Macroeconomics

1. [Direct Green Power Connection] The National Development and Reform Commission (NDRC) and the National Energy Administration (NEA) have issued a *Notice on Matters Concerning the Orderly Promotion of Multi-User Direct Green Power Connections*. With the rapid growth of installed capacity for new energy generation, the capacity of the main power grid in certain regions to accommodate new energy sources is approaching its limit. Consequently, new energy faces a dilemma of having "nowhere to go," creating an urgent need to innovate methods for new energy consumption and expand the scope for its development and utilization. The "direct green power connection" model has emerged as an effective pathway to resolve these challenges.

2. [Public Budget Revenue] Ministry of Finance: From January to April, national general public budget revenue totaled 8,340.4 billion RMB, a year-on-year increase of 3.5%. Of this total, national tax revenue amounted to 6,809.7 billion RMB, up 3.9% year-on-year; non-tax revenue stood at 1,530.7 billion RMB, up 1.6% year-on-year.

3. [Japan PMI] Japan's preliminary Manufacturing PMI for May came in at 54.5, down from the previous reading of 55.1. The preliminary Services PMI for May was 50, down from the previous reading of 51. Japan's preliminary Composite PMI for May stood at 51.1, down from the previous reading of 52.2.

4. [Indonesia Rate Hike] Bank Indonesia announced that it has raised its benchmark interest rate by 50 basis points to 5.25%, exceeding market expectations of 5%.

Chemicals

1. [Phosphoric Acid] Recently, Yuntianhua issued an announcement stating that its equity-holding subsidiary plans to invest in and construct the Yunnan Zhenxiong Wanchang Phosphate Mine project, a mining operation with an annual capacity of 10 million tons. The total estimated investment for the project is approximately 8.169 billion RMB.

2. [Lithium Iron Phosphate] Bijie Rongbai Lithium Battery Materials Co., Ltd. plans to construct a pyrometallurgical production line with an annual output capacity of 1 million tons of lithium iron phosphate. The project will be implemented in three phases, with Phase I establishing a production capacity of 340,000 tons per year.

3. [Lithium Batteries] On May 21, Putailai disclosed plans to invest a total of 5.6 billion RMB in the construction of a lithium-ion battery separator manufacturing facility with an annual production capacity of 7.2 billion square meters.

4. [Lithium Carbonate] On May 20, Core Lithium announced that the Finniss Project has officially commenced the resumption of production. The first blast has been executed at the Grants deposit, with raw ore processing expected to begin in Q3 2026, and the first shipment of spodumene concentrate scheduled for Q4 2026. The Grants deposit holds estimated mineable ore reserves of approximately 784,000 tonnes, projected to yield approximately 134,000 tonnes of SC5 lithium concentrate. Concurrently, supporting infrastructure works for the BP33 deposit are advancing, thereby laying a solid foundation for the Finniss Project's medium-to-long-term underground mining capacity.

5. [TDI] It is reported that Shanghai Plant B’s TDI facility, with an annual production capacity of 160,000 tons, commenced its annual maintenance shutdown on May 20. The maintenance period is expected to last approximately three weeks.

6. [MDI] On May 19, 2026, Covestro LLC officially issued a force majeure notice, announcing that, effective immediately, it has declared force majeure for all of its MDI products (covering the entire range of end-use application markets).

7. [DEG] On May 21, a 450,000-ton/year EG/DEG facility in East China was shut down for maintenance starting May 20; the maintenance period is expected to last approximately 40 days.

8. [Refrigerants] Beijer Ref UK, the largest refrigeration and air conditioning wholesaler in the UK, has announced a 60% price increase for R410A refrigerant. This price adjustment will take effect on May 20; specifically, the price of R407C will rise by 60%, while the prices of R134a and R32 will increase by 35% and 30%, respectively.

9. [Polyester Polyols] Effective July 1, 2026 (or as contracts allow), Stepan will increase the prices of its STEPANPOL® and TERATE® rigid foam polyester polyols sold in the Americas region by $0.185 per pound. This price hike represents an additional increase, building upon the price announcement that went into effect on May 15, 2026.

10. [Phenol] On May 21, Shenghong Petrochemical lowered its listed contract price for phenol by 150 RMB/ton, setting the effective price at 8,050 RMB/ton. Market participants are advised to continue monitoring specific market developments.

11. [Styrene] On May 21, Lihua Yiweiyuan Chemical Co., Ltd. issued its latest quotation for styrene at 9,430 RMB/ton, a decrease of 20 RMB/ton compared to the previous trading day.

12. [Caustic Soda] In April 2026, China's imports of liquid caustic soda amounted to 45.7 tons, representing a year-on-year increase of 51.7% and a month-on-month decrease of 20.7%. From January to April 2026, China's cumulative imports of liquid caustic soda totaled 150.9 tons, up 36.0% year-on-year. In April 2026, China's exports of liquid caustic soda reached 443,502.6 tons—a year-on-year increase of 33.6% and a month-on-month increase of 20.2%. From January to April 2026, China's cumulative exports of liquid caustic soda totaled 1,293,061.3 tons, up 10.1% year-on-year.

13. [Fertilizers] In April 2026, China exported a total of 3.24 million tons of various fertilizers. Of this total, urea exports amounted to 15,000 tons; ammonium sulfate, 1.79 million tons; diammonium phosphate (DAP), zero; and monoammonium phosphate (MAP), 50 tons. From January to April 2026, China's cumulative exports of various fertilizers totaled 11.39 million tons, representing a year-on-year increase of 17.5%.

14. [Titanium Dioxide] In April 2026, China's exports of titanium dioxide totaled 194,000 tons—a month-on-month decrease of 4.0% and a year-on-year increase of 30.7%. Specifically, exports of sulfate-process titanium dioxide amounted to 151,000 tons, remaining essentially flat compared to the previous month; exports of chloride-process titanium dioxide totaled 43,000 tons, a month-on-month decline of 16.0%. From January to April 2026, China's cumulative titanium dioxide exports reached approximately 730,300 tons, representing a year-on-year increase of 12.5%.

15. [Diethylene Glycol] In April 2026, my country imported 5,800 tons of diethylene glycol—a decrease of 29,900 tons from the previous month, representing a decline of 83.75%. The average import price for the month stood at US$583.07 per ton. For the year 2026 to date, cumulative imports totaled 128,100 tons—a decrease of 32,000 tons compared to the previous year, representing a decline of 19.99%.

16. [Chloroform] In April 2026, my country's imports of chloroform amounted to 300.235 tons, a month-on-month decrease of 91.82%; exports of chloroform totaled 160.597 tons, a month-on-month increase of 257.11%.

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