ADNOC Suffers Massive Production Shutdown! Basic Chemical Materials Prices Surge in South Korea! Technimark Acquires Rage to Expand Production Capa

International News Brief:

Raw Material News: Neste commissions waste plastic pyrolysis oil upgrading facility in Finland

Petroleum News: Oil giant ADNOC suffers sudden massive production shutdown

Electronics News: US-Iran conflict impacts, basic chemical material prices rise across the board in South Korea! Consumer prices may be affected

Medical News: Technimark acquires Rage to expand production capacity in the US Midwest

Macro News: Iranian Speaker says will not accept cycle of war-ceasefire-negotiations

Details of International News:

1. UAE Oil Facilities Attacked, Giant Halts Operations on Large Scale

On March 16th local time, the Media Office of the Emirate of Fujairah, UAE, issued an official statement confirming that an important oil facility at a port in Fujairah was attacked by a drone and caught fire that day. There are no reported casualties. The Civil Defense Team of the Emirate of Fujairah immediately intervened to handle the incident. ADNOC, the UAE's state-owned oil giant, was forced to implement a large-scale shutdown, causing the country's daily crude oil production to drop by more than half.

2. US-Iran Conflict Impacts, Basic Chemical Material Prices Surge Across the Board in South Korea! Consumer Prices May Be Affected

Affected by the US-Iran conflict, prices of basic chemical raw materials in South Korea have risen consecutively. The market is concerned that this will have a comprehensive impact on consumer prices related to food, clothing, housing, and transportation. A survey of 37 companies conducted by the Korea Plastic Industry Federation on March 16th showed that 92.1% of plastic companies have received price increase notices from upstream crude oil suppliers, and the remaining companies have also been informed of potential price hikes. In addition, polyethylene prices have risen by an average of 13%. This price increase covers all synthetic resin categories. According to the association's data, the average tonnage prices of linear low-density polyethylene (LLDPE), low-density polyethylene (LDPE), and high-density polyethylene (HDPE) last month were 1.48 million KRW, 1.63 million KRW, and 1.50 million KRW respectively. In March, the supply price of all products was uniformly increased by 200,000 KRW per ton. A relevant person from the association stated: "Some companies have received notices that prices may be increased by up to 400,000 KRW per ton in April."

3. Neste Commissions Waste Plastic Pyrolysis Oil Upgrading Facility in Finland

Neste announced the official commissioning of its waste plastic liquefied oil upgrading plant at its Porvoo integrated refinery base in Finland, with an investment of 111 million euros. The company stated on March 16th that this project can achieve industrial-scale production of high-quality raw materials for the plastics and chemical industries, with an annual processing capacity of up to 150,000 tons of pyrolysis oil obtained from chemical recycling of waste plastics. However, the company also noted that the plant's processing capacity will be gradually increased "in accordance with market and regulatory developments." Maiju Hörlin, Director of Neste's Polymers & Chemicals business, said: "The current EU Commission's accounting rules for recycled content in the Single-Use Plastics Directive may limit refineries' ability to help the EU achieve its recycled content targets. For Europe's industrial competitiveness, we need to push for revisions to the accounting rules to include refineries in the scope of the EU Packaging and Packaging Waste Regulation."

4. Oil Giant ADNOC Suffers Sudden Massive Production Shutdown

On March 16th local time, an important oil facility at the Port of Fujairah, UAE, was attacked by a drone and caught fire. ADNOC was forced to implement a large-scale shutdown covering all core onshore and offshore oil and gas production facilities, causing the UAE's daily crude oil production to plummet by more than 50% from normal levels. As a major supplier in the global energy market, ADNOC's shutdown has not only triggered violent fluctuations in oil prices but also had a profound conductive impact on the plastics and chemical industry, which is highly dependent on petrochemical raw materials.

5. Technimark Acquires Rage to Expand Production Capacity in the US Midwest

Technimark recently announced the acquisition of Rage Custom Plastics, headquartered in Hilliard, Ohio. Rage is a plastic products company focused on the medical and consumer healthcare markets, with operating bases in Lewis Center, Ohio; Hurt, Virginia; and Altavista, Virginia. Technimark provides services to the global medical technology and other sectors, with its global headquarters in Asheboro, North Carolina, USA, and production facilities in Pennsylvania, Texas, West Virginia, USA, as well as in the UK, Ireland, Germany, Mexico, and China. The company is jointly owned by Oak Hill Capital and Pritzker Private Capital.

Overseas Macro Market Information:

Iranian Speaker Says Will Not Accept Cycle of War-Ceasefire-Negotiations

Mohammad Bagher Ghalibaf, Speaker of the Iranian Parliament, said in an interview today (March 17th) that Iran will no longer accept the cycle of "war-ceasefire-negotiations-war" and must completely eliminate threats against Iran and the region. Iran launched a large-scale attack, opening with a demand for "unconditional surrender," but now they are appealing to others for help on the security of the Strait of Hormuz—since the war began, Iran has not sent any messages to the US.

World's Largest MLCC Supplier Murata Initiates Comprehensive Price Hikes, Up to 35% Increase

According to reporter information, passive component giant Murata has officially proposed price increases, launching comprehensive price hikes for MLCC products for AI servers and high-end automotive applications, with increases ranging from 15% to 35%. The new pricing system will take effect on April 1st (based on when the company receives orders). Murata is the world's largest MLCC supplier, holding over 40% of the global market share and 70% of the global AI server market share. This is Murata's first large-scale price adjustment in nearly three years, potentially signaling a new upward cycle in the global passive component market.

US Clarifies False Reports About Trump Possibly Delaying Visit to China

The Financial Times reported on March 16th that US President Trump "threatened to delay his visit to China over assisting in securing navigation safety in the Strait of Hormuz." In response, US Treasury Secretary, White House Press Secretary Karoline Leavitt, and Trump himself publicly clarified the matter on the same day. Bescent stated that if Trump's visit to China is postponed, it will not be because Trump requested China to maintain the safety of the Strait of Hormuz passage, and the relevant reports are completely false. If the meeting with Chinese leaders is rescheduled, it will be because "Trump believes he should remain in the US during wartime."

Korean Media: Trump Again Names South Korea, Pressuring It to Show Sincerity in Sending Troops to the Strait of Hormuz

"Trump Again Names South Korea: Ungrateful... Show Sincerity in Sending Troops to the Strait of Hormuz!" The Hankyoreh reported on the 17th under this headline that US President Trump has directly named countries hosting US troops, including South Korea, Japan, and Germany, pressuring them to make decisions on sending troops to the Strait of Hormuz.

Iraqi Militia Releases Video of Drone Attack on US Embassy in Iraq

In the early hours of March 17th local time, the Iraqi Shia militia "Kataib al-Shaheed al-Sadr" (Blood Guardian Brigade) released a live video on social media platforms of the drone attack on the US Embassy in Iraq's "Green Zone" in Baghdad on the morning of the 16th.

Some Dubai Residents in UAE Ordered to Take Shelter

This morning (March 17th) local time, some residents in Dubai, UAE, received mobile phone alerts reminding them to immediately seek shelter in the nearest safe building, stay away from doors and windows, and not stay outdoors until the alert is lifted due to a "potential missile threat." The UAE Ministry of Defense stated that it is responding to missiles and drones from Iran.

Price Information:

The central parity rate of the RMB against the US dollar is reported at 6.8961, an increase of 96 points; the previous trading day's central parity rate was 6.9057, the previous trading day's official closing price was 6.8997, and the previous night's closing price was 6.8908.

Upstream Raw Material USD Market Prices (March 16th)

CFR Northeast Asia: 1,200 USD/ton, up 50 USD/ton

CFR Southeast Asia: 1,200 USD/ton, up 50 USD/ton

FOB Korea average for Northeast Asia propylene: 1,080 USD/ton, down 30 USD/ton

CFR China average: 1,110 USD/ton, down 15 USD/ton

North Asia frozen goods CIF: Propane 918-928 USD/ton; Butane 918-928 USD/ton

South China frozen goods CIF for early April: Propane 946-956 USD/ton; Butane 941-951 USD/ton

Taiwan region frozen goods CIF: Propane 918-928 USD/ton; Butane 918-928 USD/ton

LLDPE USD Market Prices

Film grade: 1,300 USD/ton (CFR Huangpu)

Injection molding grade: 1,450 USD/ton (CFR Dongguan)

HDPE USD Market Prices

Film grade: 1,280 USD/ton (CFR Shekou)

Blow molding grade: 1,250 USD/ton (CFR Huangpu)

Injection molding grade: No quotation

Pipe grade: No quotation

LDPE USD Market Prices

Film grade: 1,450 USD/ton (CFR Dongguan)

Coating grade: No quotation

PP USD Market Prices

Homopolymer: 1,245 USD/ton (CFR Huangpu)

Copolymer: 1,275 USD/ton (CFR Huangpu)

Film grade: No quotation

Transparent grade: 1,410 USD/ton (CFR Huangpu)

Pipe grade: 1,450 USD/ton (CFR Shanghai)