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-China denies currency devaluation in response to U.S. tariffs

Chinese Premier Li Keqiang on Wednesday said Beijing would not devalue its currency to “stimulate exports” amid the escalating trade war with the U.S., insisting that the country would stick to market-oriented reforms to improve its economy.

“The recent fluctuations in the exchange rate have been seen by some as an international measure on the part of China,” Li said in a speech at the World Economic Forum’s summer meeting in Tianjin, dubbed the “Summer Davos.”

-Weekly resin report: Spot pricing for commodity PE grades under pressure

Last week, the spot resin markets maintained the heightened level of activity that developed late in the previous week. Polyethylene (PE) prices were mostly lower, polypropylene (PP) was largely steady and transacted volumes moving across the PlasticsExchange (Chicago) trading desk were relatively high.

The flow of offers was healthy, if not strong, as resellers apparently desired to move resin quickly, even on a quick flip, rather than taking on added inventory positions. PP contracts were up about $0.02/lb in August and are expected to see little change in September, perhaps down a cent, which is a slightly stronger stance than three to four weeks ago.

-Evolve’s additive manufacturing system could augment injection molding

Evolve Additive Solutions Inc. Evolve Additive Solutions Inc.’s Minnesota headquarters.

A proprietary additive manufacturing technology backed by big-name brands could complement injection molding on factory floors in the near future.

Evolve Additive Solutions Inc.’s selective thermoplastics electrophotographic process (Step) technology allows manufacturers to use thermoplastics and composites for volume production across industries such as automotive, consumer products, industrial and medical, and has steadily garnered attention since its development in 2009.

-China Gets Back At Donald Trump With Duty Hike On $60 Billion US Imports 

Tariffs of between five and 10 percent will take effect on some 5,200 US products on Monday, on the same day as the new US duties, the finance ministry said.

Beijing, China: China Tuesday announced tariffs on US goods worth $60 billion in retaliation for President Donald Trump’s decision to slap duties on $200 billion in Chinese products next week.

-Crude Oil Prices Trend

-US paraxylene prices face downward pressure from Asian PET chain

Houston — US paraxylene prices could be subject to downward pressure in the near future amid expectations of declines along the PET chain in Asia.

US paraxylene prices have surged on the back of stronger Asian paraxylene pricing and associated strong demand from PTA. PTA margins in Asia have strongly prompted producers to run at high rates, resulting in stronger demand for feedstock paraxylene.

However, sources have said that PET producers in the region were expected to cut rates, curbing PTA demand. This is expected to spill into paraxylene, impacting both demand as well as pricing as US paraxylene is frequently talked at a netback to Asia.

 

-Toly inaugurates its brand-new factory in Korea

The Toly Group – a global manufacturer of packaging solutions for make-up, skincare products and fragrances headquartered in Malta – has officially inaugurated its latest manufacturing plant in Korea, located in Bucheon City, Seoul.

The ribbon and cake cutting ceremony was attended by Andy Gatesy – Chairman & CEO of the Toly Group, Mike Yeo – President of Toly Korea, James Lim – President of Toly Airless Packaging Korea and Hitoshi Miyamoto – President of Miyamoto Corporation Japan.

The first Toly Korea Manufacturing (TKM) plant was opened in April 2015, but was quickly outgrown, necessitating the investment in a plant double the size. The new plant has a built-up space of 7,850 sqm and today has 120 employees, with 23 injection moulding machines.

-Rewe Group Launches 100% Recycled Plastic Mineral Water Bottle

Germany’s Rewe Group has introduced mineral water bottles made of 100% recycled plastic, in collaboration with social food brand, ‘share’.

CEO of Rewe Group, Lionel Souque, said, “We are very proud of our cooperation with share.

“From our point of view, 100% recyclable bottles are one of the most important innovations in the German mineral water market, and represent a real opportunity in the fight against the plastic flood.”

-Scientists engineer mutant enzyme that eats plastic bottles

The enzyme is able to digest PET (polyethylene terephthalate) – the material used in the plastic bottles that are clogging up landfills, coastlines and oceans around the world.

Researchers in the UK and the U.S. have accidentally engineered an enzyme that eats plastic.

The enzyme, which is able to digest PET (polyethylene terephthalate), was discovered by chance. Scientists from the University of Portsmouth in the UK and the U.S. Department of Energy’s National Renewable Energy Laboratory (NREL) were examining the structure of a natural bacterium, Ideonella sakaiensis which was found in 2016 at a Japanese waste recycling centre.

-IVL reaffirms ongoing commitment to sustainability

Indorama Ventures Public Company (IVL), a leading chemical producer, has been listed in the Dow Jones Sustainability Index (Emerging Markets). The inclusion reaffirms IVL’s commitment to leadership in sustainability and its rating among global chemical companies. “Sustainability is at the very core of our business and a key element in us delivering on our vision of being a world-class chemical company

-Is The Shale Slowdown Overblown?

The shale industry has hit a bit of a rough patch, with pipeline bottlenecks, cost inflation and a crowded field contributing to a drilling and production slowdown. But many in the industry are confident that the lull will be temporary.

There are several strategies that shale companies are starting to pursue, such as pivoting to other shale plays, curtailing drilling activity, or drilling wells but deferring completions. According to Halliburton’s CEO Jeff Miller, as reported by Argus Media, these strategies are actually relieving a bit of pressure on the Permian basin and the cost inflation that has come with the concentration of drilling and the associated bottlenecks.

-Plastic film lidding for food trays meets changing market needs

KM Packaging (Peterborough, United Kingdom), a global supplier of flexible packaging and lidding films, has leveraged the KPeel range of advanced lidding film solutions to develop new, resource efficient and reduced-plastic packaging trays for produce, ready-meals and other food packs.

The KPeel range offers a high-performance “seal and peel” solution for renewable pulp and pressed board trays, to allow manufacturers to respond to widespread consumer demand for new sustainable packaging solutions. Combining a renewable resource tray with KPeel high-performance lidding presents manufacturers with an economical first-step in plastic reduction.

-The list of US tariffs against China in the latest $200bn round excludes 297 products from the original list, including some chemicals.

The Office of the US Trade Representative said late on Monday that the latest round of tariffs in its trade war with China would go live at 10% on 24 September.

The tariff rate is scheduled to increase to 25% from 1 January 2019.

Following a period of public consultation which ended on 6 September, the US has partially or fully removed 297 products from the original Part 3 list.

-China imposes countermeasures to new round of US tariffs

China will “synchronize its countermoves” to the US’ latest round of tariffs, further escalating the trade war between the world’s two biggest economies.

“We deeply regret this. In order to safeguard our legitimate rights and interests and the global free trade order, China will have to synchronize its countermoves,” the Chinese Ministry of Commerce said on Tuesday.

Beijing had previously announced a 5%-25% tariffs on $60bn worth of US goods as its countermeasure to a further tariff action by the US.

-Industry 4.0: How plastics and packaging can benefit

The advent of Industry 4.0 in the packaging sector signals that the latest digital technology tools are being deployed, creating a rapidly evolving landscape. While technological innovations have been prevalent in most aspects of our daily life, packaging industry enterprise activities—including molders, fillers and packers—have been less data driven.

Tightening of quality standards and a drive towards sustainability is making data more critical for decision making. Automation is being increasing used to process large amounts of data, provide trends and mark out the outliers.

 

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