According to Wanhua Chemical (600309), Wanhua Chemical has successfully developed a new generation of PVC weather-resistant material through in-depth research on the micro-mechanisms of materials. This innovation effectively addresses the industry challenges of traditional PVC flooring fading and aging under sunlight, significantly enhancing the color durability and luster stability of the flooring's decorative layer.

According to Jilin Petrochemical's Production Operations Department, the company produced 262,000 tons of ethylene in the first two months, an increase of 112.08% year-on-year, setting a new historical record for ethylene output.

Shanghai Petrochemical Co., Ltd. announced that Inner Mongolia Xinsanjin Carbon Fiber Co., Ltd. has successfully completed a public equity financing round. This round attracted several strategic investors, including Sinopec Corporation, Uxin Banner State-owned Investment Group Co., Ltd., Dongfang Wind Power Co., Ltd., and China Construction Bank Investment Co., Ltd., collectively injecting RMB 600 million in newly registered capital. Among them, Sinopec Corporation subscribed to RMB 300 million of the newly issued registered capital and, upon completion of the, will hold a 25% equity stake in the carbon fiber company. The remaining RMB 300 million of newly issued registered capital was subscribed to by other strategic investors, including Uxin Banner State-owned Investment Group Co., Ltd., Dongfang Wind Power Co., Ltd., and China Construction Bank Investment Co., Ltd. Following this capital increase, the carbon fiber company’s registered capital increased from RMB 600 million to RMB 1.2 billion, and Shanghai Petrochemical Co., Ltd.’s equity stake in the carbon fiber company was diluted from 100% to 50%.

Recently, the Ministry of Industry and Information Technology released the 2025 National Green Manufacturing List. Shenghong Petrochemical Industry Group’s subsidiary, Shenghong Refining & Chemical (Lianyungang) Co., Ltd., was awarded the national "Green Factory" title in recognition of its outstanding practices in green manufacturing, adding another distinguished "green credential" to the company's high-quality development portfolio.

The Zhengzhou Commodity Exchange's propylene main contract surged 5%, closing at RMB 6,530 per ton. The Dalian Commodity Exchange's polyethylene main contract rose over 4%, closing at RMB 6,860 per ton.

Today during trading, PetroChina (601857.SH) saw its market capitalization rise by over RMB 2 trillion, hitting a near 11-year high. Its intraday market capitalization of over RMB 2 trillion exceeded the combined market capitalizations of the other two “oil giants”—Sinopec (600028.SH) and CNOOC (600938.SH).

Honeywell announced that it has signed an amended agreement to acquire Johnson Matthey's Catalyst Technologies business.Pursuant to the revised terms, the total transaction consideration has been adjusted from £1.8 billion to £1.325 billion, and the transaction closing date has been extended to 21 July 2026. If regulatory approvals are not obtained by the aforementioned closing date, the closing date may be further extended to 21 August 2026, subject to the satisfaction of certain conditions.

BASF's newly launched injection molding grade high-density polyethylene product, Easiplas® HDPE IL 8008, has been successfully delivered to customers. On February 26, 2026, the first batch of the product was officially shipped from BASF's Zhanjiang Integrated Site. This marks a key milestone in the commercialization of the product and signifies a substantial breakthrough in BASF's strategic positioning in the high-end injection molding materials market in China.

On February 26, India’s Ministry of Commerce and Industry initiated an anti-subsidy duty investigation on imports of “polyvinyl chloride (PVC) suspension resin” originating from or exported from China. Three Indian domestic PVC producers—Chemplast, DCM Shriram, and DCW—jointly alleged that Chinese products were being sold at artificially low prices due to government subsidies, thereby causing injury to the Indian industry. In response, the Indian authorities launched the investigation and recommended that the Ministry of Finance impose a “provisional assessment” (i.e., collect duties upfront pending the outcome of the investigation) on all Chinese PVC imports.

According to South Korean media, the South Korean government announced on February 25 that it would provide 2.1 trillion won (approximately 10 billion yuan) in financial and tax support for the restructuring project of Lotte Chemical and HD Hyundai Chemical in the Dangjin Industrial Complex. This is the first restructuring project approved under South Korea's large-scale self-rescue plan for the petrochemical industry. According to the restructuring plan, Lotte Chemical will spin off its Dangsan plant in Chungcheongnam Province and merge it with HD Hyundai Chemical to establish a new entity. Both companies will inject 600 billion won each into the new company. Lotte Chemical's naphtha cracking facility in Dangjin will be shut down, with an ethylene production capacity of 1.1 million tons per year. Other facilities operated by the two companies that have redundant construction or are experiencing losses will also be suspended.

Bohai Chemical announced on February 25 that part of its acrylic ester and super absorbent polymer new materials project has met the conditions for production, and officially started feeding materials on February 24, 2026. The project is implemented by its wholly-owned subsidiary, Tianjin Bohai Petrochemical Co., Ltd., marking the company's transition from a single propylene product to a multi-product field in high-performance new materials. Since the entire project is still under construction, and the market is subject to uncertainty, there may be risks such as fluctuations in raw material prices and intensified competition, which could affect the project's expected performance.

Post-holiday polypropylene prices edged up slightly: on February 26, the price of homopolymer PP for wire-drawing in East China stood at RMB 6,600 per ton, up 0.53% from pre-holiday levels. Persistent disagreements between the U.S. and Iran remain difficult to resolve swiftly, keeping crude oil prices volatile at elevated levels and providing ongoing bottom support to the market. As producers had substantially pre-sold inventory prior to the holiday, post-holiday inventory destocking pressure remains manageable. In addition, new maintenance shutdowns at facilities including Anhui Tianda and Zhongjing Petrochemical are providing underlying support to the market; consequently, some producers have raised their factory gate prices, prompting broad-based price increases across the market. However, downstream demand recovery remains sluggish, with muted inquiries and weak transaction volumes, thus capping further upside potential.

As of February 25, 2026, the sample inventory of Chinese polyethylene producers stood at 579,700 tons, an increase of 236,000 tons from the previous period, representing a 68.66% sequential rise. Inventory trends shifted from decline to increase. The primary reason is that, following the Spring Festival holiday, most producers maintained normal operations, sustaining relatively high supply levels, while downstream factories largely ceased operations for the holiday, causing market trading to virtually halt. Consequently, inventory transfer downstream was impeded, leading to substantial accumulation in both producers’ inventories and sample social warehouse inventories.

Post-holiday downstream The pace is relatively slow, with a significant accumulation of polyolefin inventories from the two oil companies. Yesterday's early inventory was 940,000 tons, an increase of 480,000 tons from before the holiday, a rise of 104.35%! As of this morning, the inventory remains at 875,000 tons.

Recently, in the vast Tarim Basin, the air separation unit’s A/B cold boxes of the Tarim Phase II Ethylene Project successfully produced qualified nitrogen, achieving mechanical completion—a significant milestone in the construction of the Tarim Phase II Ethylene Project, marking the transition of the unit from the construction phase to the commissioning phase.

彭博新能源财经（BNEF）最新发布的数据显示，2026年，全球将投运净乙烯产能1460万吨，约为此前五年年均新增产能的两倍，创下年度最高增长纪录。其中，中国在2026年全球净新增乙烯产能中的占比达56%，成为此轮扩张的关键。

节前聚烯烃下跌为主。基本面角度，目前市场聚焦于供给改善的预期，同时宏观传导至商品的力度有所增加。2月短期聚烯烃跟随成本波动的趋势也较为明显。尤其是目前比较供需的而言，成本的潜在波动率更大，也使得市场更加关注成本波动后对于化工的影响。展望节后行情，目前聚烯烃现货驱动相对有限，主要关注春节后的复工在需求端的逐步体现。另一方面市场更多关注宏观因素的驱动节奏，尤其是宽松货币下，中东局势的变化对于原油的影响也有增大的趋势，对于化工（850102）品的影响也是偏多的。

To strengthen expectations guidance and industry self-regulation, the China Petroleum and Chemical Industry Federation organized relevant professional associations and consulting agencies to analyze and assess the current capacity, output, apparent consumption, imports and exports, planned and under-construction capacity, and the capacity and market demand five years from now for some chemical raw materials and new chemical materials. The results show that 15 products face the risk of market oversupply. Among them: propylene oxide, epichlorohydrin, acrylonitrile, polyvinyl chloride, chlorinated paraffin, polysiloxane, acrylonitrile-butadiene-styrene terpolymer (ABS), poly(butylene adipate-co-terephthalate) (PBAT), polyether polyols, 1,4-butanediol (BDO), nylon 66, and vinyl acetate are 12 products classified as high-risk; polypropylene, soda ash, and titanium dioxide are 3 products classified as relatively high-risk.

Recently, Heng Hui Security (300952.SZ) stated on its interactive platform that the company's 4,800-ton ultra-high molecular weight polyethylene fiber project is progressing smoothly. Some production lines have been completed and achieved stable mass production, and the product quality and supply capacity have been highly recognized by downstream customers. In 2026, the overall project will be in a stage of steady capacity ramp-up. The company will reasonably arrange and release capacity in stages, combining production line debugging, process optimization, market expansion rhythm, and downstream order acquisition, striving to achieve full capacity release of the project before the end of 2026. This will further enhance the company's supply capacity and market competitiveness in the high-end fiber field, better supporting application needs in various fields such as safety protection, marine ropes and nets, commercial aerospace, robotics, and high-end composite materials.

Daicel Corp. has adjusted its business plan for its consolidated subsidiary, TOPAS Advanced Polymers GmbH, postponing the production start-up of its new cyclo-olefin copolymer (COC) plant in Germany, as reported by CPRJ on February 11. Originally scheduled to begin production in April 2026, the plant is now postponed to the fourth quarter of the fiscal year ending March 2027. The company stated that the postponement is due to lower-than-expected market demand growth influenced by the EU's Packaging and Packaging Waste Regulation (PPWR), as well as significant increases in construction and labor costs.