen cargo CIF price: propane $507-$509/ton; butane $487-$489/ton.
South China frozen cargo August CIF price: propane $536-$546/ton; butane $521-$531/ton.
Taiwan region frozen cargo CIF price: propane $507-$509/ton; butane $487-$489/ton.
【LLDPE USD Market Prices】
Film: $860-$920/ton (CFR Huangpu);
Injection molding: $950/ton (CFR Dongguan);
【HDPE USD Market Prices】
Film: $910-$920/ton (CFR Huangpu);
Blow molding: $855-$865/ton (CFR Huangpu);
Pipe: $1030/ton (CFR Huangpu), down $10/ton;
【LDPE USD Market Prices】
Film: $1070-$1095/ton (CFR Huangpu), down $5/ton;
Coating: $1280/ton (CFR Huangpu), down $70/ton;
【PP USD Market Prices】
Homopolymer: $925-$965/ton (CFR Huangpu), up $10/ton;
Copolymer: $940-$950/ton (CFR Nansha);
Film grade: $1030/ton (CFR Nansha);
Transparent grade: $1000-$1055/ton (CFR Huangpu), down $10/ton;
Pipe: $1160/ton (CFR Shanghai).
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