Macroeconomics

1. [Power] According to the National Energy Administration: As of the end of February, the nation's cumulative installed power generation capacity reached 3.95 billion kilowatts, representing a year-on-year increase of 15.9%. Of this total, installed solar power capacity stood at 1.23 billion kilowatts—up 33.2% year-on-year—while installed wind power capacity reached 650 million kilowatts, a year-on-year increase of 22.8%.

2. [Batteries] Data newly released by the China Passenger Car Association (CPCA) indicates that in February 2026, the installed capacity of power batteries for new energy vehicles (NEVs) totaled 27.3 GWh, a year-on-year decline of 19.2%. For the January-to-February period, the cumulative year-on-year growth rate for the power battery market reached 37.4%.

3. [ECB] European Central Bank (ECB) President Lagarde stated that the bank would raise interest rates "at any meeting" if necessary, and that it would not be "paralyzed by hesitation" regarding the situation involving Iran. Lagarde indicated that should the current surge in energy costs trigger broader inflation, the central bank would act decisively and swiftly. She emphasized that while the bank would not act rashly before fully assessing the scale and duration of the shock, it would adjust policy at any meeting if required; the commitment to achieving the medium-term inflation target of 2% remains unconditional.

4. [Shipping] The Permanent Mission of Iran to the United Nations issued a statement declaring that vessels belonging to non-belligerent nations may safely transit the Strait of Hormuz following proper coordination. COSCO Shipping Lines announced the resumption of new booking services (for standard containers) bound for the UAE, Saudi Arabia, Bahrain, Qatar, Kuwait, and Iraq. However, COSCO Shipping vessels will temporarily bypass the Strait of Hormuz; instead, cargo will be transported to ports situated outside the Persian Gulf and subsequently forwarded to final destinations via overland transit.

Plastics and Rubber

1. [PA6] BASF recently announced that, effective April 1, 2026—or as contracts allow—it will increase the prices of caprolactam, Polyamide 6 (PA6), and copolyamide (PA6,66) in North America by $0.20 per pound.

2. [Natural Rubber] On March 25, the natural rubber market in the Shanghai region saw an upward trend; suppliers slightly raised their offers by approximately 200–300 RMB/ton. Mainstream quotes for 2024-vintage "Yunbao" and "Guangkeng" grades were in the range of 16,250–16,350 RMB/ton; mainstream quotes for 2024-vintage "Haibao" were 16,300–16,400 RMB/ton; and mainstream quotes for Vietnam 3L grade were 16,500–16,700 RMB/ton.

3. [ABS] In February 2026, my country's total exports of ABS in primary forms amounted to 28,500 tons, representing a month-on-month decrease of 31.99% (compared to 41,900 tons in January). Total imports stood at 44,800 tons, a month-on-month decrease of 29.33% (compared to 63,400 tons in January).

4. [PC] In February 2026, my country's total exports of polycarbonate (PC) in primary forms amounted to 35,400 tons, representing a month-on-month decrease of 26.18% (compared to 48,000 tons in January). Total imports stood at 53,100 tons, a month-on-month decrease of 24.14% (compared to 70,000 tons in January).

5. [PP] In February 2026, my country's total exports of polypropylene (PP) in primary forms amounted to 213,600 tons, representing a month-on-month decrease of 15.16% (compared to 251,700 tons in January). Total imports stood at 127,000 tons, a month-on-month decrease of 29.16% (compared to 179,300 tons in January). 6. [PVC] In February 2026, China's PVC imports totaled 8,500 tons, with an average import price of $746 per ton; cumulative imports for the January–February period reached 22,500 tons. On a month-on-month basis, single-month imports declined by 39.49%; year-on-year, they fell by 47.16%, while cumulative imports showed a year-on-year decrease of 42.69%.

7. [LDPE] In the January–February period of 2026, LDPE imports amounted to 546,700 tons—a decrease of 48,500 tons (8.15%) compared to the same period last year. During the same period, LDPE exports totaled 49,600 tons—an increase of 20,500 tons (70.45%) compared to the same period last year.

8. [HDPE] In the January–February period of 2026, HDPE imports amounted to 911,400 tons—a decrease of 122,000 tons (11.81%) compared to the same period last year. During the same period, HDPE exports totaled 85,900 tons—an increase of 23,800 tons (38.33%) compared to the same period last year.

9. [LLDPE] In the January–February period of 2026, LLDPE imports amounted to 864,700 tons—a decrease of 42,800 tons (4.72%) compared to the same period last year. During the same period, LLDPE exports totaled 39,900 tons—an increase of 22,500 tons (129.31%) compared to the same period last year.

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