Borouge International Delays IPO Until Next Year! ERA Partners with East African Leader! BASF Expands in China

International News Briefs:

Raw Materials: ADNOC and OMV Delay $60B Abu Dhabi Petrochemical Giant IPO

Packaging: ALPLA Celebrates Opening of New Plant in the Philippines

Food: Boxon Launches First Food-Grade rPET Flexible Bulk Bags, Accelerating Flexible Packaging Circularity

Agriculture: BASF Establishes First Wholly-Owned Agricultural Solutions Company in China's Pudong

Building Materials: ERA Secures Partnership with Leading East African Firm with Strong Expertise

Macro: Foreign Ministry: If Middle East Conflict Expands Further, the Entire Region Will Descend into Uncontrollable Chaos

Detailed International News:

1.Iran Claims U.S.-Israeli Multi-Layered Defense Network Collapsed, Battle Situation Shifting

A spokesperson for the Islamic Revolutionary Guard Corps (IRGC) General Headquarters Khatam al-Anbiya Central Command of Iran's Armed Forces stated on local time March 23 that Iran launched a large-scale military strike against targets in Israel and U.S. military bases in the region starting early March 22. According to the announcement, Iran deployed "Arash-2" drones and various advanced missiles including "Kheibar Shekan", "Fateh", and "Khorramshahr-4" in the operation.

Strike targets included Israeli aerospace industry facilities near Ben-Gurion Airport, military and security centers in Tel Aviv and surrounding cities, as well as the U.S. Prince Sultan Air Base in Saudi Arabia and the U.S. Navy 5th Fleet headquarters in Bahrain. The spokesperson emphasized that due to precise strikes and strategic deployment by Iranian forces, the U.S.-Israeli multi-layered defense network in West Asia has collapsed, weapons supply systems have been disrupted, and the overall battle situation is turning in Iran's favor.

Iran warned that all U.S. and Israeli military personnel are under close surveillance by Iranian intelligence, and no concealment can avoid strikes.

2.ADNOC and OMV Delay $60B Abu Dhabi Petrochemical Giant IPO Until Next Year

Abu Dhabi National Oil Company (ADNOC) and Austria's OMV Group announced that due to market volatility caused by the Middle East conflict, both parties have agreed to postpone the initial public offering (IPO) of their joint petrochemical venture, Borouge Group International (BGI), until at least next year. The two sides reached an agreement last year to create this $60 billion-valued petrochemical giant through an all-stock transaction.

3. BASF Establishes First Wholly-Owned Agricultural Solutions Company in China's Pudong

4. ALPLA Celebrates Opening of New Plant in the Philippines

ALPLA has established its first basic manufacturing plant in the Philippines, further expanding its business in the high-growth Asia-Pacific region. The global packaging specialist has been producing high-quality plastic bottles and caps in Calamba, Philippines since the summer of 2025, and officially celebrated the plant's inauguration on March 19, 2026, with 80 guests in attendance.

5. ERA Secures Partnership with Leading East African Firm with Strong Expertise

As a leading private enterprise in the plastic pipeline industry, ERA has ranked first in production and sales volume among domestic plastic pipeline A-share listed companies for consecutive years, and first in export volume nationwide for many years, serving as a vivid example of Chinese manufacturing going global. Recently, ERA announced another success: in Kenya, 7,500 kilometers away, ERA drip irrigation tapes successfully secured a partnership with Davis & Shirtliff (D&S), a local benchmark water treatment and energy company, further solidifying ERA's presence in East Africa's core agricultural market.

6. Boxon Launches First Food-Grade rPET Flexible Bulk Bags, Accelerating Flexible Packaging Circularity

French packaging company Boxon has launched the industry's first recycled PET (rPET) bulk bag certified for direct food contact, marking a major breakthrough in circular economy development for the flexible packaging sector. The new rPET bulk bags (Flexible Intermediate Bulk Containers, FIBC) are made from recycled PET bottle flakes and will be fully launched across Europe, the Middle East, and Asia (EMEA) this spring. This solution combines recycled materials, high-performance features, and food contact compliance certification, helping businesses reduce environmental impact while meeting stringent safety and operational standards in regulated supply chains.

Global Macro Market :

Price Information:

CNY/USD Central Parity Rate: 6.9041, lowest since March 16, down 143 pips; previous session central parity 6.8898, previous official close 6.8817, previous night session close 6.9050.

Upstream Raw Material USD Market Prices (March 20)

CFR Northeast Asia: $1,400/ton (+$50/ton)

CFR Southeast Asia: $1,400/ton (+$50/ton)

Propylene FOB South Korea: Average $1/ton (+$30/ton)

Propylene CFR China: Average $1,200/ton (+$65/ton)

LPG Prices (March 19)

North Asia Frozen Cargo CIF: Propane $1,121-1,131/ton; Butane $1,121-1,131/ton

South China Frozen Cargo (Early April Arrival): Propane $1,025-1,035/ton; Butane $1,020-1,030/ton

Taiwan Frozen Cargo CIF: Propane $1,121-1,131/ton; Butane $1,121-1,131/ton

Plastics USD Market Prices

LLDPE:

Film: $1,300/ton (CFR Huangpu)

Injection Molding: $1,490/ton (CFR Dongguan)

HDPE:

Film: $1,300/ton (CFR Shekou)

Blow Molding: $1,350/ton (CFR Huangpu)

Injection Molding: $1,420/ton (CFR Yantian)

Pipe: No Quote

LDPE:

Film: $1,480/ton (CFR Dongguan)

Coating: No Quote

PP:

Homopolymer: $1,300/ton (CFR Huangpu)

Copolymer: $1,320/ton (CFR Huangpu)

Film Grade: No Quote

Transparent: $1,410/ton (CFR Huangpu)

Pipe: $1,530/ton (CFR Shanghai)