Plastiverd Shuts Down PET Business! Dow and Hisense Step Up Cooperation; BMW's Profit Under Pressure

International News Guide

Raw Material News - European PET Industry Laments Again: Plastiverd to Shut Down PET Business

Automotive News - BMW Group: U.S. Tariffs Pressure Company's Profitability

Packaging News - 15% Recycled or Bio-Based Content: Japan Launches PET Beverage Bottle Design Certification Standard

Electronics News - Dow and Hisense Group Renew Polyurethane Cooperation at CIIE

Other News - Evonik and 361° Jointly Launch Second-Generation Low-Carbon Running Shoes, Leading Green Upgrade of Running Footwear

Macroeconomic News - ASEAN Remains China's Largest Trading Partner in Jan-Oct; EU and U.S. Rank Second and Third

Price Information - Ethylene Asia: CFR Northeast Asia USD 740/ton (stable); CFR Southeast Asia USD 730/ton (stable)

Details of International News

1. Dow and Hisense Group Renew Polyurethane Cooperation at CIIE

On November 6, at Dow's booth during the 8th China International Import Expo (CIIE), a signing ceremony embodying 20 years of trust was successfully held.

Dow and Hisense Group Holding Co., Ltd. signed a procurement intention agreement again, marking a new phase in their cooperation that began in 2005.

2.TOMRA and Plastretur Jointly Launch Norway's First Plastic Sorting Plant

According to Plastmatch on November 7, Norway has recently gained the ability to independently sort plastic waste for recycling.

Norwegian company TOMRA and Plastretur, the Norwegian producer responsibility organization for plastic packaging recycling, officially inaugurated the sorting plant on November 5, 2025. Named Områ, the plant has an annual rated capacity of 90,000 tons and is located in Holtskogen Næringspark Industrial Park near Oslo.

Construction of the plant took two years, entering the commissioning phase in April this year, after which the material processing volume was gradually increased.

3.India's First Industrial-Scale PLA Project Scheduled for Production in 2026

Sugar giant Balrampur Chini Mills plans to put India's first large-scale polylactic acid (PLA) bioplastic plant into production in October 2026, with an annual output of 80,000 tons of bioplastics. This marks an important step in the development of India's green manufacturing industry.

Recently, Executive Director Avantika Saraogi revealed that the 28.5 billion rupee project is progressing smoothly and is expected to start production in October 2026. "Production will begin in November," she said, adding that the plant will help the company transition to sustainable materials and create a new growth engine.

4.Ta'ziz Signs $2 Billion Infrastructure Agreement with China National Chemical Engineering No.7 Construction Co., Ltd. to Build World's Largest PVC Plant in UAE

At the Abu Dhabi International Petroleum Exhibition and Conference in early November, Ta'ziz awarded a $1.99 billion infrastructure contract to China National Chemical Engineering No.7 Construction Co., Ltd. for the construction of the UAE's first integrated single-site polyvinyl chloride (PVC) production complex.

The project is expected to be completed and put into production in the fourth quarter of 2028. With a planned annual capacity of 1.9 million tons, the complex will produce products including PVC, ethylene dichloride, vinyl chloride monomer, and caustic soda. Once completed, it will be one of the world's three largest PVC manufacturing hubs.

The plant's annual PVC output will be sufficient to meet the demand for water supply pipe manufacturing for 10 million households.

5.European PET Industry Laments Again: Plastiverd to Shut Down PET Business

Plastiverd recently informed customers and suppliers in a letter that it has decided to cease PET production and business operations. After learning of the letter's content, ICIS announced the news via social media.

The company cited reasons including high production costs in Europe, the competitiveness of imported products, and the depreciation of the U.S. dollar against the euro caused by reciprocal tariffs. Plastiverd will divest its PET business and consider selling it. Additionally, only materials in inventory will continue to be allocated until December.

Affiliated with the CL Industrial Group, Plastiverd is an iconic European PET producer. The company just launched PET resins with 30% and 50% chemically recycled content in the second half of this year. Through two production lines with a total annual capacity of 200,000 tons of PET resin, it provides large-scale sustainable PET materials to the market.

6.BMW Group: U.S. Tariffs Pressure Company's Profitability

German automaker BMW Group recently released financial results showing that U.S. tariff hikes have exerted significant pressure on the company's profitability.

The financial report indicated that BMW Group's earnings before interest and taxes (EBIT) for the first nine months of this year was €8.06 billion, a year-on-year decrease of 16.2%; operating revenue fell 5.6% year-on-year to approximately €100 billion; net profit decreased 6.8% year-on-year to €5.7 billion.

Recent financial reports from several German automakers including Volkswagen and Mercedes-Benz showed that their profits in the first three quarters of this year declined to varying degrees, with all generally pointing out that U.S. tariffs have had a significant impact on performance.

7.Evonik and 361° Jointly Launch Second-Generation Low-Carbon Running Shoes, Leading Green Upgrade of Running Footwear

Global chemical company Evonik and renowned Chinese sports brand 361° jointly held a pre-launch event for the second-generation Mass Balance low-carbon and environmentally friendly running shoe "Feiran 5" at the 8th China International Import Expo.

This running shoe adopts Evonik's VESTAMID® ECO E40 nylon 12 elastomer foamed material, which can reduce carbon emissions by 70%. Using supercritical physical foaming technology, Evonik's VESTAMID® ECO E40 nylon 12 elastomer foam combines lightweight, high resilience, and flexible foot feel, significantly enhancing runners' athletic performance.

Meanwhile, through the "mass balance method" and chemical recycling technology, core raw materials are extracted from waste such as used tires, and renewable energy is used for power supply during production, reducing overall carbon emissions by approximately 70% compared with traditional processes. VESTAMID® ECO E40 has passed third-party certification and achieved full-process digital traceability, building a true green closed loop.

8.LyondellBasell (LYB) Adds Cast Film Production Line at Cincinnati Technology Center in the U.S.

According to Plastmatch on November 7, LyondellBasell (LYB) announced the installation of a new Colines cast film production line at its Cincinnati Technology Center in Ohio, central U.S.

The launch of this production line marks a leapfrog improvement in the company's innovation and cooperation capabilities, providing a new way to support the R&D and testing of cast film grades, and demonstrating LYB's firm commitment to efficient cooperation.

This Colines cast film production line is mainly used to support the development of high-performance stretch films and other special application products, with advanced complex structure production capabilities.

9.15% Recycled or Bio-Based Content: Japan Launches PET Beverage Bottle Design Certification Standard

Japan's Ministry of Economy, Trade and Industry (METI) has launched a PET beverage bottle design certification standard in accordance with the 2022 Act on Promotion of Resource Recycling of Plastics.

Released in July 2024, the standard aims to improve the recyclability and resource efficiency of plastic beverages and will take effect on January 24, 2026. Certified bottles must contain at least 15% recycled or bio-based PET.

In addition, bottles must be made entirely of colorless PET without additives that hinder recycling. Direct printing on bottles is prohibited unless it is mandatory information such as expiration dates or product codes. For large-capacity bottles with handles, the regulations require the handles to be made of colorless PET, or PP or PE with a density of less than 1.

Overseas Macroeconomic Market

【Trump Says He Plans to Visit India at Modi's Invitation, Possible Next Year】

U.S. President Donald Trump stated that he will visit India at the invitation of Indian Prime Minister Narendra Modi. "He's a friend of mine, we stay in touch, he wants me to visit India, we'll arrange it, I'll go," Trump told reporters on Thursday.

Trump said the visit "could" take place next year but declined to disclose a specific schedule.

【Dutch Government: Expects Nexperia China to Resume Chip Supply Soon; Netherlands to Continue Close Coordination with China, EU】

In a statement released on November 7, the Dutch government quoted Dutch Minister of Economic Affairs Micky Adriaansens as saying that the Netherlands welcomes China's statement that it will facilitate the resumption of supply from Nexperia's Chinese factories. "Given the constructive talks we have had with China, we are confident that chips supplied by China to Europe and other parts of the world will reach Nexperia's customers in the coming days."

Adriaansens stated that the Netherlands will continue to maintain close contact with China and coordinate closely with the European Commission and international partners on this matter.

【Reuters Poll: U.S. Tariffs May Push Japan's Economy into Contraction for First Time in Six Quarters】

A Reuters poll released on Friday showed that Japan's economy may have contracted in July-September for the first time in six quarters, hit by U.S. President Trump's tariff policies.

According to the median forecast of 18 economists, Japan's real gross domestic product (GDP) may have shrunk by 2.5% quarter-on-quarter at an annualized rate in the third quarter, compared with 2.2% growth in the second quarter. Without annualization, the third quarter is estimated to have contracted by 0.6%.

Analysts attributed the economic slowdown to a decline in exports caused by U.S. tariffs. External demand, or net exports (exports minus imports), may have subtracted 0.3 percentage points from third-quarter GDP growth, after adding 0.3 percentage points in the second quarter. Other negative factors include a decline in housing and inventory investment following advance spending in the previous quarter.

【ASEAN Remains China's Largest Trading Partner in Jan-Oct; EU and U.S. Rank Second and Third】

According to customs statistics, in the first 10 months of this year, ASEAN was China's largest trading partner. The total trade volume between China and ASEAN reached 6.18 trillion yuan, an increase of 9.1%, accounting for 16.6% of China's total foreign trade.

The EU was China's second-largest trading partner, with bilateral trade volume of 4.88 trillion yuan, an increase of 4.9%, accounting for 13.1% of China's total foreign trade. The U.S. ranked third, with bilateral trade volume of 3.38 trillion yuan, a decrease of 15.9%, accounting for 9% of China's total foreign trade.

During the same period, China's total imports and exports to countries along the Belt and Road reached 19.28 trillion yuan, an increase of 5.9%.

【Trump Announces Kazakhstan's Accession to Abraham Accords】

U.S. President Donald Trump announced that Kazakhstan will join the Abraham Accords. Speaking at a dinner with Central Asian leaders, Trump stated that strengthening economic partnerships with Central Asia and critical minerals are key items on the agenda; more countries will join the Abraham Accords.

Price Information

The CNY/USD central parity rate was reported at 7.0836, an increase of 29 pips; the central parity rate of the previous trading day was 7.0865, the official closing price of the previous trading day was 7.1219, and the night session closing price of the previous day was 7.1188.

【Upstream Raw Material USD Market Prices】

Ethylene Asia: CFR Northeast Asia USD 740/ton (stable); CFR Southeast Asia USD 730/ton (stable).

Propylene Northeast Asia: FOB South Korea average USD 710/ton; CFR China average USD 730/ton.

North Asia refrigerated cargo CIF price: Propane USD 489-492/ton; Butane USD 510-513/ton.

South China (China) refrigerated cargo CIF price for early December: Propane USD 541-551/ton; Butane USD 526-536/ton.

Taiwan region refrigerated cargo CIF price: Propane USD 489-492/ton; Butane USD 510-513/ton.

【LLDPE USD Market Prices】

Film: USD 830-860/ton (CFR Huangpu);

Injection Molding: USD 935/ton (CFR Huangpu).

【HDPE USD Market Prices】

Film: USD 860-900/ton (CFR Huangpu);

Injection Molding: USD 820/ton (CFR Huangpu);

Blow Molding (Hollow): USD 830-860/ton (CFR Huangpu);

Pipes: USD 1010/ton (CFR Huangpu).

【LDPE USD Market Prices】

Film: USD 1030-1050/ton (CFR Huangpu);

Coating: USD 1280/ton (CFR Huangpu).

【PP USD Market Prices】

Injection Molding: USD 840-915/ton (CFR Huangpu);

Copolymer: USD 840-870/ton (CFR Nansha);

Film Grade: USD 1015/ton (CFR Huangpu);

Transparent Grade: USD 1035-1080/ton (CFR Huangpu);

Pipes: USD 1100/ton (CFR Shanghai).