International News Guide: Raw Material News - EU to Establish Critical Chemical Alliance to Safeguard Supply Chain Security Automotive News - China and the EU Agree to Establish a Working Group to Cooperate on Cross-Border Data Flow in the Automotive Sector Electronic News - SABIC Launches First Flame-Retardant PBT Nano Injection Molding Material with Excellent Bonding Strength and Mechanical Properties Packaging News - German associations push for mandatory compostable produce bags Medical News - Sengkang General Hospital in Singapore Adopts 3D-Printed TPU Materials to Customize Orthotic Insoles for Diabetics Macro News - US Imposes Anti-Dumping Duties on Chinese Graphite Price information - RMB/USD Central Parity Rate Reports 7.1498, Down by 37 Pips    details of international news:   1. Escalation of Retaliatory Measures! EU Continues to Pressure the US According to two officials who were briefed on the talks, the EU is preparing a list of possible tariffs on US services and export control measures as part of potential retaliatory actions if trade negotiations with Washington fail. In response to US President Trump's tariffs, the European Commission is compiling this list of measures, which still needs to be submitted to EU member states. Trump has announced that he plans to impose a 30% tariff on the EU bloc starting from August 1. Although Brussels had previously warned that it could expand the transatlantic trade war to services if negotiations to avoid these tariffs fail, it has so far not submitted specific measures to European capitals. One of the officials emphasized that the list will not only target US tech companies. This list will be an additional measure beyond the retaliatory proposal already being discussed by EU countries targeting 72 billion euros of annual US imports, which includes tariffs on Boeing aircraft, automobiles, and bourbon whiskey. 2. EU to Establish Critical Chemical Alliance to Safeguard Supply Chain Security The EU's executive body stated that the European Commission will work with member states and the chemical industry to support the production of chemicals identified as crucial to Europe's industrial supply chains. The European Commission said it will establish a Critical Chemical Alliance later this year, which will bring together the Commission, member states, and various stakeholders as part of a broader plan to revitalize Europe's chemical industry. In a statement, the Commission said the alliance will "identify key production sites in need of policy support and address trade issues such as supply chain dependencies and market distortions". This initiative draws on another alliance established earlier, which is responsible for identifying metals and minerals crucial to the energy transition. Subsequently, the EU set mining, processing, and recycling targets for 17 strategic materials. 3. Agilyx Acquires 44% Stake in Europe’s TopPlastic RecyclerGreenDot Global Agilyx acquires 44% of GreenDot, expanding into Europe’s recycling market and strengthening its global advanced plasticsrecycling platform. 4. Turkey: Anti-Dumping Measures on China-Related Polyethylene, Polypropylene Waterproof Tarpaulins and Polymer Plastic Products to Expire Soon According to the China Trade Remedy Information Network, on July 16, 2025, Turkey's Ministry of Trade issued Announcement No. 2025/15, stating that anti-dumping measures on polyethylene and polypropylene waterproof tarpaulins and polymer plastic products [Turkish: Polietilen ve polipropilenden mamul şerit veya benzerlerinden dokunmuş mensucat (yalnız dokuma brandalar)] originating from China and Vietnam will expire on May 6, 2026. Stakeholders should submit applications and evidence materials for sunset review investigations no later than 3 months before the expiration date. The Turkish tariff codes for the products are 3921.90.60.00.11, 3921.90.60.00.13, and 3926.90.97.90.18. The announcement takes effect from the date of issuance. 5. SABIC Launches First Flame-Retardant PBT Nano Injection Molding Material with Excellent Bonding Strength and Mechanical Properties SABIC announced the launch of a new product in its LNP™ THERMOTUF™ specialty composite series. The new LNP™ THERMOTUF™ WF0087N composite is the industry's first polybutylene terephthalate (PBT)-based nano-molding technology (NMT) material, combining excellent flame retardancy and superior mechanical properties. It meets the growing demand of the consumer electronics industry for lightweight and durable metal-plastic composite components, such as smartphone middle frames. In addition, the material's flame retardancy helps customers comply with the latest IEC 62368-1 safety standards for consumer electronic equipment. The LNP™ THERMOTUF™ WF0087N composite won the 2025 Edison Award. 6. Messe Düsseldorf unites its global plastics, rubber events under K-Alliance brand Germany-based global exhibition organizer Messe Düsseldorf is launching a new umbrella brand called “K-Alliance” to unite its worldwide plastics and rubber trade fairs under one identity, which replaces the previous Global Gate brand. “Global players in the plastics and rubber industry require appropriate platforms for direct market entry in growth regions,” said Thomas Franken, director of K. “Messe Düsseldorf has pooled its worldwide activities under the Global Gate brand, which will now become the K–Alliance.” Officials said the new name highlights not just market access but also strategic partnerships and alliances within the industry’s global trade fair network. “The previous name especially emphasized Messe Düsseldorf’s function as a door opener for entering promising sales markets,” Franken said. “The designation K-Alliance now places a clearer focus on the strong partnerships and alliances that our constantly growing, worldwide network of trade fairs related to plastics and rubber stands for.” The K-Alliance currently encompasses 11 global trade fairs, the biggest of which is the K fair; K 2025 is scheduled for Oct. 8-15 in Düsseldorf, with more than 3,200 exhibitors expected to showcase technologies in manufacturing, processing and finishing. 7. German associations push for mandatory compostable produce bags Industry associations are calling for compostable fruit and vegetable bags to become mandatory under the Packaging and Packaging Regulation (PPWR).The IK Industrial Association for Plastics Packaging, Plastics Europe Germany, European Bioplastics, Polykum, Carmen, and the nova Institute have published a position paper providing recommendations for Germany to implement the requirement at national level. 8. China and the EU Agree to Establish a Working Group to Cooperate on Cross-Border Data Flow in the Automotive Sector On July 17 , the second meeting of the China-EU Cross-Border Data Flow Exchange Mechanism was held in Brussels. Wang Jingtao, Vice Minister of the Cyberspace Administration of China, and Sabine Weyand, Director-General of the Directorate-General for Trade of the European Commission, co-chaired the meeting. The meeting reviewed the positive progress made since the establishment of the mechanism, believing that the mechanism has played an important role in promoting China-EU cross-border data flow. The two sides had in-depth, pragmatic, and constructive exchanges on issues related to China-EU cross-border data flow, and reached broad consensus on further leveraging the mechanism under the principle of two-way reciprocity and promoting rule alignment, in light of the demands of enterprises from both sides. The two sides agreed to establish a working group to cooperate on cross-border data flow in the automotive sector. 9.Sengkang General Hospital in Singapore Adopts 3D-Printed TPU Materials to Customize Orthotic Insoles for Diabetics The podiatry team at Sengkang General Hospital in Singapore is pioneering an innovative approach to diabetic foot care. Currently, the team is producing 3D-printed custom orthotic insoles in-house. These insoles are 3D-printed using thermoplastic polyurethane (TPU). Preliminary results show that compared with traditional insoles (23% reduction in peak pressure, 40% improvement in pressure distribution), the new insoles can reduce plantar peak pressure by up to 28.5% and improve pressure distribution by 52.7%.   Overseas macro markets:   【Putin: Europe's Abandonment of Russian Natural Gas Has Negatively Affected Its Industry】 On the 17th, Russian President Vladimir Putin stated in an interview that Europe's decision to abandon Russian natural gas has had a negative impact on its industry. In addition, Russian media reported that EU imports of Russian oil in May hit a three-month high, indicating that some EU member states still rely on Russian oil. 【Alcoa: Tariffs Keep Increasing Production Costs】 According to Bloomberg, Alcoa, the largest aluminum producer in the US, stated that US tariff policies are continuously increasing the company's production costs, and due to the impact of tariffs, its US customers are paying more for aluminum. 【US Media: US Imposes Anti-Dumping Duties on Chinese Graphite】 According to Bloomberg, the US has imposed a preliminary anti-dumping duty of 93.5% on graphite from China. A statement from the US Department of Commerce noted: "The US Department of Commerce has preliminarily determined to impose a 93.5% anti-dumping duty on imports of key battery material graphite from China due to unfair subsidies for these materials." It is worth noting that the final ruling is expected to be made by December 5 【Reliance Industries' Market Value Grows by 40 Billion USD This Year】 Shares of India's Reliance Industries have significantly outperformed India's benchmark stock index this year, with the largest lead in five years. So far this year, shares of India's most valuable company have surged 22%, while the NSE Nifty 50 index has risen only 6% in the same period. Controlled by Asia's richest man Mukesh Ambani, Reliance Industries has increased its market value by 40 billion USD in 2025, accounting for nearly one-third of the market value growth of India's benchmark stock index.   Price information:   【RMB/USD Central Parity Rate】 The RMB/USD central parity rate was reported at 7.1498, down by 37 pips; the previous trading day's central parity rate was 7.1461, the previous trading day's official closing price was 7.1796, and the previous night's closing price was 7.1809. 【Upstream raw material USD market price】 Ethylene Asia: CFR Northeast Asia $820/ton; CFR Southeast Asia $830/ton. Acrylic Northeast Asia: FOB Korea average price is $740/ton; CFR China average price is $770/ton, up $5/ton. Propane: North Asia frozen cargo CIF price, propane $512-514/ton; butane $482-484/ton. The import price of South China frozen goods in August is as follows: propane 549-559 USD/ton; butane 520-528 USD/ton. The landed price of frozen goods in Taiwan is propane at 512-514 USD/ton; butane at 482-484 USD/ton. 【LLDPE USD market price】 Film: 860-910 USD/ton (CFR Huangpu); Injection molding: $950/ton (CFR Dongguan); 【HDPE USD market price】 Film: $920/ton (CFR Huangpu); Hollow: 855-860 USD/ton (CFR Huangpu); 【LDPE USD market price】 Film: $1070-1090/ton (CFR Huangpu); Coating: $1350/ton (CFR Huangpu) 【PP USD market price】 Average aggregation: 965 USD/ton (CFR Huangpu); Co-polymerization: 940-950 USD/ton (CFR Nansha); Membrane material: 1030 USD/ton (CFR Nansha); Transparent: $1,085/ton (CFR Huangpu); Pipes: 1160 USD/ton (CFR Shanghai).

VPK Group, a leading packaging company founded in 1935 and headquartered in Belgium, has developed from a local enterprise into an international supplier of sustainable protective packaging solutions over the decades. Its core business revolves around three main product categories: packaging paper (VPK Paper), corrugated boxes (VPK Packaging) / corrugated board (AQUILA), as well as solid board (Smart) and paper tubes / paper edge protectors (Konsor Corex). VPK Group is committed to providing high-quality and reliable services, closely monitoring local market demands, while leveraging cross-border expertise and experience sharing to create customized solutions that meet customer expectations.   VPK's business model: driven by sustainability and innovation The business model of VPK Group is firmly built on two core pillars: sustainability and innovation. Raw Materials and Circular Economy: Every year, VPK recycles nearly 1.5 million tons of waste paper and cardboard, reusing it to produce packaging solutions. The company creates value by efficiently utilizing FSC® certified raw materials and respecting natural resources, all while strictly adhering to the circular economy model, ensuring that products meet the highest environmental standards. Product Design and Performance: VPK's goal is to make its products recyclable and biodegradable. In 2024, the products launched by the company are designed with this concept in mind from the very beginning. VPK continuously evaluates and verifies product performance to ensure they remain efficient across various applications, meeting the increasing regulatory and consumer demands for sustainability. Global Network and Production Capacity: VPK has a vast network of over 70 manufacturing plants across 21 countries/regions, enabling it to maintain strong production capacity and a flexible market response speed. In particular, in China, its subsidiary Kenson has factories in Hangzhou, Beihai, and Foshan, primarily producing paper tubes, core tubes, consumer packaging applications, and edge protection products, demonstrating VPK's deep layout in the Chinese market. Supply Chain and Talent: VPK Group's supply chain and distribution network are designed to improve efficiency and sustainability, ensuring timely delivery of materials and products. The company has a workforce of over 7,080 skilled employees (of which 216 are in China), which is the core driving force behind its innovation and operational excellence. Through the "Future Leaders Program" and an annual training time of 20 hours for each employee, VPK supports leadership development and career growth. This year, the average training duration for each employee has increased by 20% compared to last year, reflecting a commitment to continuous learning and development. Technology and Intellectual Property: VPK utilizes intellectual property including innovative designs and patents, as well as digital tools and automation technologies, to continuously improve its production processes and maintain its leading position in the industry. VPK Group provides customers with sustainable packaging solutions that are recyclable, biodegradable, and FSC® certified. Its optimized packaging design not only reduces material usage and provides a worry-free experience but also enhances durability, saving costs for customers and improving logistics efficiency. VPK provides customized packaging solutions for various industries such as food, retail, industrial, and e-commerce, ensuring better product protection and enhancing brand image. In addition, customers can achieve transparent management through VPK's sustainability certification, clearly tracing the source of their packaging and its environmental impact. Outstanding financial performance and robust governance. Investors can benefit from VPK Group's strong financial performance. In 2024, VPK Group achieved a revenue of 1.849 billion euros (approximately 15.6 billion yuan) and a pre-tax profit of 84 million euros. Even more remarkable is that the company has achieved a compound annual growth rate (CAGR) of 7% over the past five years, indicating robust growth momentum. In 2024, sales of corrugated boxes/cardboard reached approximately 2.256 billion square meters or 1.055 million tons, sales of packaging paper were about 1.283 million tons, and sales of solid cardboard/paper tubes/paper corner protectors were around 456,000 tons, all showing varying degrees of increase compared to 2023. The family ownership structure of VPK Group ensures stable governance, a long-term corporate vision, and resilience against market fluctuations. The company is firmly committed to sustainable development and continuously reinvests in research and development to provide momentum for future growth. VPK Group has a firm commitment to environmental sustainability: 100% utilization of recycled paper, using 100% recycled paper in paper production; high recycling rate; 90% of the paper used in packaging production is recyclable (non-virgin material); renewable resources, 98% of raw materials come from renewable resources; net-zero emissions target, VPK's net-zero emissions target has been certified by the authoritative Science Based Targets initiative (SBTi), indicating that its emission reduction goals are aligned with global climate science; water resources and forestry, during the papermaking process, VPK actively conserves water and supports reforestation and responsible forestry programs, protecting natural resources from the source. VPK is also a founding partner of Blue Box Partners, an alliance composed of four private capital-operated pan-European companies. Each partner has established experience and successful cases in their respective domestic markets, sharing the same structure, values, and long-term business vision. Blue Box Partners adopts a coordinated model, leveraging the expertise of over 13,500 employees and the production capacity of 114 production facilities to ensure customized design and delivery services based on the needs of clients of any scale. In addition, VPK has joined industry alliances such as the European Federation of Corrugated Board Manufacturers (FEFCO) and the Confederation of European Paper Industries (CEPI), actively promoting regulatory frameworks that support the circular economy. Supplier and Customer Ecosystem The main suppliers of VPK Group include: suppliers of recycled paper and cardboard; energy suppliers providing renewable energy such as biomass, solar, and wind energy; mechanical and technical partners for automated manufacturing equipment; and logistics and transportation partners that ensure efficient supply chain management. VPK Group mainly serves B2B customers across various industries by providing customized sustainable packaging solutions. Its primary customer base includes: food and beverage, retail and consumer goods, e-commerce and logistics, as well as industrial and manufacturing sectors. VPK sells customized packaging directly to business clients through direct sales and B2B contracts. Customers can also place bulk and regular orders through its online portal, enjoying convenient service. Although VPK is a B2B supplier, its products ultimately support a wide range of end-user industries—from retail consumers purchasing sustainable packaging products, e-commerce customers seeking worry-free packaging, to industrial clients requiring heavy-duty solutions, and logistics suppliers relying on durable, stackable packaging for transportation and warehousing—all benefit from VPK's packaging products. Future Outlook The success of VPK Group is not accidental; its business model clearly demonstrates how traditional manufacturing can achieve high-quality growth by deeply integrating sustainable development concepts, continuous innovation, and building a global network in the context of the current global economy and environmental protection. VPK's core competitiveness is reflected in the following aspects: A firm practitioner of the circular economy: VPK places recycling and renewable resources at the core of its business, which is reflected not only in the production of 100% recycled paper and the use of a high proportion of recyclable materials but also in achieving the net-zero emissions target certified by SBTi. This gives it a moral high ground and competitive advantage in a market where environmental regulations are becoming increasingly strict and consumer awareness of environmental issues is rising. Globalization and Localization in Tandem: With over 70 factories across 21 countries, including its presence in China (such as Coensel), VPK is able to effectively serve local markets while sharing global expertise and production capabilities to meet diverse customer needs. Technological innovation and customized services: VPK not only focuses on recyclable and biodegradable design but also optimizes production processes through innovative design and automation technology, providing tailored solutions for a wide range of industries such as food, retail, industrial, and e-commerce, enhancing product protection and brand image for customers. Robust financial performance and family governance: Continuous growth in revenue and profits, along with the stability and long-term vision brought by family ownership, provide a solid foundation for VPK's ongoing investment in research and development and its response to market fluctuations. People-oriented and industry collaboration: Investing in employee training, focusing on employee well-being, and actively participating in industry alliances demonstrate that VPK not only cares about internal development but is also committed to promoting sustainable progress and policy improvement throughout the industry. The case of VPK Group provides a successful transformation model for other traditional manufacturing enterprises: that is, while pursuing business growth, it deeply integrates environmental responsibility, technological innovation, and customer-centricity into the corporate DNA. In the future, with the ongoing explosion in global demand for eco-friendly packaging and the in-depth promotion of the circular economy model, VPK Group will undoubtedly continue to maintain its leading position in the industry and contribute more to the green and intelligent development of the global packaging industry.

The podiatry team at Sengkang General Hospital in Singapore is pioneering an innovative approach to diabetic foot care. Currently, the team is producing custom 3D-printed orthotic insoles in-house. These insoles are made of thermoplastic polyurethane.TPUThe new insoles, made through 3D printing, show preliminary results indicating that compared to traditional insoles (with a 23% reduction in peak pressure and a 40% improvement in pressure distribution), the new insoles can reduce peak pressure by up to 28.5% and achieve a pressure distribution improvement rate of 52.7%. Singapore does not produce standard pressure-reducing EVA foam insoles locally and needs to source them from overseas. Patients must wait two months from placing an order to receiving the product, and if adjustments are needed, it takes even longer. However, 3D printing technology can provide patients with precisely customized insoles in just one week. The team pointed out that there are currently over 400,000 diabetes patients in Singapore, and if the current trend continues, the number of patients could exceed one million by 2050. As many as one-quarter of diabetes patients may develop foot ulcers, and over 80% of lower limb amputation surgeries are caused by these ulcers. Customized pressure-reducing insoles are crucial for preventing new ulcers and promoting wound healing, especially for patients with diabetic neuropathy.   First, the doctor creates a foam mold of the patient's foot and performs a digital scan. Based on the scanning data, insoles with different densities and precise shape adjustments are designed for different areas of the foot. The digital workflow allows for quick modifications to the design plan at any time. The podiatry treatment team at Sengkang General Hospital collaborated with the orthopedic and plastic surgery teams at the hospital and the 3D printing center at Singapore General Hospital to develop this product. Through detailed biomechanical examinations and pressure distribution analysis, a comprehensive assessment is conducted to create a precise digital model tailored to each patient's foot structure and pressure points. Orthopedic doctor Dickson Chau stated, "The advances in 3D printing technology have opened up new possibilities for patient care. After extensive testing of different materials and printing parameters, as well as valuable exchanges of experience with the 3D printing center at Singapore General Hospital, we have established a production process that ensures stable and reliable quality of insoles. This self-production capability allows us to quickly optimize products based on patient feedback, which is crucial for achieving the best therapeutic effects."

  Image source: Lianhe Zaobao Chinese Network China is dumping graphite on US markets, and its exports of active anode materials to the US will be subject to an antidumping tariff of 93.5%, a representative from the US Commerce Department told Platts, part of S&P Global Commodity Insights, on July 17. The ruling is the second preliminary determination in the antidumping/countervailing duty investigation by Commerce into active anode materials from China that will be followed by a final determination at the end of the year.Although the ruling is preliminary, importers of anode material will begin paying the duty even before a final determination is made. Active anode materials that fall into this category include natural and synthetic graphite, as well as graphite within finished lithium-ion batteries. Graphite is the largest component in the anode of lithium-ion batteries used in electric vehicles and is usually a mixture of natural and synthetic materials. AAAMP, a coalition representing North America's graphite producers, initiated a petition with the Department of Commerce in December 2024, seeking a tariff as high as 920% on the grounds that China's state subsidies and artificially low prices are undermining the establishment of the industry in the US. AAAMP is comprised of Anovion Technologies, Syrah Technologies, NOVONIX Anode Materials, Epsilon Advanced Materials and SKI US. Commerce is also conducting a separate countervailing duty investigation of active anode materials from China, with a preliminary decision on the case resulting in an 11.5% tariff on China's synthetic and natural graphite. According to AAAMP calculations, the effective cumulative rate on China's active anode materials isnow 160% when adding in countervailing duty tariffs of 11.5% placed by Commerce in May, President Trump's blanket 30% tariffs on goods from China, and 25% Section 301 tariffs implemented by the US Trade Representative in 2024. The US does not mine natural graphite, according to the US Geological Survey, and in 2024, the country relied entirely on imports to meet its graphite requirements.

As the import volume of post-consumer recycled plastic (PCR) surges, recyclers claim that this move is harming the American plastic recycling system, and there are allegations that some imported resins may not be genuine recycled materials. A bill currently being advanced in California requires beverage container manufacturers to report the origin of all PCR in their products. Senate Bill 633 (SB 633) will add third-party PCR verification and origin requirements to the regular reporting that producers are required to submit under the state's container deposit system. These reports must be submitted to the California Department of Resources Recycling and Recovery (CalRecycle). The bill was introduced in February by Democratic Senator Catherine Blakespear, who represents parts of San Diego and Orange County. After passing the state Senate in early June, it is now entering the review stage in the state Assembly. At the hearing of the House Natural Resources Committee on July 14, Blakespear elaborated on California's beverage container recycling content regulations, which require that by 2025, PCR accounts for 25% of containers, and by 2030, it reaches 50%. "These goals have driven up the demand for recycled plastics, and currently, most recycled plastics come from out-of-state and international recyclers," Blakespear said. "According to reports, last year saw a record high in imports. However, there is currently no system in place to verify the authenticity of the recycled content claimed by beverage manufacturers." "In fact, recycled plastic, after being processed into pellets or sheets by recyclers, is indistinguishable from new plastic," Blakespear continued, "Recent reports have found that at least some of the plastic imported into the state has new plastic masquerading as recycled plastic." Blakespear pointed out that California already has similar third-party verification requirements for manufacturers using recycled plastic in reusable shopping bags, and at the time this requirement came into effect, most bag manufacturers were unable to prove that their bags were made from recycled materials. "This indicates that we also need a 'trust but verify' model for the recycled plastic in the bottles," she said. The Association of Plastic Recyclers (APR) is the main supporter of the legislation. APR has under its umbrella Resource Recycling, Inc., which is the publisher of Plastics Recycling Update. APR state government relations manager Allison Kustic testified that manufacturers sourcing PCR from overseas is harming recyclers within the state. "California recyclers are indeed struggling to maintain operations because they cannot sell their recycled plastic," she said. Kustic is discussing the necessity of the packaging producer responsibility extension system established by Bill 54 (SB 54). "These policies will collect thousands of pounds of recyclable materials, but if California recyclers cannot sell their products, there will be no businesses left to recycle the materials collected in California, which is a big problem," Kustic added. The American Beverage Association testified against the measure, stating that while the organization supports a recycling component verification system, the origin requirements are concerning. "As long as the resin is certified, its origin is essentially irrelevant to the discussion," said Dennis Albiani, representing the American Beverage Association. He added that the bill places the responsibility for origin information on manufacturers, who "may not have direct knowledge of the source of the materials—we are not bottle manufacturers, we are just companies that fill beverages into bottles." The committee passed the bill with 9 votes in favor and 4 votes against, and the bill has been submitted to the appropriations committee for further review.

The crisis on the German plasticsrecycling market continues to deepen: Veolia Umweltservice, part of the global Veolia group, notified staff members on Tuesday that it would be shuttering the plastic recycling businesses Multiport and Multipet at the end of the year. Europe’s largest environmental services company already shut down its PET recycling operations in Rostock at the end of 2023 owing to economic pressures. After the newly announced closures in Bernburg, Saxony-Anhalt, Veolia will no longer have any plastic recycling operations in Germany. At the same time, however, Veolia is expanding its recycling activities elsewhere in Europe. Last week, the company announced plans for the United Kingdom’s first "tray-to-tray" facility, where it will process PET trays and bottles.

Dyneema®, owned by Avient Corporation, an innovator of materials solutions, has once again pushed the boundaries of fabric engineering — this time by increasing the Dyneema® layers in its latest advanced composite fabric material. These new Dyneema® Woven Composites take material performance to the next level by combining the unmatched strength of a Dyneema® composite core with a 100% Dyneema® abrasion-resistant woven face fabric.  Fifteen times stronger than steel This next-generation composite fabric material can offer up to 10 times more abrasion resistance, 5 times better tear resistance, and 34% weight savings compared to the existing Dyneema® high-performance composite portfolio. Fifteen times stronger than steel yet light enough to float on water, Dyneema® is the original ultra-high-molecular-weight polyethylene (UHMWPE) fiber, which is trusted in countless applications where performance is paramount and reliability is critical.  The secret is in the science. Dyneema® Woven Composites feature a dual-layer composite structure that combines the strength, abrasion resistance, and durability of a fully woven Dyneema® face fabric with the dimensional stability, structural integrity, and lightweight waterproof properties of Dyneema® composite technology. The result is a fabric that is highly durable under significant load conditions and after prolonged use. “Dyneema® Woven Composites are a major breakthrough in materials engineering,” said Chiharu Pidgeon, Global Business manager, Fabrics & Composites for Dyneema®, Avient. “By harnessing the full potential of Dyneema® fiber with precision-layered construction, we’ve created a fabric that doesn’t just resist wear – it redefines strength and stability in high-performance applications.” Featuring first in Hyperlite's backpacks Dyneema® R&D specialists spent two years extensively testing the new fabric with longtime collaborator, Hyperlite Mountain Gear, a leading outdoor gear manufacturer. With the help of Hyperlite’s extensive network of elite athletes and mountaineers, they tested prototype backpacks during months-long expeditions on some of the most extreme hiking trails from the Alaskan wilderness to the summit of the Rockies and beyond.  The consensus was clear: the world’s strongest fiber™ just got stronger. Backpacks from Hyperlite are the first products on the market to feature this game-changing technology and are available to consumers and outdoor enthusiasts worldwide starting July 15, 2025. This innovation pushes fabric engineering to new heights, delivering a composite that can withstand some of the most extreme and demanding environments, reinforcing Dyneema® as the global leader in fiber technology. source：Avient  

The podiatry team at Sengkang General Hospital in Singapore is pioneering an innovative approach to diabetic foot care. Currently, the team is producing custom 3D-printed orthotic insoles in-house. These insoles are made of thermoplastic polyurethane.TPUThe new insoles, made through 3D printing, show preliminary results indicating that compared to traditional insoles (with a 23% reduction in peak pressure and a 40% improvement in pressure distribution), the new insoles can reduce peak pressure by up to 28.5% and achieve a pressure distribution improvement rate of 52.7%. Singapore does not produce standard pressure-reducing EVA foam insoles locally and needs to source them from overseas. Patients must wait two months from placing an order to receiving the product, and if adjustments are needed, it takes even longer. However, 3D printing technology can provide patients with precisely customized insoles in just one week. The team pointed out that there are currently over 400,000 diabetes patients in Singapore, and if the current trend continues, the number of patients could exceed one million by 2050. As many as one-quarter of diabetes patients may develop foot ulcers, and over 80% of lower limb amputation surgeries are caused by these ulcers. Customized pressure-reducing insoles are crucial for preventing new ulcers and promoting wound healing, especially for patients with diabetic neuropathy.   First, the doctor creates a foam mold of the patient's foot and performs a digital scan. Based on the scanning data, insoles with different densities and precise shape adjustments are designed for different areas of the foot. The digital workflow allows for quick modifications to the design plan at any time. The podiatry treatment team at Sengkang General Hospital collaborated with the orthopedic and plastic surgery teams at the hospital and the 3D printing center at Singapore General Hospital to develop this product. Through detailed biomechanical examinations and pressure distribution analysis, a comprehensive assessment is conducted to create a precise digital model tailored to each patient's foot structure and pressure points. Orthopedic doctor Dickson Chau stated, "The advances in 3D printing technology have opened up new possibilities for patient care. After extensive testing of different materials and printing parameters, as well as valuable exchanges of experience with the 3D printing center at Singapore General Hospital, we have established a production process that ensures stable and reliable quality of insoles. This self-production capability allows us to quickly optimize products based on patient feedback, which is crucial for achieving the best therapeutic effects."

July 16, 2025SABICAnnounces the launch of a new product in its LNP™ THERMOTUF™ specialty composite series. The new LNP™ THERMOTUF™ WF0087N composite material is the industry's first based on polybutylene terephthalate (PBT).PBTThe nano-molding technology (NMT) material has excellent flame-retardant properties and outstanding mechanical performance. It meets the growing demand in the consumer electronics industry for lightweight and durable metal-plastic composite parts (such as the frames of smartphones). In addition, the material's flame-retardant properties help customers comply with the latest IEC 62368-1 safety standard for consumer electronic devices. LNP™ THERMOTUF™ WF0087N composite material has been awarded the 2025 Edison Award. SABIC's Director of R&D and Applications for the Asia Pacific region, Jenny Wang, stated: "As smartphones continue to break through in design, wireless connectivity, and charging speed, the industry urgently needs advanced materials to match these developments. The launch of this new flame-retardant nano-injection composite material demonstrates SABIC's commitment to the consumer electronics market. We will leverage breakthrough materials to help our customers enhance the performance, safety, compliance for mass production, and manufacturing efficiency of devices such as smartphones." Expand the advantages of nanomolding technology. Nano Molding Technology (NMT) creates tightly bonded composites by injecting plastic resin into chemically treated metal surfaces. Compared to die casting and insert molding techniques, NMT helps manufacturers achieve lightweight, thin-walled designs, radio frequency signal permeability, superior aesthetics, and a more streamlined processing workflow, while also enhancing the waterproof and dustproof performance of electronic devices. In addition to these advantages, LNP™ THERMOTUF™ composite materials retain good bonding strength and mechanical properties (such as impact resistance) while adding thin-wall flame retardant performance (UL94 V0 at 1.0 mm). Their metal bonding strength is improved by about 60% compared to conventional flame-retardant PBT resins, helping designers meet the stringent IP68 waterproof and dustproof standards. This innovative material also possesses the following characteristics: excellent resistance to corrosion from anodic oxidation treatment, support for customized coloring to achieve aesthetic design, and dielectric properties that ensure signal transmission efficiency for multi-antenna devices. Its main application scenarios include antenna dividers and various structural components for smartphones, tablets, smartwatches, and laptops.

Domestic transactions flourish while cross-border deals decline, with 82 domestic deals announced in H1 2025, representing an increase of seven deals compared to H2 2024.Maks_Lab/iStock via Getty Images   At a Glance Amcor-Berry merger reshapes plastics industry with $10.5 billion deal. Flexible packaging has seen the most consolidation in the first half of 2025. ESG considerations increasingly drive plastics acquisition valuations higher. The plastics industry has witnessed robust merger and acquisition activity during the first half of 2025, with deal volume maintaining strong momentum from the start of the year. The Amcor-Berry Global merger represents one of the largest transactions in the industry's history. The shadow of that $10.5 billion deal has loomed large over other M&A activity in the sector during H1 2025, and it has had a ripple effect throughout the plastics industry. Trevor Hulett, managing director of St. Louis, MO–based investment bank R.L. Hulett and Company Inc., said his company is expecting an uptick in activity following the Amcor-Berry Global merger, which significantly expanded Amcor's packaging capabilities across both product lines and geographic markets. "The scale and synergies unlocked by the Amcor-Berry transaction have set a new benchmark, prompting other large players to reevaluate their own portfolios and pursue acquisitions that strengthen core offerings, improve supply chain resilience, and accelerate sustainable packaging initiatives," he said. John Hart, managing director at PMCF, an investment bank providing merger and acquisition services to companies worldwide, told PlasticsToday that prior to 2024, the plastics manufacturing industry experienced several years of relative stability, with limited major consolidation activity among top players. Related:Plasan North America Cuts 64 Jobs Following Government Contract Cancellation "However, 2024 marked a turning point, with a wave of significant mergers and acquisitions reshaping the competitive landscape," he said. "Notable recent transactions include the Amcor-Berry merger, Novolex's acquisition of Pactiv Evergreen, SIG's purchase of Schoeller Allibert, IPL's merger with Schoeller Allibert, Silgan's acquisition of Weener, and Sonoco's divestiture of its thermoforming business. These deals signal a renewed momentum in strategic consolidation across the sector." According to Hart, this trend has two key implications for the M&A market: Opportunities for middle-market players. As large companies consolidate, they often become less agile and may outgrow their traditional middle-market customer base. This creates opportunities for smaller and mid-sized businesses to increase wallet share and capture market share by offering more tailored and responsive solutions. Portfolio rationalization. Large-scale consolidations typically lead to plant closures and business unit divestitures as companies streamline operations. While we haven't seen significant rationalization yet, it is likely that over the next few years, these newly formed platforms will begin optimizing their portfolios — creating acquisition opportunities for strategic and financial buyers. Related:Röhm Shutters Louisiana Plant, Texas Mega-facility Launches Hart also pointed out that capital invested in plastics M&A increased dramatically in Q1 2025 ($9.4B, up 193.8% from Q4 2024). There are several factors driving this surge in transaction values despite the slight decline in deal volume. "Deal volume declined in Q2, likely reflecting a period of adjustment as both buyers and sellers assessed the implications of the new tariff environment," Hart added. "Despite this slowdown, larger transactions — particularly those with strong fundamentals and resilience to macroeconomic volatility — continue to move forward." Moreover, Hart explained that the current market presents a compelling environment for transformational M&A. With significant capital still available and valuations at more attractive levels, strategic investors are well-positioned to pursue high-impact opportunities. "We've seen significant activity in the Mid-Atlantic region and Canada during Q1," he said. Hart added that while PMCF doesn't typically track deal activity by region, Q2 data revealed a notable concentration along the East Coast. "Over half of all US-based transactions were completed in the Northeast and Southeast — consistent with historical M&A trends. Additionally, the Midwest reported a strong quarter, accounting for more than 25% of total Q2 deal volume, highlighting continued momentum in that region," he said. Related:Dow Slashes European Operations Amid Profitability Push Hulett said the Southeast US region saw an increase in M&A activity in Q2 with 9 transactions. Most notable in this region was Toppan's $1.8 billion acquisition of Sonoco. Subsector activity Hulett pointed out that flexible packaging has seen the most consolidation in the first half of 2025, as larger players continue acquiring competitors to gain scale, drive down costs, and expand their sustainable packaging capabilities. "While segments like specialty materials and machinery have also experienced increased deal activity, they haven't matched the pace or volume seen in packaging so far this year," he said. Hart noted that during H1, injection molding and resin/color & compounding have remained among the most active subsectors from an M&A perspective. "Both are currently tracking above their H1 2024 deal volumes and are aligned with the pace observed in H2 2024," he said. "Drivers of activity in these subsectors are different. In injection molding, a highly fragmented area of the market with vast applications, deal volume is mainly driven by a robust supply of active sellers. On the resin/color & compounding side, a more concentrated market and active buyers has led to stronger multiples than in other subsectors, which may be the cause of increased activity." Moreover, Hart noted that specialty transactions — which include deals in extrusion, machinery, composites, and distribution — have also seen a steady increase in recent years. The 89 deals recorded in H1 2025 exceeded H1 2024 levels, though they fell slightly short of H2 2024. Nonetheless, Hart explained the sustained activity in specialty subsectors reflects a growing trend of consolidation in niche areas of the plastics industry, which continue to attract strong interest from both strategic and private equity buyers. Hulett said his company saw capital investment moderate in Q2 to $2.2 billion, but H1 2025 was still up meaningfully over H1 of the prior year. "Several large transactions in early 2025 helped open the floodgates for even bigger deals across the plastics industry," he said. "This increase in larger sized deals is driven by both strategic consolidations and private equity interest. Valuations have continued to climb, particularly in high-growth areas like sustainable packaging, where buyers are willing to pay a premium for long-term positioning and ESG alignment." Cross-border transactions There were several cross-border transactions in Q1, including Sudarshan Chemical's acquisition of Germany's Heubach. Hart noted that cross-border transactions in the plastics sector declined year-over-year in the first half of 2025, with only 19 deals recorded — down from 30 and 34 in the previous two halves, respectively. "This slowdown may be attributed to ongoing uncertainty surrounding tariffs, as both buyers and sellers take time to assess the potential impact on their operations and deal structures," he said. "In contrast, domestic M&A activity has remained strong. A total of 82 domestic deals were announced in H1 2025, representing an increase of seven deals compared to H2 2024. While cross-border activity has slowed, it continues to play a role in the market, albeit at a reduced pace relative to prior periods." Moreover, Hulett cautioned that global tariff uncertainty has led to more cautious deal structuring, with a noticeable rise in the use of earn-out provisions and more rigorous due diligence. "At the same time, supply chain security has become a key focus in the first half of 2025, prompting many companies to strategically reposition operations and acquisitions in regions that offer greater stability and logistical efficiency," he said. Trends driving M&A Tom Blaige, chairman and CEO of Chicago, IL–based Blaige and Company, a plastics, packaging, and chemicals investment banking firm, noted that in 2024, 80% of all plastics deals were strategically motivated, including 55% strategic buyers and 25% financial add-ons. Blaige also noted that 73% of all plastics M&A deals last year involved an international participant. "International-only deals have increased from 40% of deals in 2001 to 57% in 2024, reflecting an ongoing trend toward globalization over the last two decades," the company noted in its report. Plastics remains the most fragmented market, with 72% of companies posting annual sales under $50 million, and 82% posting sales under $100 million. By the end of the year, Blaige forecasts that the top 50 companies in injection molding; blow molding; film and sheet; labels; pipe, profile and tubing; thermoforming; and adhesives and sealants will have been eliminated or changed ownership since 2001. "M&A is 10% financial analysis, and 90% psychoanalysis," Blaige said. It is key for companies poised to make a deal to have a succession plan in place; pursue niche leadership; have enough funding to double or triple down to stay competitive; focus on "glass half full" buyers who may view business as complementary; and understand that vertical, horizontal, and geographic integration trends could impact margins and growth. ESG considerations and future outlook Hart also noted that environmental, social, and governance (ESG) concerns remain a key topic of discussion among plastic packaging providers and continue to present growth opportunities for specialty material science companies. "While ESG remains relevant, its influence has been somewhat tempered under the current administration," Hart said. "In non-packaging plastic subsectors, we continue to see limited viable alternatives to plastics, reinforcing the material's role in a range of industrial applications despite ongoing sustainability debates." Hulett pointed out that ESG has taken on a larger role in plastics M&A, with buyers placing a premium on targets that demonstrate strong sustainability practices. "It's no longer just a consideration, it's become a core value driver in how deals are evaluated, negotiated, and ultimately priced," he noted. Based on H1 2025 activity, from an M&A perspective, Hart said he remains cautiously optimistic about the remainder of the year. "While uncertainty — particularly around tariffs and macroeconomic policy — can dampen deal activity by increasing perceived risk, there is growing confidence that the second half of the year will bring greater clarity on trade policy," he said. "Additionally, market sentiment is buoyed by the possibility of interest rate cuts by the Federal Reserve, which would create a more favorable environment for transactions." Hart cautioned that market conditions can shift quickly. "However, based on our current positioning and the conversations we're having across the industry, the outlook appears positive," he explained. "Notably, we've seen a significant uptick in pre-deal activity, which we view as a strong leading indicator of continued momentum. In general, niche companies with domestic supply chains are likely to outperform, given their resilience to global disruptions. No single subsector stands out as a clear beneficiary; deal activity has remained relatively balanced across the industry year-over-year." Within the broader plastics sector, Hulett said his company believes packaging as a subsector is expected to remain the most active segment for M&A in the second half of 2025, particularly in areas tied to scale, automation, and sustainability. "Specialty materials, advanced machinery, and ESG-focused technologies are also likely to attract strong interest, with private equity continuing to pursue strategic acquisitions and platform growth across the sector," he concluded.

The Düsseldorf Exhibition Company (Messe Düsseldorf), a global exhibition organizer based in Germany, is launching a new brand called "K-Alliance," aimed at integrating its global exhibitions in the plastics and rubber industry under the same branding, replacing the previous "Global Gate" brand. "Global participants in the plastics and rubber industry need the right platform to directly access markets in growth regions," said Thomas Franken, Director of the K Department. "The Düsseldorf Exhibition Company previously integrated its global business under the 'Global Gate' brand, which is now being upgraded to 'K-Alliance.'" The official statement noted that the new name not only highlights the market access function but also emphasizes the strategic partnerships and alliances within the global trade fair network of the industry. Franken pointed out, "The previous name focused on the Düsseldorf Exhibition Company's role as a 'gatekeeper' to help companies enter potentially lucrative sales markets; whereas the name 'K-Alliance' more clearly focuses on the strong spirit of cooperation and alliance represented by our expanding global network of plastics and rubber-related exhibitions." Currently, K-Alliance encompasses 11 global exhibitions, the largest of which is the K Fair. The 2025 K Fair is scheduled to be held in Düsseldorf from October 8 to 15, with an expected participation of over 3,200 exhibitors showcasing various technologies in the fields of manufacturing, processing, and post-processing. The exhibitions planned for 2026 include: Plastindia in India, Plastics & Rubber Vietnam, Chinaplas in China, Plast Alger in Algeria, Colombiaplast in Colombia, Plastics & Rubber Thailand, and Central Asia Plast World in Kazakhstan. The Arabplast exhibition is scheduled to be held in 2027 in the United Arab Emirates. The latest member of the alliance is the "Saudi Plastics & Petrochem Exhibition," which will be held from April 12 to 15, 2026, in Riyadh, Saudi Arabia. The Saudi Print & Pack Exhibition will also be held concurrently.

According to the China Trade Relief Information Network, on July 16, 2025, the Turkish Ministry of Trade issued announcement No. 2025/15, stating that the anti-dumping measures on waterproof tarpaulins made of polyethylene and polypropylene originating from China and Vietnam, as well as similar polymer plastic products [in Turkish: Polietilen ve polipropilenden mamul şerit veya benzerlerinden dokunmuş mensucat (yalnız dokuma brandalar)], will expire on May 6, 2026. Interested parties should submit applications and evidence materials for the sunset review investigation no later than three months before the expiration date. The Turkish tax numbers for the products involved are 3921.90.60.00.11, 3921.90.60.00.13, and 3926.90.97.90.18. The announcement takes effect from the date of publication. On January 11, 2008, Turkey initiated an anti-dumping investigation against waterproof tarpaulin made from polyethylene and polypropylene originating from China and Vietnam, as well as products made from polymer plastics. On November 15, 2008, Turkey made a positive final ruling in the case and began to impose anti-dumping duties on the involved products from China and Vietnam. Subsequently, Turkey conducted two sunset reviews, making positive rulings on November 11, 2014, and May 6, 2021, extending the duration of the duties.

The Critical Chemicals Alliance aims to address supply chain dependencies and market distortions. The EU chemical production faces challenges from cheaper competitors in the United States and China. The European Commission will expand national subsidies and simplify regulations for the chemical industry. Image source: Internet The EU's executive body stated that the European Commission will collaborate with member states and the chemical industry to support the production of chemicals deemed essential for the European industrial supply chain. The European Commission has announced that it will establish a Critical Chemical Alliance later this year, which will bring together the Commission, member states, and various stakeholders as part of a broader plan to revive the European chemical industry. The committee stated in a statement that the chemical alliance will "identify key production bases that require policy support and address trade issues such as supply chain dependencies and market distortions." This initiative draws on a previously established alliance that is responsible for identifying metals and minerals crucial to the energy transition. Subsequently, the EU set mining, processing, and recycling targets for 17 strategic materials. Chemicals are fundamental input materials for almost all industries (from textiles and defense to technology) and directly create 1.2 million jobs within the EU. However, during the COVID-19 pandemic, chemical production significantly declined, and it has still not fully recovered in the face of competitors from the US and China that have significantly lower energy and production costs. Committee officials stated that over the past two years, more than 20 chemical production bases have closed, and petrochemical and ammonia products are "under tremendous pressure." "First, there is the issue of sovereignty: we must protect the steam cracking units," said European Commission Executive Vice President and Industry Commissioner Stephane Sejourne to reporters. The steam cracking unit is a unit in petrochemical plants used to produce basic chemicals such as ethylene and propylene, which are widely used in products like food plastic packaging, rubber, automotive headlights, and fleece hoodies. The European Union currently has about 40 steam cracking units. Chemical giant Dow (DOW.N) announced plans to close two factories in Germany and one in the UK over the next two years. Sai Ruone told reporters that the alliance will assess the EU's dependence on imports in key molecules. "For example, in the case of methanol, we rely 80% on foreign imports. If we look back at the key production bases, we must protect and maintain Europe's sovereignty... Relevant work will identify these critical molecules, and the plan also suggests promoting a mechanism similar to the 'Critical Molecules Act'." In addition, the committee will include chemicals in future trade agreements and strengthen monitoring of chemical imports. Since 2024, the committee has launched 18 trade remedy investigations targeting different molecules. To alleviate the impact of high energy prices, the committee will expand national subsidies, accelerate approval processes, and provide energy security through EU funds. Serone stated that the committee will also establish "EU content" standards for chemicals to be included in public procurement requirements, a measure that is being promoted across the entire EU industry. Finally, the committee will propose the sixth simplification plan for the chemical industry, known as the "omnibus amendment." This amendment is expected to be presented within the year and will simplify the labeling rules for hazardous chemicals and revise regulations related to cosmetics and fertilizers, anticipated to save the industry €363 million (approximately $425.47 million) annually.

Background Briefing Hexamethylenediamine, also known as hexamethylenediamine, is an important chemical intermediate. It is mainly used for the production of polyamide 66 (also known as nylon 66 or PA66), which is widely used in automotive, electrical and electronic, aerospace, machinery, chemical, and textile industries due to its excellent overall performance. In addition, hexamethylenediamine is also used to produce specialty polyamides (such as PA610, PA6T, etc.), polyurethane raw materials such as hexamethylene diisocyanate (HDI), epoxy resin curing agents, rubber vulcanization accelerators, and as stabilizers in the textile and paper industries, among other applications. Process technology route There are multiple routes for the global production of hexamethylenediamine, with the butadiene cyanohydrin method occupying a dominant position. 01 Self-dicarbonitrile hydrogenation method According to the different raw materials, the process of hydrogenating hexanedinitrile to produce hexanediamine can be divided into three methods: butadiene cyanohydrin method, propionitrile electrolytic dimerization method, and hexanedioic acid catalytic amination method. 02 Caprolactam Ammoniation Dehydration Method Using caprolactam as a raw material, aminocapronitrile is first produced through ammoniation and dehydration, and then hydrogenated to obtain hexamethylenediamine. Representative companies include Toray Industries from Japan, Yangnong Ruitai under Sinochem in China, and Pingmei Shenma. Toray Industries commissioned its hexamethylenediamine plant in 1965, but at that time, the price of caprolactam was high, making it economically unfeasible. In April 2024, Jiangsu Yangnong Chemical Group, Xiamen University, and Ningxia Ruitai Technology Co., Ltd. jointly completed the "Key Technology Development and Industrialization of High-Quality Hexamethylenediamine Production via Caprolactam Method," filling the technological gap in the production of hexamethylenediamine using the caprolactam method and breaking the international monopoly. Ningbo Galnew Material Technology Co., Ltd. has acquired Japanese process technology and patents, and after optimization and improvement, has formed independent intellectual property rights. Pingmei Shenma Group is collaborating with this company to construct the Aisuan project. In June 2025, the first phase of the project, with an annual capacity of 50,000 tons of aminocapronitrile, will be put into production, and there are plans to build a hexamethylenediamine project.   Global Hexamethylenediamine Industry Review In 2024, global hexamethylenediamine production capacity will exceed 2 million tons per year, with a high market concentration. The capacity is mainly concentrated in international chemical giants such as Ascend, Invista, and BASF, as well as advanced domestic enterprises like Chongqing Huafeng, Pingmei Shenma, and Tianchen Qixiang. The global production and consumption of hexamethylenediamine in 2024 is estimated to be around 1.55 million tons, with an actual operating rate of about 75%. Ascend is currently the largest producer of hexamethylenediamine in the world, with a total production capacity of 600,000 tons per year. Its production bases include the Pensacola plant in Florida and the Decatur plant in Alabama in the United States, as well as the Lianyungang plant in Jiangsu, China. However, due to multiple factors such as global trade frictions, industry cyclical fluctuations, and increasing market competition, Ascend is facing significant operational pressure. In April 2025, Ascend announced its entry into bankruptcy reorganization to reduce debt and optimize its capital structure; on June 17, the company announced the orderly shutdown of the Lianyungang plant in Jiangsu. Invista's global capacity for hexamethylenediamine exceeds 500,000 tons per year, with production bases located in the United States, Canada, and Shanghai, China. Notably, Invista originally planned to shut down the hexamethylenediamine and hexamethylendiamine units at its Orange facility in the U.S. starting in 2023. According to the initial plan, the hexamethylenediamine production unit at the Orange facility was to immediately initiate safety shutdown procedures, while the hexamethylenediamine production was scheduled to cease in mid-2024. However, in October 2024, Invista announced a partnership with Dow, deciding to continue long-term production of hexamethylenediamine at the Orange facility, given its demonstrated safety, reliability, and competitive operational capabilities when producing solely hexamethylenediamine. Additionally, in July 2024, Invista announced the restart of the hexamethylenediamine production line at its Maitland facility in Canada, which resumed production in the first quarter of 2025. BASF announced in June 2025 that its new hexanediamine plant in Chalampé, France, has been successfully put into operation, increasing its global hexanediamine production capacity to 260,000 tons per year. The implementation of this project not only consolidates BASF's competitive advantage in the upstream of the polyamide industry chain but also provides a stable raw material guarantee for the polyamide industry in Europe.   Review of China's Hexamethylenediamine Industry 1 Supply Analysis: In 2024, there are a total of 8 caprolactam production enterprises in China, with a combined production capacity of 1.37 million tons per year, and the industry's effective operating rate is approximately 55%. By the end of 2024, China's total production capacity of hexamethylenediamine will reach 1.371 million tons per year, with the new capacity mainly concentrated in the East China region. The domestic production of hexamethylenediamine in 2024 is expected to be approximately 463,000 tons, an increase of 18.4% year-on-year. From the perspective of competitive landscape, China's hexamethylenediamine production enterprises are mainly concentrated in the East China region, including Shanghai, Jiangsu, Zhejiang, Shandong, and Chongqing. The East China region accounts for 65% of the production capacity. The industry has a high concentration, with the top three enterprises (TOP3) collectively accounting for about 52% of the national total production capacity. Major production enterprises include Invista, Tianchen Qixiang, and Huafeng Group. From 2021 to 2024, domestic hexamethylenediamine production capacity is rapidly increasing, especially with significant capacity expansion in 2024. The main reasons driving the rapid expansion of China's hexamethylenediamine capacity include: (1) National policy support. The government has introduced a series of policies to support the upgrading of the chemical industry and the localization of key materials, encouraging enterprises to break through "bottleneck" technologies such as hexanediamine and hexanedinitrile. These policies create a favorable environment for capacity expansion and enhance the overall competitiveness of the polyamide industry. (2) Breakthrough in the domestication of upstream raw material adiponitrile. Hexamethylenediamine is produced by hydrogenating adiponitrile. In the past, the production technology of adiponitrile has long been monopolized by overseas companies, which restricted the development of the domestic hexamethylenediamine industry. Since 2022, domestic companies such as Huafeng Group and Tianchen Qixiang have made significant breakthroughs in adiponitrile production technology, achieving large-scale production and successfully resolving the supply bottleneck of upstream raw materials for hexamethylenediamine, laying a solid foundation for the capacity expansion of hexamethylenediamine. (3) Strong demand from downstream markets. The main downstream products of hexamethylenediamine (HMDA) are PA66 and HDI. Among them, the application demand for PA66 in the automotive, electronics, and engineering plastics sectors continues to grow; the consumption of HDI in high-performance coatings and adhesives markets is rapidly increasing. The robust demand in the downstream market directly drives the consumption growth of the raw material HMDA, further promoting capacity expansion. 2 Demand Analysis: With the rapid growth of PA66 and HDI consumption, the consumption of hexamethylenediamine is expected to increase by 15% year-on-year in 2024. In 2024, China's consumption of hexamethylenediamine reached 495,000 tons, a year-on-year increase of 15.1%. Currently, PA66 is the largest consumption field for hexamethylenediamine in China. In 2024, domestic PA66 production capacity is 1.292 million tons/year, with a production volume of approximately 701,000 tons and a consumption volume of about 725,000 tons. In 2024, the domestic production of PA66 is expected to grow, primarily due to the continuous release of industry capacity, increased market supply, a favorable export market, and rapid growth in downstream demand. The downstream applications of PA66 are divided into three main categories: engineering plastics, industrial yarns, and civilian yarns. In 2024, the growth in PA66 demand will be mainly driven by the engineering plastics and industrial yarn sectors, with the automotive and electronics industries in the engineering plastics downstream and the tire industry in the industrial yarn downstream being the primary sources of PA66 demand growth. HDI is the second largest consumption field for China's hexamethylenediamine. As an aliphatic isocyanate without a benzene ring structure, HDI-based polyurethane coatings exhibit high resistance to yellowing and chalking, and can maintain the gloss of the paint surface for a long time. It is widely used in automotive, industrial protection, woodwork, and marine applications. The use of HDI aligns with the trend of upgrading polyurethane coatings towards high performance and environmental friendliness, leading to a continuous increase in consumption. In 2024, domestic HDI production capacity is expected to experience explosive growth. In addition to Covestro maintaining its existing capacity of 80,000 tons/year, Wanhua Chemical's Ningbo plant, Meirui New Materials, and Xinheng Cheng's HDI projects will all begin production, with total domestic HDI capacity reaching 330,000 tons/year by the end of 2024, an output of approximately 141,000 tons, and a consumption of about 130,000 tons. The application fields of hexamethylenediamine in China also include the production of special polyamides such as PA610 and PA6T, epoxy resin curing agents, a small amount used as rubber vulcanization accelerators, as well as stabilizers in the textile and paper industries. 3 Supply and demand forecasting: Caprolactam is still in a rapid development stage in China. Due to the accelerated localization of the raw material adiponitrile and the consumption drive from downstream PA66 and HDI, it is expected that the annual average growth rate of caprolactam consumption will remain at 10.1% by 2030. Currently, the domestic hexanediamine industry is still in a rapid development stage, and PA66 and HDI will continue to be the core driving forces for the growth in hexanediamine consumption. PA66 Market Outlook From 2024 to 2030, China's consumption of PA66 is expected to maintain a rapid growth trend, with an overall growth rate of about 8%. The growth in consumption is mainly driven by strong demand in the fields of engineering plastics and industrial yarns. At the same time, domestic PA66 production capacity will continue to expand, with an expected capacity of 2.8 million tons per year by 2030. With the increase in capacity, market supply capability will also be enhanced, and it is anticipated that from 2024 to 2030, the production growth rate will be approximately 11.5%, further driving the demand for hexamethylenediamine. HDI Market Outlook As a key raw material for high-performance polyurethane coatings, the demand for environmentally friendly high-performance coatings in industries such as automotive, construction, and woodworking will drive the continuous increase in HDI consumption in China. It is expected that from 2024 to 2030, domestic HDI consumption will grow rapidly at a compound annual growth rate of 8.3%. By 2030, with the gradual implementation of a series of new and expanded projects, domestic HDI production capacity is expected to reach 433,000 tons per year. At that time, market supply capacity will be significantly enhanced, and during the period from 2024 to 2030, production is expected to achieve an average annual growth rate of 8.3%, thereby increasing the demand for hexamethylenediamine. Market Outlook for Diethylamine Chinese enterprises are actively planning new construction and expansion projects for hexamethylenediamine, with a total of 1.752 million tons/year of new capacity planned domestically. Strong companies such as Xinhecheng, Zhejiang Petrochemical, Fujian Gulei, Liaoyang Petrochemical, and Hualu Hengsheng are all entering the market. Assuming all these projects are completed and put into production, combined with the exit of some existing domestic capacity, the total domestic capacity for hexamethylenediamine could reach 2.9 million tons/year. Although there is considerable uncertainty regarding the commissioning of some long-term projects, China's production capacity for hexamethylenediamine will still significantly exceed downstream consumption, leading to a more intense competitive landscape in the market.   China's Hexamethylenediamine Price Analysis In recent years, the price of hexamethylenediamine (HMDA) in China has shown a trend of rising first and then falling. In the first half of 2024, the price of HMDA rose, mainly due to the increase in crude oil prices, the continuous rise in the price of butadiene, a raw material for adiponitrile, which pushed up production costs; short-term supply tightness in the HMDA market; and strong demand from downstream PA66. By the second half of 2024, the price of HMDA fell back, reaching 21,000 yuan/ton by the end of the year. In the first half of 2025, the price of hexamethylenediamine (HMDA) is expected to show a divergent pattern of "international price increase and domestic price decrease" due to three factors: the localization of raw materials, tariff policies, and overcapacity. The hexamethylenediamine industry in China is characterized by a relatively concentrated market structure. If production enterprises cease operations due to equipment maintenance, natural disasters, safety accidents, or other factors, it will directly lead to a short-term supply gap, which will in turn drive the price of hexamethylenediamine to rise rapidly. For those production enterprises that rely on purchasing hexamethylenediamine, they may face the risk of supply disruption.   Thoughts on Ascend's Closure of Its Hexamethylenediamine Factory in China On June 17, 2025, global PA66 integrated producer Ascend Performance Materials announced the orderly closure of its hexamethylenediamine production facility located in Lianyungang, China. The plant has an annual capacity of 200,000 tons, and its closure will reduce the supply of hexamethylenediamine. In the short term, the supply tightness in the hexamethylenediamine market will intensify, especially in the Asia-Pacific region. Companies relying on the supply from this plant will face raw material shortages and may need to import from other regions or seek alternative suppliers. Additionally, the reduction in supply and market panic may drive up hexamethylenediamine prices. For downstream companies, since hexamethylenediamine is a key raw material for producing PA66 and HDI, the closure of the plant will increase the difficulty and cost for PA66 and HDI producers to obtain hexamethylenediamine. Some companies dependent on the supply from Ascend's Lianyungang facility may reduce production or even halt operations due to insufficient raw materials. The capacity layout of the Ausun De Lianyungang factory was originally planned to be constructed in three phases. Phase one, with an annual output of 200,000 tons of hexamethylenediamine, also includes specialty amine chemicals such as FlexaTram™ used in coatings, pharmaceuticals, and the oil and gas industries, which began operations in October 2024. Phase two is for the polyamide business, and phase three is for the raw material acrylonitrile. However, Ausun De has announced the orderly shutdown of the factory, less than eight months since the factory officially began operation. Aosenda's main purpose for setting up factories in China is to be closer to the Asia-Pacific market, reduce transportation costs through localized production, and avoid trade barriers (such as US-China tariffs). However, with the domestic breakthroughs in the production of hexamethylenediamine, domestic capacity has seen explosive growth, and market competition has become increasingly fierce. Local companies, leveraging their understanding of domestic market demand and well-established upstream and downstream industrial chain layouts, have demonstrated competitive advantages in cost control, pricing strategies, and customer service, putting Aosenda at a competitive disadvantage. Closing factories is essentially a loss-cutting measure taken by Aosenda to avoid continuous losses in intense competition. From the perspective of strategic adjustment, Ausand's closure of the Lianyungang factory highlights its strategic intention to refocus its business on the United States. By integrating internal resources, Ausand can enhance operational efficiency, concentrating limited resources on core business areas and regions with competitive advantages. At the same time, it will pay more attention to the resilience and security of the supply chain, establishing a more complete and controllable production and supply system in core market areas. Additionally, ongoing trade frictions have profoundly impacted Ausand's global business layout—the changes in tariff policies have significantly increased the cost of exporting products from the U.S. to international markets, directly weakening the price competitiveness of its products in the international market and affecting sales. Therefore, in the near future, it is expected that Ausand will focus on serving the customer base in the domestic U.S. market. For Chinese hexamethylenediamine production enterprises, after Ascend closed its Lianyungang factory, its original market share has become vacant, providing domestic companies with an opportunity to quickly fill the gap. However, the current domestic hexamethylenediamine market has shown a situation of oversupply. If domestic manufacturers want to enhance their competitiveness and expand their market share, the key lies in optimizing production, reducing costs and increasing efficiency, and improving product performance.

The Danish century-old footwear brand ECCO is accelerating its transformation from the business scene to the sports and outdoor arena. At the end of June, ECCO's collaborative capsule collection with the Japanese mountain streetwear brand White Mountaineering made its debut at Paris Fashion Week. The new men's and women's ready-to-wear collection and functional footwear will be launched in August 2025. This is the third collaboration between ECCO and White Mountaineering. As early as late October last year, the joint capsule series was launched, attracting widespread attention in the market. Many people in the outdoor community believe that, empowered by White Mountaineering, ECCO's urban outdoor apparel system can be said to be "winning at the starting line." Dive into the blue ocean of outdoor sports. According to reports, White Mountaineering is a Japanese outdoor apparel brand founded in 2006 by designer Yosuke Aizawa. Over the years, White Mountaineering has been dedicated to merging outdoor sports with fashion, creating a brand new style in fashion. White Mountaineering is very active in collaborations. In addition to working with ECCO, it has also launched collaborative products with fashion brands such as adidas, UGG, Danner, Wrangler, and MADNESS, which are well-loved by consumers. ECCO is a Danish casual footwear brand, founded in 1963, and entered the Chinese market in 1997. ECCO has always left Chinese consumers with the impression of being a mid-to-high-end brand with a price point in the thousand-yuan range and a focus on comfort. However, its design style is relatively conservative, making it more popular among middle-aged and older professional men. There are numerous discussions on social media linking it to terms like "dad shoes," "fashion items for middle-aged men," and "government office footwear." "Ten love walking, nine are rich, and one is just starting." "To do business, you have to travel far; if you want to be rich, wear love walking." Many jokes circulating on social media have turned ECCO into a symbol of success. However, some young people in the comments express confusion about who exactly is wearing these "ugly shoes." This cognitive dissonance reflects the conflict between ECCO's brand DNA and the changes in consumer generations: as Generation Z sees outdoor activities as a trendy lifestyle, this century-old brand, rooted in "comfortable business," is trying to shake off its "middle-aged" label through collaborations with trendy brands. The explosive growth of the outdoor sports market provides a crucial opportunity for its transformation. A recent research report released by Dongfang Caifu Securities shows that outdoor sports are gradually becoming more integrated into daily life and popular among the general public. According to data from Xiaohongshu, activities such as city walking, trail running, stream tracing, diving, rock climbing, cycling, and hiking are seeing rapid growth in search volume. In terms of total search volume, yoga, camping, hiking, cycling, and skiing have become popular outdoor sports with high total search volume and a large number of exposure notes. According to data from the National Bureau of Statistics, the China National Garment Association, and Frost & Sullivan, the market size of the high-performance outdoor footwear and apparel market in mainland China is expected to reach 102.7 billion yuan in 2024. Outdoor apparel leads the industry in growth, with the market size CAGR for apparel, footwear, and accessories from 2019 to 2024 being 14.7%, 12.8%, and 10.0%, respectively. Among them, the windbreakers and sun-protective clothing are the super popular items in outdoor apparel. According to data from Yien, windbreakers have the highest content volume on social media platforms like Douyin and Xiaohongshu. From the market structure perspective, affordable windbreakers occupy the main market, while the mid-to-high-end windbreaker market is growing at a faster pace. According to Jiuqian data, mid-to-high-end windbreakers show stronger growth potential, with online sales growth rates for windbreakers priced between 699-1521 yuan projected to be 37% in the first four months of 2025, and online sales growth rates for windbreakers priced above 1521 yuan reaching as high as 65%. Such industry data may explain why ECCO, which has deeply cultivated the business footwear sector, suddenly ventures into the trendy outdoor space. Will anyone pay for ECCO outdoor? Since the opening of its first ACTIVELIFESTYLE outdoor store in 2024, ECCO has completed a strategic layout of 20 stores in China. This century-old brand, known for its footwear, is attempting to transition from a "footwear expert" to a "full-scene outdoor lifestyle brand." In terms of product positioning, ECCO is also targeting the mid-to-high-end market. According to a report by Southern Metropolis and Bay Finance, an inquiry into ECCO's official mall reveals that its collaboration series with Japanese brand White Mountaineering features distinctly high-end pricing: sports shoes are priced primarily in the 2000-3000 yuan range, the starting price for the collaboration outerwear series exceeds 2000 yuan, and the pricing for the GORE-TEX professional fabric jackets is as high as nearly 7000 yuan. Such pricing has also sparked considerable controversy in the market. Some industry insiders point out that although ECCO has quickly penetrated the streetwear scene through three collaborations with White Mountaineering, its pricing lacks strong technical endorsement in front of the professional matrix of outdoor sports brands, resulting in insufficient market recognition. Taking trail running shoes as an example, leading brands like Salomon and HOKA often price their main models in the range of 1000-2000 yuan, such as the Salomon Pulsar Trail series and HOKA MAFATE SPEED2, which have become the top choice for runners due to their professional performance and cost-effectiveness. In the jacket market, Arc'teryx's NORVAN SHELL, a GORE-TEX hard shell, is priced around 4500 yuan, while domestic brand Kailas's MONTX series manages to keep the price of jackets made with the same material under 4000 yuan, making them relatively more competitive. However, ECCO's customer base itself possesses strong purchasing power, which may be the confidence behind its positioning of the sports product line as mid-to-high end. However, changing the ECCO customer’s entrenched impression of "comfortable business" to accept its new positioning of "functional outdoor" is bound to be a long and challenging battle. On social media, the consumer choice of "giving up ECCO and turning to Arc'teryx/Descente/Salomon" is frequently seen. As professional outdoor brands like Arc'teryx and Salomon continue to their product lines, ECCO's once core middle-class customer group is facing a sustained diversion crisis. This has compelled the brand to accelerate its transformation pace and seek breakthroughs in the fiercely competitive outdoor market. Financial reports show that from 2021 to 2024, ECCO's revenue in the Greater China region has continued to grow for four consecutive years, increasing from 360 million euros to 418 million euros. However, the trend of slowing growth is also evident. Data indicates that ECCO's revenue growth rate in the Greater China region decreased from 19% in 2021 to 1% in 2024. As of now, ECCO has opened 20 ACTIVELIFESTYLE outdoor flagship stores in China. The brand recently revealed in public reports that it plans to continue expanding in economically vibrant cities with strong consumer spending and will collaborate with leading commercial real estate developers to optimize its market layout.

On July 17, Hong Kong stocks related to new consumption continued to decline. As of the time of reporting, Pop Mart (09992.HK) fell by over 2.5%, with a transaction volume exceeding 3.2 billion Hong Kong dollars, and the latest market value is 330.6 billion Hong Kong dollars. According to Caixin, on the first trading day after Pop Mart released a positive profit forecast announcement (July 16), the number of shares sold short surged to 2.4956 million, more than six times the 342,000 shares on the previous trading day (July 15), reaching a new high since June 20. Goldman Sachs pointed out in its latest research report that although Pop Mart's performance exceeded the general expectations of sell-side analysts, it may only "roughly meet" the high expectations that buy-side investors had previously raised to very high levels. JPMorgan noted that the net profit growth forecasted by Pop Mart actually falls at the lower end of the previous buy-side expectation range (approximately 4.5 billion to 5.5 billion yuan). Looking back at the development trajectory of Pop Mart, from January 2, 2024, to now, its stock price has increased by over 1000%, with an increase of nearly 200% in 2025 alone. In the first quarter of this year, Pop Mart's performance has shown explosive growth. On April 22, it announced that its overall revenue for the first quarter of 2025 increased by 165%-170% year-on-year, with revenue in China increasing by 95%-100% and overseas revenue increasing by 475%-480%. In terms of revenue by region, the Asia-Pacific (referring to countries and regions in Asia and Oceania excluding China) increased by 345%-350% year-on-year, the Americas increased by 895%-900%, and Europe increased by 600%-605%. At the annual performance briefing held in April, Pop Mart's Chairman and CEO Wang Ning stated that the company's performance growth in 2024 exceeded expectations, mainly due to the successful implementation of its internationalization strategy, which has become the second growth curve for the company. Looking ahead to 2025, the management team is full of confidence, planning to achieve a year-on-year sales growth of over 50% based on the high base in 2024, with overseas sales expected to grow by over 100%. The goal is to reach an overall sales amount of 20 billion yuan, with overseas sales exceeding 10 billion yuan. The expansion of plastic demand behind the tide of trendy toys. The astonishing growth curve of Pop Mart has directly driven a massive demand for high-end plastic materials. The products rely on materials such as PVC and polypropylene.Safety, plasticity, environmental protectionWith stringent standards, the production of plastic products in China has reached 2024.77.076 million tonsThe export value has surpassed the 100 billion US dollar mark.The rise of high-value-added consumer products like Pop Mart is forcing the upstream materials to upgrade. It is particularly noteworthy that Pop Mart's overseas revenue has experienced explosive growth, and its products must comply with strict standards such as the EU REACH regulations. This directly drives the demand for environmentally friendly plasticizers—medical-grade epoxy soybean oil and citrate plasticizers are growing rapidly in the market.8.5%​The average annual growth rate of the expansion is expected to exceed the scale by 2030.12 billion yuan​。 The growing pains of industrial transformation under high environmental pressure. With the global "plastic restriction order" escalating, traditional plastic enterprises are facing a life-and-death test. ​Policy-driven pressureChina's "Plastic Pollution Control Action Plan" clearly restricts highly toxic plasticizers, while the EU REACH regulation establishes high trade barriers. ​Rising costsIn 2025, the industry average gross profit margin will drop from 18% to 15%, and the net profit margin will fall below 6%, putting significant pressure on small and medium-sized enterprises. ​Technical BreakthroughLeading companies like Wanhua Chemical and Jinhai Technology are seizing the opportunity by developing bio-based materials. Jinhai Technology's net profit in the first half of 2025 is expected to grow by 45% to 71% against the trend. The shortcomings of the plastic recycling system have highlighted the urgency of transformation. Currently, the recycling costs are high and the application rate of recycled materials is low, and the industry's circular economy is still in a state of "The road is long and difficult."the critical stage of the battle"。 The polarized industry differentiation of ice and fire. The performance of plastic enterprises in 2025 shows dramatic differentiation. This differentiation confirms the structural transformation in the industry—high-end products can achieve a gross profit margin of over 30% (such as Wanhua Chemical), while general-purpose plastics are mired in a surplus of production capacity. The operating rate of the polypropylene industry has already fallen below70%​However, specialty materials such as metallocene polypropylene and ultra-high transparency polypropylene are still in short supply. Technological breakthroughs lead to the reshaping of industry chain value. The path to a breakup has become clear. ​Biobased alternativesLiancheng Chemical's bio-based plasticizer production capacity will double to 200,000 tons/year, and Wanhua Chemical is planning a citric acid ester production line. ​Specialized breakthroughThe demand for anti-impact copolymer polypropylene driven by new energy vehicles will see the share of environmentally friendly plasticizers in the automotive sector reach 2030.35%​​ ​Digital cost reductionEnterprises that use AI to optimize production have reduced procurement costs.5%-8%​Relieve the pressure of raw material price fluctuations. The stringent requirements of Pop Mart and others for food-grade safety standards and low-carbon materials are being transmitted through the industrial chain, pushing plastic companies from "Price competition"Turn"Technical competition”。 Future Vision: The Double Helix of Green and High-End When Pop Mart plans to achieve in 202520 billion in salesAt this time, behind it is a demand for high-end plastic materials worth hundreds of billions; as Wanhua Chemical accelerates the development of bio-based polyurethane at its R&D center, the upgrading bottlenecks in industries such as trendy toys, healthcare, and new energy are being broken one by one. The future of the plastic industry depends on whether it can...Environmental compliance Technology premiumFind a balance in between. Just as the polypropylene industry has opened up high-end markets through metallocene materials, China's plastic processing industry is now at a point of...World Factory"toward"Source of Innovation"The critical point of the leap. This green revolution is not only related to the survival of enterprises but will also reshape the competitive landscape of global industrial chains."

International News Guide:   Raw Material News - American DuPont plans to sell Nomex and Kevlar brands for $2 billion Automotive News - GAC Group Enters UK Market, to Launch Two AION Brand EVs First Electronics News - Counterpoint: Global Smartphone Shipments Grew 2% YoY in Q2 Other News - Covestro India and CSIR-NCL Partner to Convert PU Waste into Chemical Building Blocks   Details of International News:   1. American Dupont Plans to Sell Nomex and Kevlar Brands for $2 Billion It is reported that DuPont's iconic high-performance brands - Nomex and Kevlar, have now been put up for sale. As part of a major corporate restructuring, DuPont is preparing to spin off the Nomex and Kevlar heat-resistant fiber brands by mid-2025. Private equity firms Advent International and Platinum Equity are preparing to submit bids, and the deal is expected to be valued at approximately $2 billion (equivalent to about RMB 1.44 billion). The purpose of this spin-off is to focus on high-growth areas (semiconductors, medical care, water treatment). 2. Covestro Declares Force Majeure on TDI / oTDA-based / Polyether Polyol Due to a fire in an external transformer station in building L26 at Chempark Dormagen early Saturday morning on July 12, 2025, there was a sudden and unpredictable power outage in parts of the Chempark. In addition to the process control system, Covestro's PUD and PET operations as well as the chlorine plant were also affected by this incident, which had to be shut down to a safe state. The specific impacts of this incident cannot yet be assessed by Covestro. Furthermore, it is not foreseeable how long this condition, the interruption of the power supply, and the failure of the process control system will last. 3. Solvay Revises Its 2025 Underlying EBITDA Outlook and Confirms Its Free Cash Flow Guidance In the second quarter, Solvay experienced a continuation of the soft market environment, impacted by ongoing global tariff discussions and heightened geopolitical tensions. This led to a progressive reduction of demand, and a slowdown in order books, particularly in certain soda ash end-markets and in the Coatis business unit. Visibility remains low and market conditions are expected to remain challenging throughout the second half of 2025. 4. Adnoc to transfer OMV stake to XRG Abu Dhabi National Oil Co. (Adnoc) announced July 16 that it intends to transfer its 24.9% shareholding in OMV AG (Vienna) to XRG PJSC, Adnoc’s wholly owned international investment company. Details of the transaction have not been disclosed.The transfer, which is subject to regulatory approvals, is aligned with Adnoc’s s strategy to consolidate its international growth investments under XRG, the company said. XRG, launched in November 2024, is also Adnoc’s vehicle for the previously announced acquisition of Covestro AG. 5. Canada’s KSR sold to U.S.-based Angstrom Automotive Group KSR International, a Ridgetown, Ont.-based automotive parts maker, has been acquired by Angstrom Automotive Group Inc., in a move that expands Angstrom’s product offering, manufacturing footprint, and vertical integration, while deepening business with OEMs. 6. GAC Group Enters UK Market, to Launch Two AION Brand EVs First On July 16, GAC Group and Saudi-owned distributor Jameel Motors announced a cooperation agreement, under which the latter will distribute GAC Group's models in the UK, Europe's second-largest automotive market. This makes GAC Group the fourth Chinese automaker to launch a new brand in the UK market this month. According to the plan, GAC Group will first launch two AION brand electric models in the UK market - the AION V SUV and AION UT Hatchback, with the first batch of vehicles expected to be delivered to UK consumers in the first quarter of 2026. 7. Covestro India and CSIR-NCL Partner to Convert PU Waste into Chemical Building Blocks Covestro (India) Private Limited has signed a Memorandum of Understanding (MOU) with the CSIR-National Chemical Laboratory (NCL) launching an innovative Corporate Social Responsibility project. The project aimed at developing sustainable upcycling solutions for polyurethane materials, addressing the critical limitations in current recycling technologies.  8. South Korea Plans to Impose 5-Year Anti-Dumping Duties on Chinese Petroleum Resins Recently, South Korea's Ministry of Strategy and Finance issued Announcement No. 2025-142, stating that it will impose anti-dumping duties for five years on petroleum resins originating from Mainland China and Taiwan Region of China. Among them, the duty rate for Mainland China is 2.26% ~ 3.50%, and that for Taiwan Region of China is 7.07% and 18.52%. The case involves products under Korean tariff code 3911.10.1000, but C9 petroleum resins with a softening point of not less than 130℃ are not subject to the above anti-dumping duties. 9. Counterpoint: Global Smartphone Shipments Grew 2% YoY in Q2 On July 17, according to preliminary data estimates from Counterpoint Research's market monitoring service, global smartphone shipments in the second quarter of 2025 grew slightly by 2% year-on-year (YoY). This growth marks the second consecutive quarter of expansion, mainly driven by contributions from the North American, Japanese and European markets. Samsung maintained its position as the world's top smartphone vendor in Q2 2025 with an 8% YoY increase in shipments. Apple remained in second place, with its shipments rising 4% YoY. Xiaomi's performance in Q2 2025 was flat YoY, ranking third. vivo and OPPO ranked fourth and fifth respectively, performing steadily in the mid-range market and showing signs of recovery in overseas markets such as Latin America and the Middle East and Africa (MEA). Overseas Macro Market: 【Fed Releases "Beige Book" on Economic Conditions】 On July 16 local time, the Federal Reserve released the "Beige Book" on economic conditions.【US June Producer-Side Inflation Data Unexpectedly Lower Than Expected】 On July 16 local time, US June producer-side inflation data was unexpectedly lower than expected, failing to reflect the potential price increase effect that tariff policies might bring to producers for the time being. The market continues to bet that the Federal Reserve will cut interest rates twice within the year. 【Trump Denies Plan to Fire Powell】 On July 16 local time, US President Trump denied news that he would soon fire Federal Reserve Chairman Powell, easing market concerns. 【Earnings of Major US Financial Institutions Remain Stable】 On July 16 local time, major financial institutions such as Bank of America, Goldman Sachs, and Morgan Stanley released relatively stable earnings reports, boosting market risk appetite. The three major US stock indexes closed higher collectively on Wednesday, with the Nasdaq hitting its ninth closing record high this year. 【UK June CPI Year-on-Year Increase Rebounds to 3.6%】 On July 16 local time, data released by the UK Office for National Statistics showed that the year-on-year increase in the UK's June Consumer Price Index (CPI) unexpectedly rebounded to 3.6%, hitting a new high since January 2024. The market is worried that the UK economy is on the verge of stagflation.【ASML Reports Strong Earnings but Faces Gloomy Outlook】 On July 16 local time, Dutch lithography giant ASML released its earnings report, showing that the company had strong performance in the second quarter of fiscal year 2025. However, management warned that uncertainties in macroeconomic and geopolitical risks are increasing, and the company's performance may not grow in 2026. ASML's European shares plummeted 11.37% on Wednesday, which also triggered a decline in most large European technology stocks. The three major European stock indexes closed lower collectively on Wednesday. Price Information: 【RMB/USD Central Parity Rate】 The central parity rate of RMB against USD was reported at 7.1461, up 65 points; the central parity rate of the previous trading day was 7.1526, the official closing price of the previous trading day was 7.1776, and the night session closing price of the previous day was 7.1771; 【Upstream Raw Material USD Market Prices】 Ethylene Asia: CFR Northeast Asia 820 USD/ton; CFR Southeast Asia 830 USD/ton; Propylene Northeast Asia: FOB Korea average price 740 USD/ton; CFR China average price 765 USD/ton; North Asia frozen cargo CIF price, propane 520-521 USD/ton; butane 490-491 USD/ton; South China frozen cargo CIF price for early August, propane 552-562 USD/ton; butane 523-531 USD/ton; Taiwan region frozen cargo CIF price, propane 520-521 USD/ton; butane 490-491 USD/ton; 【LLDPE USD Market Prices】Film: 875-900 USD/ton (CFR Huangpu); Injection molding: 950 USD/ton (CFR Dongguan); 【HDPE USD Market Prices】Film: 920 USD/ton (CFR Huangpu); Blow molding: 855-860 USD/ton (CFR Huangpu); 【LDPE USD Market Prices】Film: 1070-1100 USD/ton (CFR Huangpu); Coating: 1350 USD/ton (CFR Huangpu); 【PP USD Market Prices】Homopolymer: 935-965 USD/ton (CFR Huangpu); Copolymer: 965-995 USD/ton (CFR Huangpu); Film grade: 1000 USD/ton (CFR Huangpu); Transparent grade: 1085 USD/ton (CFR Huangpu); Pipe grade: 1160 USD/ton (CFR Shanghai);  

The world's oldest toy store, Hamleys, recently announced its full-year results for 2024. Despite a challenging environment, company closures, and layoffs, performance has actually improved. Performance recovery in 2024 After a 9.19% drop in sales in 2023, Hamleys finally made a comeback in 2024. As of December 31, 2024, Hamleys' total sales for the year reached £53.3 million (approximately 510 million RMB), an increase of 3.69% compared to £51.4 million in 2023. Moreover, the pre-tax profit soared from a meager £673,000 in 2023 to £3.7 million in 2024 (approximately 35.68 million RMB), growing more than fivefold. In terms of regions, the performance in Europe is good, while the global regions are sluggish. Specifically, the revenue from the UK headquarters increased by £2 million from £43.9 million in 2023, reaching £45.9 million in 2024, accounting for 86.12% of the company's total revenue; the revenue from the rest of Europe surged from £166,000 in 2023 to £832,000 in 2024; however, the revenue from other global regions declined, decreasing from £7.3 million in 2023 to £6.5 million in 2024. The night-time foot traffic at Hamleys' UK store is quite considerable. Efforts to adjust store layout Behind this performance growth is the adjustment of cost reduction and efficiency improvement by Hamleys. In 2024, Hamleys closed 29 underperforming stores worldwide throughout the year, but during the same period, it also opened 22 new stores, indicating its adjustment in store location strategy. Currently, there are 11 stores operating in the UK and a total of 176 franchised stores globally. According to Hamleys' official website, there are 8 stores in China. At the same time, the company made personnel adjustments, laying off 34 people, and the current number of employees is 401. The Hamleys board stated in a statement: "The revenue growth in 2024 is mainly driven by franchise fees, and we are optimistic about the introduction of new areas and the growth in existing regions." Hamres will open a flagship store in 2024 in collaboration with local partners in Italy. Entering 2025, the Hamleys board believes that the UK retail market remains challenging as consumer spending continues to be affected by inflationary pressures. Therefore, the company maintains a cautiously optimistic outlook on business growth and continues to focus on cost optimization to ensure the group's profitability. At the same time, the Hamleys board stated: "We will continue to strive to improve various forms of customer experience and propositions to ensure the long-term sustainability of the business. We remain focused on finding future growth opportunities, and implementing a robust digital strategy is a key growth driver for the UK in 2025." Destined for misfortune, experienced multiple changes of hands. Hamleys is the oldest toy store in the world, founded in 1760. It has withstood global economic recessions and the ravages of world wars, boasting a history of 265 years, though it has changed hands multiple times. In 2003, the Icelandic investment firm Baugur Group privatized Hamleys for £47.4 million. In 2012, it was transferred to Groupe Ludendo for 60 million pounds. In 2015, it was acquired by the Chinese company Qianduoduo for 100 million pounds. In 2018, it was sold for £70 million to Reliance Industries, the largest in India and the second-largest private enterprise in the world, transforming from an authorized operating partner in India to the parent company, continuing to this day. Currently, India is also the country with the most Hamleys stores globally. According to the official website, there are over a hundred stores of all sizes combined.

On July 15, 2025, Medtronic announced that its LigaSure RAS vascular sealing technology for robot-assisted surgery received CE mark certification from the European Union, marking the official entry of this mature vascular sealing technology into the European robot surgery market, to be used in conjunction with Medtronic's self-developed Hugo soft tissue robotic system. LigaSure RAS  This certification further enhances the application capabilities of the Hugo system in multiple surgical procedures, including gynecology, urology, and general surgery, and fulfills Medtronic's commitment to integrating advanced closure technology into the robotic platform. A doctor works at the console of the Medtronic Hugo robotic surgical system. 01 LigaSure technology: 25 years of market validation, first entry into the robotic surgery field. LigaSure is currently the most widely used advanced bipolar energy surgical sealing technology in the world. Since its launch, it has been used in over 35 million surgeries across 65 countries/regions. This technology can achieve precise closure of blood vessels, tissues, and lymphatic vessels under 7mm in about two seconds, while minimizing thermal spread to surrounding tissues, making it highly favored by surgeons. LigaSure series products The LigaSure RAS (Robotically Assisted Surgery) version that has obtained CE certification is specifically designed to be used with robotic-assisted surgery and can be connected to Medtronic's energy platform Valleylab FT10, further enhancing operational efficiency and closure safety in robotic surgery. 02 Experts and executives evaluate: giving robotic surgery higher closure confidence. Surgeon Miguel Caceres from Panama Pacifica Salud Hospital stated, "LigaSure technology is one of the most significant advancements in minimally invasive surgery, giving us confidence in the safety of sealing. As robotic surgeons, we hope that the Hugo system will also have this technology." Matt Anderson, Senior Vice President and President of Medtronic's Surgical business, pointed out: "The approval of LigaSure RAS is a key step in fulfilling our commitment. This is not just about technological integration, but also a positive reflection of our collaboration with surgical teams to shape the future of surgery together." 03 Medtronic Hugo Robot System Progress The Hugo system received its first CE certification in Europe in 2021 and has been implemented in over 30 countries worldwide. Medtronic stated that it expects to launch the Hugo system in the U.S. market by fiscal year 2026 (ending April 2026). The indications for the procedure are urological surgeries, with plans to expand to gynecology and hernia among other fields. In addition, Medtronic also plans to conduct remote surgery demonstrations based on the Hugo system and share the latest clinical data results of gynecological procedures at the recently held annual meeting of the Robotic Surgeons Association.

On July 15 local time, the U.S. Department of Commerce announced its final affirmative ruling on the anti-dumping (AD) and countervailing duty (CVD) investigation into Chinese hexamine. Maximum 825.92% exorbitant tariff The final ruling sets the anti-dumping duty rate for Chinese producers/exporters at 405.19% (with the margin adjusted to 394.65% after offsetting subsidies), and this rate is a uniform national rate for China. The subsidy tax rate for Chinese producers/exporters is 420.73%, which is also the national uniform rate in China. The combined rate of the anti-dumping tax and the subsidy tax rate reaches as high as 825.92%. According to the relevant legal procedures announced by the U.S. Department of Commerce, the U.S. International Trade Commission (ITC) will make a final ruling on anti-dumping industry damage on August 28, 2025. In addition, on July 14, the U.S. Department of Commerce announced a preliminary anti-dumping ruling on erythritol imported from China, with a preliminary determination that the dumping margin for Chinese producers/exporters is 371.62% (the adjusted margin after offsetting subsidies is 371.53%), and the national unified tax rate for China is 450.64% (the adjusted margin after offsetting subsidies is 450.64%). Trump: Continue sending tariff letters On July 15, U.S. President Trump stated that he plans to impose tariffs of more than 10% on smaller countries, including those in Africa and the Caribbean. On that day, Trump gave an interview to the media at Andrews Air Force Base, saying, "For this segment of the population, every country will be the same." These countries "are not major powers and have a small trade volume with us." He indicated that he might impose tariffs "slightly above 10%" on goods from at least 100 countries. On the same day, U.S. President Trump announced on social media that the United States would impose a 19% tariff on all imports from Indonesia, while exports from the U.S. to Indonesia would enjoy tariff-free and non-tariff barrier treatment. According to reports, Trump stated that after talks with Indonesian President Prabowo, both sides reached an important agreement. Under this "milestone agreement," Indonesia "opens its entire market to the United States for the first time." Trump recently sent letters to the leaders of more than 20 trading partners, stating that starting from August 1, he will impose tariffs ranging from 20% to 50% on these trading partners. Tariff revenue exceeds 100 billion USD. On July 11, according to data from the U.S. Treasury, the government recorded a fiscal surplus of over $27 billion in June, in sharp contrast to the $316 billion deficit in May. This is the first fiscal surplus for the U.S. government in June since 2017. Nevertheless, the cumulative deficit for the fiscal year so far still stands at $1.34 trillion. This transformation is mainly due to the sharp increase in fiscal revenue, especially from tariff income. In June, the total customs tariff reached approximately 27 billion USD, an increase of 17% compared to 23 billion USD in May, and a staggering 301% increase compared to the same period last year. So far this fiscal year, tariff revenue has reached 113 billion USD, an 86% increase compared to the same period last year, setting a record high for a single fiscal year. During a cabinet meeting earlier this week, Treasury Secretary Becerra stated that tariff revenue in the United States is expected to reach $300 billion in the calendar year 2025. This forecast is based on the strong performance of tariff revenue so far this year and the ongoing trade protection policies implemented by the Trump administration.