India Tariff Exemption Policy Extended

The Indian government has extended the customs duty exemption policy for about 40 key petrochemical products from the originally scheduled expiry date of June 30, 2026, to July 15, 2026. The list includes essential chemical products such as PVC, PE, PP, ABS, PET, VCM, PTA, MEG, and styrene, covering the entire industrial chain of building materials, packaging, textiles, and automobiles.

FedExStarting in August 2026, [the company] announced that it will return in full the US$800 million in tariff refunds it received from the U.S. government to the shipping customers that actually paid the duties. The funds stem from tariffs previously imposed under the International Emergency Economic Powers Act and later ruled unlawful. Refunds will be issued on a priority basis to customers who authorize open data access, with the first batch expected to arrive around August 10. The company will launch a dedicated online platform on July 10 for customers to check the status of their refunds.

European Commission President Ursula von der Leyen: Today, the EU has lifted tariffs on imports of industrial products from the United States. This is a commitment made in the joint statement between the EU and the United States.

LyondellBasell (LYB) released its financial results for the first quarter of 2026. During the reporting period, the company recorded net income of $125 million, or diluted earnings per share of $0.38. Excluding $38 million in special items—primarily non-cash asset impairments, transaction expenses, and charges from discontinued operations, which impacted EPS by $0.11—adjusted EBITDA for the quarter reached $615 million, indicating a generally solid earnings performance. By segment, the Americas Olefins & Polyolefins (O&P) business delivered particularly strong results, with EBITDA doubling from the previous quarter. This was mainly driven by lower feedstock costs and higher product prices, which boosted integrated polyethylene margins and successfully offset the negative impact of the winter storm “Fenn” earlier in the year.

  July 1 news: At present, PVC fundamentals have shown no significant improvement. As July begins, the scale of scheduled maintenance among producers is shrinking, output is expected to increase, and demand is in the traditional off-season. On the cost side, the supply of the upstream raw material calcium carbide has tightened and prices have risen, strengthening support for PVC costs. PVC spot market prices are expected to remain firm and edge up slightly today. Going forward, attention should be paid to changes in operating rates among marginal PVC producers.