Macroeconomics

1. [US Tariffs] The US Department of Commerce announced it will impose countervailing duties on crystalline silicon solar cell modules imported from India, Indonesia, and Laos, arguing that manufacturers benefit from government subsidies, weakening the competitiveness of US products. According to the preliminary ruling, the general subsidy rate for Indian producers/exporters is set at 125.87%, Indonesia at 104.38%, and Laos at 80.67%.

2. [US Tariffs] US Trade Representative Jamison Greer stated on February 25 that the US's "global import tariffs" on some countries will increase from the recently implemented 10% to 15% or higher, but he did not disclose any specific trading partners or other details.

3. [Thailand Interest Rate Cut] The Bank of Thailand announced on February 25 a 25 basis point cut to its policy rate to 1.00%, aiming to further support the economy facing multiple challenges. This is the bank's sixth rate cut since October 2024, with a cumulative reduction of 150 basis points.

Plastics and Rubber

1. [PP] On February 25th, Daqing Petrochemical's 100,000-ton/year PP unit operated at normal capacity. The ex-factory reference price for T30S fiber grade PP increased by 20 RMB to 6,600 RMB/ton.

2. [EPS] On February 25th, Jiangyin Jianlong EPS prices increased by 100 RMB/ton. Ordinary EPS was priced at 10,300 RMB/ton, and flame-retardant EPS was priced at 10,700 RMB/ton.

3. [Butadiene Rubber(BR)] On February 25th, Sinopec Northeast Sales Company increased butadiene rubber prices by 200 RMB/ton: Currently, the ex-factory price of butadiene rubber from Daqing and Jinzhou is 13,000 RMB/ton, with price increases in Northeast warehouses.

4. [Styrene-butadiene Rubber (SBR) ] On February 25th, the SBR market in East China saw price increases, with spot traders offering slightly higher prices of 50-150 RMB/ton. Currently, the mainstream price for SBR 1502 from Fushun, Jilin Chemical, Qilu Chemical, Weitai Chemical, Yibang Chemical, and Lanzhou Chemical is 13,300-13,450 RMB/ton.

5. [Natural Rubber] On February 25th, the market price for natural rubber raw materials in Thailand rose: Smoked sheet was quoted at 69.75 baht/kg, up 1.00 baht/kg; latex was quoted at 67.30 baht/kg, up 0.30 baht/kg; and cup lump was quoted at 58.80 baht/kg, up 0.80 baht/kg.

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