Westlake Chemical Exits Styrene Business! S. Korean Bottled Water Fully Eliminates Plastic Labels; Volkswagen Shuts Down German Plant

International News Guide

Raw Material News - Westlake plans to close three vinyl chloride - related facilities in the US and fully withdraw from the styrene business

Automotive News - Volkswagen shuts down its first domestic plant in Germany

Packaging News - South Korea to fully eliminate plastic labels on bottled water in 2026

Electronics News - South Korean government plans to promote 3.5 million eco - friendly HVAC systems by 2035

Other News - BASF launches new - generation closed - cell spray polyurethane foam WALLTITE® RSB, made from recycled and bio - based raw materials

Macroeconomic News - CEO of European Climate Foundation: Europe should stop purchasing US energy

Price Information - CNY/USD central parity rate hits a new high in over 14 months

Details of International News

1. Sluggish Global PVC Market! Westlake to Close Three Vinyl Chloride - related Facilities in the US and Fully Withdraw from Styrene Business

Plastmatch learned on December 16 that Westlake announced on December 15 that it will close three vinyl chloride - related production plants and one styrene plant in the US this month to improve the profitability of its Performance and Essential Materials (PEM) division.

The company stated that it will continue to supply polyvinyl chloride (PVC), vinyl chloride monomer (VCM) and chlor - alkali products through its other seven vinyl chloride production facilities in North America, but will fully withdraw from the styrene business.

2.Wanhua Chemical Announces Price Hike for MDI and TDI Products in Latin America

On December 15, 2025, Wanhua Chemical announced that it will increase the prices of all MDI and TDI products sold in Latin America by $200 per ton (or the equivalent in local currency).

The price increase took effect on December 15, 2025 or in accordance with the existing terms of the contracts. Wanhua Chemical stated that this price adjustment is to cope with changes in the current market environment, ensure the sustainable operation of the company's business, and continuously provide customers with stable and high - quality products and services.

3. BASF Commits to Securing Jobs at Ludwigshafen Plant Until 2028 with Billions of Euros in Investment

On December 15, BASF stated that there will be no mandatory layoffs at its main plant in Ludwigshafen, Germany for at least the next three years. It also pledged to invest 1.5 billion to 2 billion euros annually in the modernization of the plant.

BASF said it has reached a new agreement with employee representatives titled "Shaping the Future and Building a Strong Growth Region", which will be valid from January 2026 to December 2028 and can be extended for another two years if the agreed profit targets are met.

As part of the agreement, BASF promised no mandatory layoffs due to operational reasons during the term of the agreement, thus ensuring the job security of approximately 33,000 employees. BASF's headquarters plant in Ludwigshafen is the largest chemical plant in Europe, and its employees account for about one - third of the company's global workforce.

4. Michelin, IFPEN and Axens Announce Progress in 100% Bio - sourced Butadiene Production

Michelin, IFPEN and Axens jointly announced that their BioButterfly™ project has achieved significant progress with the support of the French Agency for Ecological Transition (ADEME), the Nouvelle - Aquitaine Region and the Bordeaux Métropole.

The project aims to produce bio - based butadiene using bioethanol as raw material. Following the successful commissioning of the first industrial - scale demonstration facility in July 2023, the project has reached several key milestones, further verifying the feasibility of this innovative technology.

5. Avient Launches Oxygen Scavenger to Enhance Recyclability of PET Packaging

Avient announced the launch of ColorMatrix™ Amosorb™ Oxyloop - 1, the first product in its new ColorMatrix™ Amosorb™ Oxyloop™ oxygen scavenger product line.

This cutting - edge oxygen - scavenging additive is specially developed to improve the recyclability of polyethylene terephthalate (PET) packaging. It provides a reliable solution for brands striving to extend product shelf life, achieve sustainable development goals and contribute to a better circular economy.

6. BASF Launches New - generation Closed - cell Spray Polyurethane Foam WALLTITE® RSB Based on Recycled and Bio - based Materials

Recently, BASF announced the launch of WALLTITE® RSB, a new - generation closed - cell spray polyurethane foam (SPF), further expanding its SPF product portfolio.

In response to the growing market demand for sustainable building materials, WALLTITE® RSB combines industry - leading performance with recycled and renewable materials, significantly reducing the overall carbon footprint of the product.

7. South Korean Government Plans to Promote 3.5 Million Eco - friendly HVAC Systems by 2035

According to Yonhap News Agency, South Korean government officials stated on Tuesday that the government plans to promote 3.5 million eco - friendly heating, ventilation and air conditioning (HVAC) systems, namely heat pumps, across the country by 2035 to address climate change.

The Ministry of Climate, Energy and Environment said that the promotion of these systems is expected to reduce greenhouse gas emissions by 5.18 million tons. As of 2022, about 360,000 heat pumps have been promoted in South Korea.

The ministry also plans to establish an electricity pricing system to promote the use of heat pumps. At present, the cost burden caused by the tiered electricity pricing system for residential use is generally regarded as a factor hindering market growth.


8. Volkswagen Shuts Down Its First Domestic Plant in Germany

As reported by the Financial Times and other foreign media, Volkswagen officially ceased vehicle production at its Dresden plant in Germany on December 16.

This marks the first time that the 88 - year - old automotive giant has shut down a domestic plant in Germany. Multiple adverse factors, including declining demand in China and Europe, as well as the impact of US tariffs, have led to the shutdown of the Dresden plant.

9. Japan Plans to Impose Weight - based Tax on Electric Vehicles from 2028

It is reported that on December 16, an amendment to Japan's automobile - related tax system proposed by the Japanese government and the ruling parties emerged. Starting from May 2028, a new tax will be imposed on private battery electric vehicles (BEVs).

The tax will be levied on top of the automobile weight tax paid during vehicle inspections, following a mechanism where the heavier the vehicle, the higher the tax amount.

10. South Korea to Fully Eliminate Plastic Labels on Bottled Water in 2026

Recently, South Korea announced a key new regulation aimed at reducing plastic waste. Starting from January 1, 2026, the "label - free" production and sale of bottled water will be fully implemented across the country.

This measure intends to reduce plastic usage at the source and simplify the recycling process by removing plastic labels from bottle surfaces, marking an important step for South Korea in reducing packaging waste.

Overseas Macro Market:

Ministry of Foreign Affairs: Japan's unwarranted accusations and malicious slander against China's legitimate national defense construction are reprehensible.

Foreign Ministry Spokesperson Guo Jiakun16At a routine press conference, [it was] stated that Japan's baseless accusations and malicious smearing of China's legitimate national defense development are vile and contemptible. On issues of peace and security, China has the best track record of any major power in the world. The growth of China's defense budget is reasonable and lawful; it is necessary to address security challenges and safeguard national legitimate interests, as well as to better fulfill the international responsibilities and obligations of a major power. As a country with a serious history of aggression, Japan has no qualifications to make unwarranted comments.

CEO of European Climate Foundation: Europe should stop buying American energy

12 15Laurence Tubiana, CEO of the European Climate Foundation, stated in an interview with a program on Euronews that the EU should stand up against the United States and refuse to continue purchasing American energy products. She made this call at a time when the United States is attacking some key climate laws of the EU.

Hungarian Foreign Minister: Hungary opposes EU measures that escalate the Russia-Ukraine conflict.

Hungarian Foreign Minister Szijjártó15The statement indicates that the decision to freeze Russian assets and plan to use them to support Ukraine clearly shows that the EU is ready to break all existing rules and drag the EU into war. Szijjártó stated that the EU's accusation of Russia creating an energy crisis in Europe is completely false. The energy crisis is not due to Russia, but because the EU has banned the use of Russian energy.

The U.S. did not invite South Africa to participate.G20"Summit: South Africa criticizes the US for undermining the spirit of multilateralism.

According to CCTV News, South African Presidential spokesperson Magwenya15During a regular media briefing, it was stated that despite the United States excluding South Africa from the G20.G20Regarding related activities, South Africa will not call for a boycott of the United States.G20Summit. Magwenya criticized the U.S. for taking unilateral actions that undermine the spirit of multilateralism. He also revealed that someG20Members have expressed strong opposition to the relevant decision by the US side.

Price Information:

The RMB exchange rate against the US dollar hits a new high in over...14New high in months

The central parity rate of the RMB against the USD is reported.7.0602Upward adjustment54Point; the previous trading day's midpoint7.0656The official closing price of the previous trading day.7.0505The previous night session closed.7.0482。

Upstream raw material USD market price

CFRNortheast Asia745 / CFRSoutheast Asia725 /

Northeast Asia PropyleneFOBSouth Korea average price to715 / CFRChina average price to750 /

North Asia CFR Price, Propane545-547 /Ton; butane600-602 /

South China Frozen Goods1CIF Propane583-593 /Ton; Butane573-583 /

Frozen cargo CIF Taiwan region, propane545-547 /Ton; Butane600-602 /

LLDPE U.S. Dollar Market Price

Thin film:760-780 / CFRHuangpu.

Injection molding.870 / CFRHuangpu.

HDPE USD market price

Thin film:870-885 / CFRHuangpu).

Injection Molding: 780 / CFRHuangpu);

Hollow:820-850 / CFRHuangpu.

Pipe material:1000 / CFRHuangpu)

LDPE USD market price

Thin film:990-1015 / CFRHuangpu);

Coating: 1050-1180 / CFRQingdao.

PP U.S. dollar market price

Injection molding:785 / CFRHuangpu).

Gathering:830-855 / CFRNansha.

Membrane material:970-985 / CFRHuangpu);

Transparent.1065 / CFRHuangpu);

Pipe materials:1100 / CFRShanghai).