BASF Raises Prices! Nova Chemicals Expands Recycled PE Lineup! South Korea, UAE Sign $35B Defense MOU

International News Highlights:

Raw Material News: BASF Announces MDI Price Hike in ASEAN Region

Automotive News: MG Becomes First Chinese Auto Brand with 1M+ Cumulative Sales in Europe

Electronics News: Nova Chemicals Expands Recycled PE Portfolio, Strengthens Film-Grade Recyclate Business

Packaging News: P&G Seeks Growth via Plastic-Free Laundry Innovation; Tide Launches Laundry Eco-Bricks Nationwide in U.S.

Medical News: Coveris and SABIC Forge New Model for Medical Plastics Circular Economy

Macro News: Iranian Foreign Ministry: Latest U.S.-Iran Talks Focus on Nuclear Issues

International News Details:

1. BASF Announces MDI Price Increase in ASEAN Region

On February 25, 2026, BASF announced that it will raise prices for its Lupranate® MDI (methylene diphenyl diisocyanate) base products in the ASEAN region by $200 per metric ton, effective immediately or as contract terms allow. The company attributed the price adjustment to persistently rising raw material costs.

2. Nova Chemicals Expands Recycled PE Product Line, Strengthens Film-Grade Recyclate Business

Nova Chemicals has added two new recycled polyethylene (rPE) resins to its Syndigo product line, both manufactured using 100% post-consumer recycled (PCR) film. The newly commercialized rPE-IN3 and rPE-IN4 grades are designed for general non-food applications in North America, further strengthening the company’s film-to-film mechanical recycling platform. These recycled linear low-density polyethylene (rLLDPE) resins are suitable for diverse uses, including trash bags, protective packaging, shopping bags, stretch wrap, shrink film, and heavy-duty sacks.

3. Coveris and SABIC Collaborate to Establish New Medical Plastics Circular Economy Model

A recent joint project by Coveris and SABIC has successfully validated the feasibility of closed-loop recycling for medical packaging. The initiative integrates expertise from healthcare providers, material producers, and packaging manufacturers, proving that uncontaminated hospital plastic waste can be converted into new, sensitive contact-grade medical packaging. The project aims to build a full-cycle circular system: unified collection of medical packaging waste, chemical recycling, and reintegration into the medical supply chain, marking a significant step toward sustainable development in this highly regulated industry.

4. Waters Completes Acquisition of BD Biosciences and Diagnostics, Posts Solid 2025 Growth

Waters Corporation (NYSE: WAT) recently released its fourth-quarter and full-year 2025 financial results, ending December 31, 2025. The report shows robust sales growth for both the fourth quarter and full year 2025. On the same day, the company announced the completion of its acquisition of the Biosciences and Diagnostic Solutions business of Becton, Dickinson and Company (BD), and issued an optimistic 2026 outlook based on the newly integrated structure.

5. MG Becomes First Chinese Auto Brand to Surpass 1M Cumulative Sales in Europe

MG, a brand under SAIC Motor, has reached a historic milestone: it is the first Chinese automaker to exceed 1 million cumulative sales in Europe and the UK, solidifying its leading position among Chinese brands in the European market for the 11th consecutive time. Its best-selling model in Europe is the MG ZS SUV, with cumulative sales of 424,000 units across the region. Since the brand’s relaunch in 2011, MG’s sales in Europe have surpassed 1 million units. Following SAIC Motor’s acquisition, the MG 6 was launched in the UK, marking the brand’s official return to the European market.

6. P&G Pursues Growth via Plastic-Free Laundry Innovation; Tide Launches Laundry Eco-Bricks Nationwide in U.S.

After nearly two years of testing Tide evo laundry eco-bricks in Colorado, Procter & Gamble (P&G) rolled out the product nationwide in the U.S. in February 2026. Tide introduced this new product format to meet the daily laundry needs and preferences of modern consumers. In support of the company’s sustainable packaging goals, the eco-bricks are designed to be durable and require no additional plastic packaging materials, such as shrink wrap around cardboard.

7. Iranian Foreign Ministry: Latest U.S.-Iran Talks Focus on Nuclear Issues

Iranian Foreign Ministry spokesman Nasser Kanaani stated on February 26 local time that the Iranian delegation is fully prepared for the latest round of U.S.-Iran talks, which will focus exclusively on nuclear issues. Iran’s position is clear, and it has conveyed to Oman its willingness to see sanctions lifted and its nuclear rights safeguarded. Kanaani noted that U.S.-Oman talks began on the morning of February 26, and indirect U.S.-Iran negotiations will continue, with the IAEA Director General likely to participate in subsequent discussions. The third round of indirect U.S.-Iran negotiations is being held in Geneva, Switzerland, on February 26, mediated by Oman. Iranian Foreign Minister Hossein Amir-Abdollahian met with Omani Foreign Minister Sayyid Badr Albusaidi in Geneva on the evening of February 25.

Overseas Macro Market:

South Korea, UAE Sign $35B Defense Cooperation MOU

South Korean Presidential Envoy Kang Hoon-sik announced on Thursday that South Korea and the United Arab Emirates (UAE) have signed a memorandum of understanding (MOU) to advance defense cooperation projects worth over $35 billion. Kang, who returned from the UAE, told reporters that these defense projects will cover air defense, air force, and naval sectors.

Iranian President Reiterates Iran Will Not Develop Nuclear Weapons

On February 26 local time, Iranian President Masoud Pezeshkian stated that U.S. President Trump has demanded Iran declare it will not possess nuclear weapons, but Iran has already made this declaration repeatedly. Iran’s Supreme Leader has also stated that Iran will not pursue nuclear weapons.

Zelenskyy Says Repair of Druzhba Oil Pipeline “Will Not Happen Quickly”

Despite protests from Hungary and other countries and EU demands, Ukrainian President Volodymyr Zelenskyy said on February 25 that repairing the Druzhba oil pipeline “will not happen quickly.” Furthermore, Ukraine submitted a letter to the EU Commission’s expert group on oil and gas issues on February 25, emphasizing that “ultimatums and political pressure from specific member states are unacceptable” and again blaming Russia for the oil supply disruption.

SK Hynix, SanDisk Launch Global Standardization for Next-Gen HBF Memory

SK Hynix announced that on February 25 local time, at SanDisk’s headquarters in Milpitas, California, U.S., the two companies jointly held the “HBF Specification Standardization Alliance Launch Event,” officially unveiling the global standardization strategy for High Bandwidth Flash (HBF), the next-generation memory solution for the AI inference era.

Price Information:

USD/CNY Central Parity Rate: 6.9228, up 93 pips; previous rate: 6.9321; previous official close (16:30): 6.8672; previous night session close: 6.8592.

Upstream Raw Material USD Market Prices

Ethylene: CFR Northeast Asia $695/ton (stable); CFR Southeast Asia $685/ton (stable)

Propylene: FOB South Korea $790/ton (stable); CFR China $835/ton (stable)

LPG (North Asia): Propane $597–599/ton; Butane $597–599/ton

LPG (South China, early March): Propane $616–626/ton; Butane $615–621/ton

LPG (Taiwan): Propane $597–599/ton; Butane $597–599/ton

LLDPE USD Market Prices

Film Grade: $820/ton (CFR Shanghai)

Injection Molding Grade: $925/ton (CFR Huangpu)

HDPE USD Market Prices

Film Grade: $910–920/ton (CFR Huangpu)

Blow Molding Grade: $858–1040/ton (CFR Huangpu)

LDPE USD Market Prices

Film Grade: $1060/ton (CFR Dongguan)

PP USD Market Prices

Homopolymer Grade: $840–900/ton (CFR Huangpu)

Copolymer Grade: $1020/ton (CFR Nansha)

Film Grade: $1020/ton (CFR Huangpu)

Transparent Grade: $1070–1120/ton (CFR Huangpu)

Pipe Grade: $1130/ton (CFR Shanghai)