Syensqo Sells Oil and Gas Business! EU Fund Invests €15 Million in AI + Chemical Recycling

International News Guide

Raw Material News - Syensqo Group Sells Oil and Gas Business to SNF Group

Automotive News - Geely and Renault Group Reach Brazil Strategic Cooperation; Geely to Acquire 26.4% Stake in Renault Brazil

Additive News - Boosting European Market: SI Group's European Innovation Center (EIC) Officially Launched in the UK

Other News - €15 Million Invested in Circular Textile Project SORTED

Macroeconomic News - ExxonMobil CEO Warns: EU Sustainability Laws May Halt Its European Operations

Price Information - CNY/USD Central Parity Rate Stands at 7.0867, Up 13 Pips


Details of International News

Syensqo Group Sells Oil and Gas Business to SNF Group

Syensqo S.A. announced that it has reached an agreement to sell its Oil and Gas business unit to SNF Group, based in Andrezé-Bouthéon, France.

SNF Group is a France-based specialty chemicals company and a global leader in polyacrylamide production. The enterprise value of this transaction is €135 million.

The transaction is subject to customary closing conditions, including the completion of local consultation processes with employee representatives and regulatory approvals. It is expected to close in the first quarter of 2026.

Ineos Swings to Net Loss Amid Weak Sales and Narrowed Profit Margins

Due to falling selling prices across all business segments and overall weak sales in the third quarter, Ineos Group Holdings SA's revenue dropped 20% year-on-year. The company swung from a net profit of €282.7 million in the same period last year to a net loss of €56.5 million.

As the core subsidiary of Ineos Group Limited, it operates the group's Olefins and Polymers (O&P) business in North America and Europe, as well as global chemical intermediates business.

On October 30, Ineos stated in its earnings announcement that sales for the third quarter ended September 30 decreased by €855 million to €3.42 billion. The year-on-year decline in selling prices was "driven by the overall price environment and lower raw material prices," while sales volume fell by 3%.

The announcement noted that the negative impact on profits mainly stemmed from narrowed profit margins, the depreciation of the U.S. dollar against the euro, and declining sales volume.

Boosting European Market: SI Group's European Innovation Center (EIC) Officially Launched in the UK

SI Group, a global leader in the R&D and manufacturing of performance additives, process solutions, and chemical intermediates, recently officially launched its European Innovation Center (EIC) in Four Ashes, UK.

This initiative marks an important expansion of SI Group's global innovation network. The EIC focuses on plastic and rubber application development and analytical characterization, serving as a collaborative hub to partner with customers and industry leaders in addressing technical challenges and driving sustainable innovation.

€15 Million Invested in Circular Textile Project SORTED

Government officials from the Dutch provinces of Groningen, Drenthe, and the city of Emmen awarded a €15 million subsidy to SORTED, a consortium project led by the Sympany Foundation involving 14 organizations.

The subsidy is granted by the Northern Netherlands Cooperation (SNN) but funded by the EU Just Transition Fund (JTF), with an additional €6 million from the Dutch Ministry of Economic Affairs and Climate Policy.

The SORTED project consists of 5 interconnected work packages. Sympany will develop automated sorting solutions for collected textiles using artificial intelligence and robotics. Other partners will focus on high-quality chemical recycling of waste textiles, reusing polyester fibers to produce new clothing.

Toray Develops Innovative Recycling Technology to Preserve Carbon Fiber Strength and Surface Quality

Toray Industries, Inc. (Toray) announced that it has successfully developed a new recycling technology capable of decomposing carbon fiber-reinforced plastics (CFRP) made of thermosetting resins while maintaining fiber strength and surface quality.

Using this technology, Toray has successfully produced non-woven fabrics using recycled carbon fibers. The company has begun providing prototype samples to customers to support the development of high-performance and decorative materials for various applications such as automobiles, construction, electrical and electronics, and daily necessities. Toray will actively advance technical evaluations to meet customer needs.

UPM Plans to Start Production and Sales of Bio-Based Ethylene Glycol in H1 2026

According to UPM's 2025 Q3 financial report, the commissioning of its pioneering bio-based chemicals plant in Leuna, Germany, continues to progress.

In the first core process—hydrothermal decomposition of wood into sugars and lignin—UPM has successfully achieved stable industrial-scale production. The first commercial products (industrial sugars and lignin-based products) are expected to start production and sales by the end of the year, while the production and sales of monoethylene glycol (MEG) are planned to launch in the first half of 2026.

UPM has invested €750 million in building the world's first industrial-scale biorefinery, which converts responsibly sourced, certified wooden biomass into new biochemical materials. The plant targets an annual output of 220,000 tons of products, including bio-based ethylene glycol.

Coats Group Completes Acquisition of OrthoLite to Strengthen Footwear Business Layout

Coats Group, a global leader in key components for secondary apparel and footwear, announced the completion of the acquisition of OrthoLite.

OrthoLite is a global leader in the footwear materials market and a leading brand in high-end insoles. This acquisition is a key milestone in Coats Group's long-term development strategy, further enhancing its existing footwear business by entering the promising high-growth high-end insole market.

The two companies share a highly overlapping customer base, complementary global business layouts, and a joint commitment to industry-leading innovation and sustainable development practices.

Geely and Renault Group Reach Brazil Strategic Cooperation; Geely to Acquire 26.4% Stake in Renault Brazil

According to Geely Holding Group's official WeChat account, on November 3, 2025, Geely Holding Group and Geely Automobile Holdings Limited (collectively "Geely") officially signed the final agreement on strategic cooperation in Brazil with Renault Group.

The two parties will deepen strategic cooperation to produce and sell new energy vehicles of Geely and Renault through Renault do Brasil. Under the agreement, Geely will acquire a 26.4% stake in Renault do Brasil, while Renault Group will maintain its controlling shareholder status and consolidate financial statements.

As a minority shareholder, Geely can share the production capacity and market network of Renault do Brasil's plants to accelerate the expansion in the Latin American automotive market. Renault do Brasil will become the distributor of Geely's new energy vehicle products in Brazil, opening up new growth opportunities in sales, finance, and after-sales services. Geely's electric SUV model EX5 will be sold through Renault's full brand dealer network.

Overseas Macroeconomic Market

【Liao Min Meets with Michael Ellam, Deputy Permanent Secretary of the UK Cabinet Office】
On October 29, Vice Minister of Finance Liao Min met with visiting Michael Ellam, Deputy Permanent Secretary of the UK Cabinet Office, in Beijing. The two sides had in-depth exchanges of views on China-UK cooperation under the G20 financial track and the framework of the China-UK Economic and Financial Dialogue.

【Report: Samsung Suspends DDR5 Contract Price Quotations; SK Hynix and Micron Follow】
According to the supply chain, Samsung Electronics has taken the lead in suspending DDR5 DRAM contract price quotations for October, prompting other memory chip manufacturers such as SK Hynix and Micron to follow suit. This will lead to a "supply shortage" in the supply chain, and the resumption of quotations is expected to be delayed until mid-November.

Although it has become a market consensus that memory contract prices will rise in the fourth quarter, it was previously expected that the fourth-quarter contract prices could be finalized by the end of October. However, Samsung has delayed providing contract quotations, directly telling downstream customers that "there is no supply available," leading to a 25% surge in DDR5 spot prices within a week.

【Russian Prime Minister Mishustin Arrives in China to Discuss Deepening Cooperation in Cultural and People-to-People Fields】

According to Global Times, citing the latest reports from RIA Novosti and RT on November 3, Russian Prime Minister Mikhail Mishustin has arrived in China to discuss issues such as deepening cooperation in cultural and people-to-people fields.

In addition, according to Russian media such as TASS, the Russian government issued a statement on October 31 disclosing details of Mishustin's trip. The statement said Mishustin will travel to Beijing and Hangzhou to discuss issues related to strengthening the comprehensive strategic cooperative partnership between Russia and China in the new era, focusing on deepening cooperation in cultural and people-to-people fields and advancing cooperative projects in education and other areas.

【PBC and Bank of Korea Renew Bilateral Local Currency Swap Agreement, Size RMB 400 Billion/KRW 70 Trillion】

With the approval of the State Council, the People's Bank of China (PBC) recently renewed the bilateral local currency swap agreement with the Bank of Korea. The swap size is RMB 400 billion/KRW 70 trillion, with a validity period of five years, which can be extended with mutual consent.

The renewal of the bilateral local currency swap agreement will help further deepen monetary and financial cooperation between the two countries, promote bilateral trade facilitation, and maintain financial market stability.

【ExxonMobil CEO Warns: EU Sustainability Laws May Halt Its European Operations】Darren Woods, CEO of ExxonMobil, stated in an interview that if the EU does not make significant revisions to its sustainability laws, the company may face fines of 5% of its global revenue, or be forced to cease operations in Europe.

【U.S. Treasury Secretary Threatens Tariffs if China Restricts Rare Earth Exports; Ministry of Foreign Affairs Responds】
On November 3, Foreign Ministry Spokesperson Mao Ning hosted a regular press conference. Mao Ning said: "Regarding China's rare earth export control policies, the competent Chinese authorities have clarified their position many times. The results of the Kuala Lumpur consultations between the Chinese and U.S. economic and trade teams fully show that dialogue and cooperation are the correct ways to solve problems, while threats and pressure are not helpful."

Mao Ning emphasized that the top priority is for China and the United States to earnestly implement the important consensus reached by the two heads of state during their meeting in Busan, and inject more stability into China-U.S. economic and trade cooperation and the world economy.

【China-EU Export Control Dialogue and Consultations Held in Brussels】

From October 31 to November 1, 2025, Director General Jiang Qianliang of the Department of Security and Control of the Ministry of Commerce and Deputy Director General Denis Redonnet of the Directorate-General for Trade of the European Commission held an "upgraded" China-EU Export Control Dialogue and Consultations in Brussels.

The two sides conducted in-depth and constructive communications on issues of mutual concern in the field of export control. They agreed to continue maintaining communication and exchanges to promote the stability and smooth flow of China-EU industrial and supply chains.

Price Information

The CNY/USD central parity rate was reported at 7.0867, an increase of 13 pips; the central parity rate of the previous trading day was 7.0880, the official closing price of the previous trading day was 7.1135, and the night session closing price of the previous day was 7.1200.

【Upstream Raw Material USD Market Prices】

Ethylene Asia: CFR Northeast Asia USD 750/ton (stable); CFR Southeast Asia USD 755/ton (stable).

Propylene Northeast Asia: FOB South Korea average USD 730/ton (stable); CFR China average USD 745/ton (stable).

North Asia refrigerated cargo CIF price: Propane USD 513-515/ton; Butane USD 534-536/ton.

South China (China) refrigerated cargo CIF price for early December: Propane USD 547-557/ton; Butane USD 532-542/ton.

Taiwan region refrigerated cargo CIF price: Propane USD 513-515/ton; Butane USD 534-536/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).