Strait of Hormuz Faces Dual Blockade by US and Iran

On the evening of April 22, Wanhua Chemical announced that, in accordance with the production process characteristics of chemical enterprises and to ensure the safe and efficient operation of production facilities, the company’s Penglai Industrial Park 900,000-ton-per-year PDH unit and 600,000-ton-per-year POCHP unit will be shut down for maintenance starting April 26, 2026, with an estimated maintenance duration of approximately 30 days, as per the annual maintenance plan.

After two rounds of intensive price adjustments in March, China's waterproofing industry is facing another wave of price increases.Recently, Keshun Waterproof Technology Co., Ltd. (hereinafter referred to as "Keshun Shares") issued a "Notice on Price Adjustment of Engineering Waterproofing Materials," announcing that effective April 30, 2026, the prices of its JS polymer-modified cementitious waterproof coating product series will be increased by 10% from current levels, while other engineering waterproofing product series will see price increases of 3% to 8%.This marks the third price adjustment notice issued by Keshun Shares since 2026, indicating that raw material cost pressures continue to be passed down to downstream customers.

On the evening of the 22nd local time, Iran's Islamic Parliament Speaker and chief negotiator, Qalibaf, stated that a comprehensive ceasefire would only make sense if the maritime blockade was lifted and "economic coercive actions" by the U.S. were stopped. He emphasized that it is impossible to reopen the Strait of Hormuz again as the U.S. has openly violated the ceasefire agreement.

Fatih Birol, Executive Director of the International Energy Agency, stated on the 21st that the U.S.-Israel-Iran conflict is triggering the most severe energy crisis in history. Birol said that this energy crisis,**** the fuel and natural gas supply disruptions caused by the Ukraine crisis, has already caused significant impacts. He emphasized, “This is indeed the largest crisis in history.”

  April 22 News: PVC prices in Hangzhou remained firm, with intra-day prices slightly higher; however, actual inquiries were muted. Calcium carbide-based Grade V PVC was priced at RMB 4,900–5,050 per ton; Sanlian at RMB 4,900–4,950 per ton; Yihua/Tianhu/Zhongtai/Jintai at RMB 4,930–5,000 per ton; Beiyuan/Tianye at approximately RMB 5,000–5,050 per ton; and Grades VIII/III at approximately RMB 5,180–5,380 per ton.