SunSirs: Rubber and Plastics Industries Bulk Commodity Intelligence (August 29, 2025)

Macroeconomics

1. [Bonds] Ministry of Finance: As of the end of July, the national local government debt balance was 52,762.7 billion RMB. Of this, general debt comprised 17,248.3 billion RMB, special debt comprised 35,514.4 billion RMB, government bonds comprised 52,602.3 billion RMB, and outstanding government debt in the form of non-government bonds comprised 160.4 billion RMB.

2. [US Tariffs] A senior Trump administration official stated: Over the next six months, packages shipped to the United States will be subject to a uniform tariff ranging from $80 to $200, with specific tariff rates to be implemented thereafter.

3. [Federal Reserve] On the morning of August 29th, Beijing time, Federal Reserve Board Governor Waller, in a public speech, explicitly stated his support for a 25 basis point interest rate cut at the Federal Reserve's September meeting and predicted further rate cuts within the next three to six months. The pace of these cuts will depend on incoming data.

4. [US Initial Jobless Claims] The number of initial unemployment claims in the United States fell slightly to 229,000 last week, while continuing claims fell to 1.954 million, both below expectations.

5. [Eurozone Economic Sentiment Index] Data released by the European Commission showed that the Eurozone Economic Sentiment Index fell to 95.2 in August, down from 95.7 in July, defying market expectations of a slight recovery.

6. [Philippines Interest Rate Cut] The Bangko Sentral ng Pilipinas announced on the 28th that it would cut its key policy rate by 25 basis points to 5.0%. This is the third consecutive rate cut by the Bangko Sentral ng Pilipinas this year.

Rubber and Plastics

1. [PE] On August 28, Maoming Petrochemical's 1# LDPE unit produced 951-050; 2# LDPE unit produced 2426K; the full-density unit was temporarily shut down on August 25; and the HDPE unit produced 5502LW.

2. [EPS] On August 28, Heze Yuhuang EPS ordinary material was quoted at 8,100 RMB/ton (cash, tax included) ex-factory, and flame retardant material was quoted at 8,300 RMB/ton (cash, tax included) ex-factory, a decrease of 50 RMB/ton from the previous day. Orders are subject to negotiation.

3. [Butadiene Rubber] On August 28, the BR market in Northwest China was trading in a narrow range. Currently, the mainstream BR prices in Sichuan, Dushanzi, and Lande are priced between 11,850 and 11,900 RMB/ton.

4. [Natural Rubber] On August 28, the natural rubber market in Qingdao was trading at a high level. Currently, the mainstream price of 2023 Guangken, Baodao and Haibao full latex in Qingdao area is 14,800-14,950 RMB/ton; the mainstream price of 24-year Guangken, Baodao and Haibao full latex in Qingdao area is 14,950-15,200 RMB/ton; the mainstream price of Vietnam 3L is 14,900-15,250 RMB/ton.

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