Macroeconomics

1. [Total Social Logistics Volume] According to data from the China Federation of Logistics and Purchasing, the total social logistics volume in China reached 368.2 trillion RMB in 2025, a year-on-year increase of 5.1% at comparable prices. Logistics demand growth remained stable throughout the year. Looking at the long-term trend, the total social logistics volume is projected to grow at an average annual rate of 5.7% during the 14th Five-Year Plan period, exceeding the GDP growth rate for the same period, demonstrating the strong driving effect of logistics on the real economy.

2. [US Tariffs] The United States is working to lower the so-called reciprocal tariffs imposed on Bangladeshi goods and provide new exemptions for textiles. Trump will reduce the overall reciprocal tariffs on Bangladeshi goods to 19%, following a reduction from 37% to 20% last year. The agreement also includes a mechanism allowing certain textiles to receive full tariff exemptions, which will support Bangladesh's garment industry.

Rubber and Plastics

1. [PE (Polyethylene)] Chengzhi Co., Ltd. recently announced that its subsidiary, Qingdao Chengzhi Huaqing Ultra-High Molecular Weight Polyethylene (UHMWPE), has successfully completed trial production. The project was approved by the company's board of directors on August 30, 2022, and is located in the Dongjiakou Economic Zone of Qingdao West Coast New Area.

2. [LLDPE (Liquid Crystal Polyethylene)] On February 9th, Shandong Wanhua Chemical quoted LLDPE 7042 at 6，950 RMB/ton in East China, down 50 RMB/ton.

3. [Styrene-Butadiene Rubber (SBR)] On February 9th, the SBR market in Northwest China saw a slight decline, with traders lowering their offers by 50-100 RMB/ton. Jilin Chemical's 1502 was quoted at 13，100 RMB/ton.

4. [BR] On February 9th, the PCR market in Northwest China saw a slight decline, with traders lowering their offers by 100-150 RMB/ton. Currently, the mainstream price of butadiene rubber from Sichuan, Dushanzi, and Lande is 12,800-13,000 RMB/ton.

5. [Natural Rubber] On February 9th, the price of natural rubber raw materials in Thailand rose: smoked sheet was quoted at 63.10 baht/kg, up 0.50 baht/kg; latex was quoted at 60.00 baht/kg, up 0.70 baht/kg; cup lump was quoted at 54.50 baht/kg, up 0.15 baht/kg.

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