Macroeconomics

1. [US Tariffs] On January 29, US President Trump signed an executive order declaring a national emergency and threatening to impose ad valorem tariffs on goods imported from countries that supply oil to Cuba.

2. [Venezuelan Oil Law] It is reported that the Venezuelan National Assembly, the country's legislative body, passed a bill on January 29 reforming the oil law, including provisions allowing private and foreign investment in the Venezuelan oil industry.

3. [South African Auto Tariffs] South Africa is considering imposing tariffs of up to 50% on imported vehicles from China and India to counter the impact of the surge in low-priced imported vehicles on its domestic automotive industry in recent years.

Rubber and Plastics

1. [Rubber] On January 26th, the first phase of Jiangsu Henghui Safety Group Co., Ltd.'s 110,000-ton annual production capacity biodegradable polyester rubber project, specifically the 10,000-ton phase, has entered the production line linkage and trial production stage.

2. [Tires] Recently, Sailun Group announced a project expansion at its factory in the Jateng Industrial Park, Demak City, Central Java, Indonesia. This expansion will double the factory's passenger car tire production to 6 million tires per year and increase the capacity of all-steel radial tires for trucks and buses from 600,000 to 750,000 tires per year. The project will be completed within 21 months.  The capacity for off-road tires will also decrease from 37,000 tons to 10,000 tons per year, while a new production line for 1.5 million inner tubes and liners will be added.

3. [PE] On January 29th, Shandong Wanhua Chemical reported HDPE 23050 at 7,000 RMB/ton in East China, an increase of 50 RMB/ton.

4. [BR] On January 29th, the butadiene rubber market in East China remained at a high level, with traders raising their offers by 50-100 RMB/ton. Currently, the mainstream price for Daqing, Yangzi, and Qilu butadiene rubber is 13,100-13,300 RMB/ton; some private brands are quoted at around 12,950-13,100 RMB/ton.

5. [Natural Rubber] On January 29th, the natural rubber market in Qingdao rose in the morning. Spot traders increased their offers by 300-400 RMB/ton. The mainstream price for 2024 Yunbao is 16,350-16,600 RMB/ton. The mainstream price for Vietnamese 3L is 16,500-16,700 RMB/ton.

6. [Natural Rubber] According to statistics, the natural rubber production in Yunnan in 2025 was 613,500 tons, and in Hainan, it was 349,500 tons.

7. [Natural Rubber] In December 2025, Japan imported 42,000 tons of natural rubber, a year-on-year decrease of 25%; from January to December 2025, Japan's cumulative imports of natural rubber totaled 656,000 tons, a year-on-year increase of 4%.

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