Oxygen, nitrogen, helium, and thousands of specialty chemicals are the “invisible ingredients” of the modern economy — inside every chip, car, drug, and piece of steel, yet almost never carrying a logo. The remarkable part: some of it is one of the “best businesses in the world.” It sells things floating in the air, on 15-20 year contracts that customers pay even when they don't use the product — which gives it utility-like steady revenue plus a rare kind of pricing power.
Cabot Expands Battery Materials Platform With $50M DOE Grant
Cabot Corporation is expanding domestic production of advanced conductive additives at its Franklin, Louisiana, and Pampa facilities through a modified $50 million grant from the U.S. Department of Energy's Office of Critical Minerals and Energy Innovation. The funding, combined with approximately $75 million of Cabot investment, is intended to meet rising demand for energy storage systems, AI infrastructure, data centers, grid modernization and broader electrification. Under the revised agreement, Cabot will redirect funding from its originally planned Michigan project toward a two-site brownfield expansion, a move expected to accelerate development, improve production efficiency and strengthen supply capabilities. The investment will support Franklin's production of LITX advanced battery-grade conductive carbons, while the Pampa facility will establish Cabot's first commercial-scale production of carbon nanostructures and part of its ENERMAX product family, with both projects expected to become operational by the end of 2028. Cabot's shares have gained 17% year to date compared with the industry's 13.7% rise in the same period.
Shares of Siam Cement Public Company Limited, or SCC, rose 2.70% to 266.00 baht after the company announced the restart of production at its ROC plant, which has an olefins production capacity of about 1.35 million tonnes per year, from September 17, 2026, after it secured sufficient feedstock from sources outside the Middle East, such as Malaysia, Africa and other sources, for continuous production. SCC is targeting a combined utilisation rate with its MOC plant, which has a capacity of about 2.05 million tonnes per year, of more than 80%, close to pre-war levels. Krungsri Securities Public Company Limited, or KSS, said the restart of ROC within the late third quarter of 2026 was in line with the company's target, and maintained its "buy" recommendation on SCC with a 2027 target price of 315 baht, naming it one of its top picks, and expects SCC's normal profit in 2026-2028 to grow by an average of 110% per year.
SCGC announces Rayong Olefins plant restart after temporary halt due to Middle East situation
SCG Chemicals, or SCGC, announced that Rayong Olefins Company Limited (ROC), part of the SCGC business group, has successfully restarted its olefins plant after announcing a temporary shutdown in March 2026 due to the Middle East situation. The company conducted a comprehensive assessment of operational readiness as well as safety and environmental standards. Sakchai Patiparnprechavut, Chief Executive Officer and President of SCG Chemicals Public Company Limited, stated that the key factors considered in restarting the ROC plant this time included continuity in feedstock procurement, or feedstock security, and the readiness of the plant, along with the commitment to continuously deliver products to customers, partners, and all stakeholders. Sakchai also emphasized that the Middle East situation remains volatile and uncertain, so SCGC continues to closely monitor the situation and rapidly adjust its strategies to respond on an ongoing basis, focusing on feedstock procurement and on managing feedstock and production as efficiently as possible in order to increase opportunities and build competitiveness, while preparing for the changes in the increasingly challenging global petrochemical industry.
Matlantis and NVIDIA ALCHEMI Cut Catalyst Discovery From Years to Months
Matlantis announced that ENEOS Holdings Corporation is using its Matlantis PFP machine learning potential with NVIDIA ALCHEMI to accelerate the discovery of new catalyst materials. By combining PFP with NVIDIA ALCHEMI, ENEOS HD evaluated approximately 100 million candidate structures for oxygen evolution reaction catalysts, identifying priority candidates for synthesis and experimental validation. The effort reduced a discovery process that traditionally took years to just a few months. PFP is a general-purpose machine learning interatomic potential supporting all 96 chemical elements, while NVIDIA ALCHEMI provides an accelerated computing platform for scaling computational workflows across chemistry and materials science. Takeshi Ibuka, General Manager of the AI Innovation Department at ENEOS Holdings Corporation, said the work demonstrates how large-scale computational screening can fundamentally change the way materials are discovered and developed. Matlantis President and CEO Daisuke Okanohara and Dion Harris, senior director of HPC, Cloud and AI Infrastructure at NVIDIA, also commented on the collaboration.
Pan African Resources Posts Record Year as Gold Output Jumps Nearly 40%
Pan African Resources PLC has reported a record year, with gold production up almost 40%, earnings nearly tripled, and a proposed record final dividend. European Green Transition PLC called its first half a transformational period after completing its Wind Services acquisition, with its repowering orderbook now representing a potential £126 million opportunity. Helix Exploration PLC has spudded the Ollie #1 well at its Rudyard helium field in Montana, targeting the same formations that have already produced commercial-grade helium nearby. Rockfire Resources PLC recorded its highest-ever silver reading at the Molaoi deposit in Greece, with one zone returning nearly 560 grams per tonne, a record for the project. ATOME PLC has secured options over more than 4,000 hectares in Paraguay for its planned solar plant and opened a new front in Brazil exploring a second green fertiliser project, while Quadrise PLC said partner Valkor Technologies has begun drilling two new pilot wells at its Asphalt Ridge project in Utah, with an eight-well programme set to follow targeting around 1,000 barrels a day in 2027.
Dow Weighs Sale of 35% Sadara Stake in $20 Billion Saudi Chemicals Venture
Dow Inc. is reportedly considering selling its 35% stake in Sadara Chemical, its $20 billion chemicals joint venture with Saudi Aramco, as the company continues to reshape its portfolio amid a prolonged downturn in the global chemicals industry. No final decision has been made, and Aramco or another strategic or financial investor could potentially acquire Dow's stake. As of June 30, Dow had a negative investment balance of $793 million in Sadara and had suspended recognition of its share of the venture's equity losses in the first quarter, and the company has also been exposed to Sadara's financing obligations. Sadara remains a major industrial asset, operating a complex in Jubail with more than 3 million metric tons of annual chemicals and plastics capacity, though its operations were disrupted earlier this year by the Middle East conflict. In March, CEO Jim Fitterling said Dow's goal was to avoid putting additional cash into Sadara during 2026, describing the venture as having low operating cash costs but more challenging fixed costs and financing obligations. The $20 billion figure represents the original scale of the joint venture, not the current market value of Dow's 35% stake, so an exit could deliver less financial relief than the headline number suggests while forfeiting upside if chemical margins eventually recover.
GM Targets Domestic Battery Supply Chain Within Three Years
General Motors is developing a domestic battery supply chain it expects to complete within two to three years, even as it currently relies on some Chinese-sourced materials for existing battery production. Kurt Kelty, GM's vice president of battery and sustainability, told CNBC the company's near-term goal is full domestic sourcing, centered on sodium-ion battery cells GM is developing with Denver-based startup Peak Energy for stationary energy storage in homes, businesses, and data centers. GM expects commercial production of those cells around 2029, and a GM spokesperson confirmed the same domestic sourcing priority would apply to battery cells for future electric vehicles. Sodium-ion cells are built around sodium from soda ash, which the U.S. holds in abundance, sidestepping the lithium and ferrous sulfate supply chains China currently controls, and Kelty said they handle a broader span of temperatures, removing the need for active thermal management. GM has committed $900 million to new battery research facilities at its suburban Detroit campus, including a cell prototyping building exceeding 500,000 square feet scheduled to open before the end of the year. The comments came as Ford faced criticism from the Trump administration over its battery sourcing, with Transportation Secretary Sean Duffy saying last week he had "profound concern" over Ford's licensing of technology from Chinese battery manufacturer CATL for its Marshall, Michigan plant, while Ford CEO Jim Farley called the charges "basic misunderstandings, mistruths" and the White House posted that Ford is "a GREAT American company."
Lianke Technology Plans to Invest About 1 Billion Yuan in Egypt Silica-Carbon Black Integrated Project
Lianke Technology announced on September 14 that the company plans to invest its own funds, self-raised funds, and raised funds to build the Lianke Technology Egypt Suez Canal Economic Zone Silica-Carbon Black Circular Economy Integrated Project in Egypt. The total investment for the project is about 1 billion yuan. Once completed, the project will have an annual production capacity of 100,000 tons of silica and 100,000 tons of carbon black.
PTTGC Highlights allnex China Hub's Potential to Support Specialty Chemicals Business
PTT Global Chemical, or PTTGC, is pressing ahead with rebalancing its business portfolio from petrochemicals toward specialty chemicals through allnex, a global leader in coatings and additives, unveiling the potential of the allnex China Hub in the city of Jiaxing, the most product-diverse manufacturing base in allnex's global network. Currently allnex has six manufacturing bases in China, with sales volume growing from approximately 98,000 tonnes in 2019 to 144,000 tonnes in 2024, an average of about 8% per year, and more than 90% of that sold to customers within China, serving industries ranging from automotive, industrial metals, packaging and electronics to batteries for electric vehicles, solar panels and wind power. Narongsak Jivakanun, Chief Executive Officer of PTTGC, said China today is not merely a large market but is becoming one of the areas that shape the direction of technology and innovation, with roughly 1.8 million patent applications filed in China in 2024, or nearly half of all applications worldwide, and in the first half of 2026 allnex performed better than plan thanks to efficiency improvements and cost reductions. At the same time, allnex has also decided to invest in expanding production capacity for Sagging Control Agent, or SCA, in Map Ta Phut, Rayong Province, which will be allnex's first SCA production base outside Europe, to serve the automotive industries in China and the Asia-Pacific region. This collaboration also prepares the way for PTTGC's MTP Transformation strategy, which aims to elevate Map Ta Phut into the region's hub for high-value, low-carbon chemical businesses in Asia-Pacific.
COMEX copper plunges 4.95% after White House reviews plan to tax processed copper
COMEX December-delivery copper futures fell 34.10 cents, or 4.95%, to close at $6.5475 per pound, after reports that the White House is considering reviewing a plan to levy tariffs on processed copper goods that it had previously signaled. The rethink stems from concerns that high inflation would raise costs for manufacturers ahead of the midterm elections. The market had earlier expected the United States to extend tariff measures to cover processed copper in addition to semi-finished copper products, which drove global copper prices higher and triggered a rush of copper shipments into North America. However, a tight global copper supply picture, caused by a shortage of sulfuric acid and declining mine output, remains a supportive factor for prices. China has suspended exports of sulfuric acid, a key raw material for major copper smelters, amid supply pressure from members of the Gulf Cooperation Council, or GCC. As a result, the spread between near-term and long-term copper contracts has widened in major Western copper markets. Meanwhile, Codelco and Freeport-McMoRan reported double-digit declines in output, and the International Copper Study Group said global copper production fell 1.1% in the first half of this year.
Amata BIG opens third air separation plant in Amata City Chonburi
Amata BIG Industrial Gas Company Limited, a joint venture between Amata Corporation Public Company Limited and Bangkok Industrial Gas Company Limited, or BIG, has officially announced the start-up of its third Amata BIG air separation plant within the Amata City Chonburi industrial estate. The new air separation plant has a nitrogen production capacity of more than 27,000 tonnes per year, serving the demand of target industries such as flat glass, chemicals and automotive, which continue to expand in the Eastern Economic Corridor and nearby provinces. Chavalit Tippayawanich, Chief Executive Officer of Amata U Company Limited, or Amata U, said the start-up of Amata BIG's third air separation plant marks an important step in strengthening the utilities infrastructure of the Amata industrial estate and preparing it to support operations at full efficiency. Orla Charoenlap, Managing Director of Bangkok Industrial Gas Company Limited, or BIG, added that the third air separation plant not only increases the security of industrial gas supply for customers but also helps cut greenhouse gas emissions from transport by more than 7,000 tonnes of carbon dioxide equivalent per year. The third Amata BIG air separation plant is an on-site gas generation plant and is unmanned, controlled from a remote control centre. It uses highly efficient production technology, helping reduce reliance on gas transport from external production sources, increase continuity of delivery and raise the standard of safety in service, in line with the global standards of Air Products, BIG's parent company in the United States.
European banks urge ECB to disclose Climate Factor formula amid risk of collateral haircuts
The European Central Bank (ECB) is facing pressure from the banking sector to disclose its climate risk calculation formula, known as the Climate Factor, after expanding its use from corporate bonds to credit claims, which account for nearly 30% of all collateral in the euro system. This could lead to banks facing additional haircuts of up to 5% on their collateral. The measure is set to take effect at the end of next year. Denisa Avermaete, head of sustainable finance at the European Banking Federation, said the expansion is important but should be carried out transparently, given uncertainties about the calculation. Meanwhile, the ECB clarified that its main purpose is to protect its own balance sheet, not to conduct monetary policy, and it will not disclose data for individual credit claims to the public. BBVA and ING Group stated that the ECB's approach aligns with their own risk assessment methods but acknowledged that there could be significant differences in weighting. Frédéric Ducoulombier from the EDHEC Climate Institute believes that transparency would allow the market to scrutinize the relationship between risk scores and financial sensitivity, and the ECB may not disclose more information without sustained pressure.
Palm Oil Prices Surge on Concerns Indonesia Wildfires May Hit Supply
Palm oil prices rose, with benchmark crude palm oil futures in Kuala Lumpur climbing as much as 0.9% to 4,975 ringgit ($1,229) per ton, as traders worried that wildfires raging in Indonesia, the world's largest palm oil producer, could affect supply. David Ng, a senior trader at Iceberg X Sdn Bhd, said the market is concerned about dry weather and haze affecting yields. Toxic haze has blanketed much of Southeast Asia, stalling harvesting in some areas as workers are mobilized to fight fires, and palm fruit growth may be affected by smoke and reduced sunlight. This year's severe El Nino has worsened the situation, with the ASEAN Specialised Meteorological Centre (ASMC) saying conditions are conducive to wildfires and transboundary haze, but increased rainfall in October is expected to provide some relief. More than 202,000 hectares on the islands of Borneo and Sumatra have been damaged by fires, while pollution has surged in Indonesia, Singapore, Malaysia, and the Philippines.
Kenyan Leader Orders Tata Chemicals to Cease Operations in the Country
Kenyan President William Ruto announced on Thursday that he has ordered Tata Chemicals, a major Indian chemical company, to cease all operations in Kenya, accusing the company of holding a concession for 100 years without ever benefiting the country. He also stated that the government plans to bring in two new companies to take over operations, one of which will set up a large glass manufacturing plant, and the other will produce chemicals in the Kajiado area. The order came as the Kenyan leader toured Magadi town, the site of the Magadi Soda plant owned by the Tata group. Tensions between the Kenyan government and Tata Chemicals have been escalating since late July, when authorities ordered the subsidiary Tata Chemicals Magadi to suspend operations and halt exports of soda ash, a key raw material for the glass and chemical industries. Tata Chemicals issued a statement saying it still respects the authority of the Kenyan government and is ready to negotiate through legal channels, while reiterating that the company prioritizes the welfare of its employees and communities in Kenya above all.
Pimco trims Magnificent Seven holdings, shifts to chips and Asia
Pimco, a major fund manager, has adjusted its investment strategy by reducing its weight in large U.S. technology stocks, particularly the Magnificent Seven group, due to high valuations and AI investments that increase debt burdens. At the same time, it has increased investments in Asia, especially in semiconductor, materials, and financial stocks. Emmanuel Sharef, who manages the flagship Balanced Income and Growth Fund with assets of nearly $19 billion, stated that most hyperscaler companies have been underweighted, while Asia remains overweight because companies in the region have strong earnings prospects and are a key part of the AI supply chain. The fund has also increased its allocation to biotechnology and life sciences stocks over the past 18 months and is positive on financial and materials stocks in China, with the MSCI China Materials index rising 7.1% in one month. This strategy reflects that AI opportunities are spreading to infrastructure companies in Asia and other industries.
Four U.S. Companies to Invest $2 Billion in South Korea in Semiconductors and Energy
South Korea's Ministry of Trade, Industry and Energy announced on the 4th that four U.S. companies have decided to invest a total of $2 billion in South Korea in the fields of semiconductors, advanced materials, and energy. The investments were announced at a ceremony attended by Trade Minister Cheong In-kyo in Washington on the 3rd. U.S. industrial gas giant Air Products will expand facilities for semiconductor gases and rare gases in Pyeongtaek, Gyeonggi Province, and semiconductor equipment maker Axcelis will expand its production of ion implantation equipment in South Korea. Additionally, materials giant Corning will invest in advanced glass and other materials used in displays and semiconductors, and renewable energy developer Pacifico Energy will proceed with a 3.2-gigawatt offshore wind power project in the southwest, where a new semiconductor cluster is expected to be established.
SCC adjusts plan to source 80% of supplies outside Hormuz
SCC, or Siam Cement Public Company Limited, has adjusted its plan to cope with the renewed conflict in the Middle East by increasing the proportion of raw material sourcing outside the Strait of Hormuz to about 80%, up from about 50%, to mitigate future risks. The company also confirmed its capital expenditure budget this year at 30 billion baht, with one-third allocated to improving the LSP project in Vietnam, which is the country's first integrated petrochemical complex. There are plans to accelerate construction to complete by mid-2027, earlier than the original end of next year. Meanwhile, EBITDA for 2026 is expected to exceed 56 billion baht, following 42.9 billion baht in the first half. Analysts from Yuanta Securities (Thailand) have given a "trading buy" recommendation with a target price of 290.00 baht, expecting 2026 profit of around 19 billion baht. They are also studying the feasibility of establishing a joint venture for the Olefins business between SCGC and PTTGC, with clarity expected in the third quarter of 2026.
NVIDIA Faces Margin Pressure from Rising Memory Costs
NVIDIA Corporation's gross margin faces a new test as memory prices rise sharply amid the AI infrastructure boom, with the company expecting its non-GAAP gross margin to decline from 75% in the second quarter of fiscal 2027 to 74% in the third quarter and 71%-72% in the fourth quarter before recovering to 72%-73% in fiscal 2028. The pressure stems from higher memory costs, which are a significant component of NVIDIA's AI systems, but the company is taking steps to mitigate the impact, including increasing supply and capacity commitments to $279 billion and working with memory suppliers Micron Technology, SK Hynix, and Samsung to expand capacity. NVIDIA also plans to implement price increases beginning in fiscal 2028 to help margins recover. Despite near-term pressure, NVIDIA's strong pricing power and robust demand for Blackwell Ultra and Vera Rubin are expected to keep gross margins comfortably above 70%. In comparison, rivals Advanced Micro Devices and Intel are also seeing margin improvements but have lower cushions to absorb rising memory costs, with AMD's non-GAAP gross margin at 56.2% and Intel's at 41.8% in their respective second quarters.
Broadcom Inc. reported record AI semiconductor revenue of $16.7 billion, up 221% year over year, and total revenue of $29.6 billion, up 86%, but its stock fell as the company guided fourth-quarter gross margin down to approximately 73% from 78% a year ago, citing rising memory content in its custom AI accelerators. CFO Amie O'Toole said the increasing mix of XPUs with higher memory content is diluting consolidated gross margin, which has compressed 410 basis points over two quarters. The company sees about $350 billion in AI semiconductor revenue across fiscal 2027 and 2028, but faces rising DRAM prices, which TrendForce says jumped 90% to 95% quarter over quarter in early 2026, with NAND up 55% to 60%. CEO Hock Tan noted that Broadcom is building additional substrate capacity in Singapore to address supply bottlenecks, highlighting that AI infrastructure is becoming a system-level investment challenge involving memory, substrates, networking, and power.
Japan's AI Infrastructure Stocks Show Strength in Global Climate Change Index
Japanese companies are performing well in the Indxx Climate Change Index, which is composed of stocks that contribute to global warming countermeasures. Four of the top 10 gainers year-to-date are Japanese companies, with battery maker GS Yuasa up 41%, water treatment company Kurita Water Industries up 26%, and waste incinerator and water treatment firm Takuma and power semiconductor maker Sanken Electric both up 23%, far outpacing the index's 5% gain. During the same period, the Tokyo Stock Price Index (TOPIX) rose 23%. The generative AI boom has led to the development of large-scale data centers, which increases power consumption and heat generation, drawing investor attention to cutting-edge semiconductor manufacturing, energy storage, and cooling technologies. Oscar Young of Impax Asset Management, which specializes in sustainable investment, noted that if large-scale semiconductor plant investment continues in Japan, the beneficiaries would be semiconductor materials and manufacturing equipment makers, water treatment, and power management companies. According to Ministry of Internal Affairs and Communications data, ICT sector power demand in 2040 is expected to be up to 27 times that of 2020, highlighting the growing importance of energy efficiency and cooling. Kioxia Holdings will invest 5 trillion yen in Japan over the next six years with U.S. partner SanDisk, and South Korea's SK Hynix is also considering building a plant in Japan. A Japan Development Bank survey shows that major companies' domestic capital investment plans for fiscal 2026 are expected to rise 19.7%. Meanwhile, caution is emerging, with New York State halting new data center development for one year. The Nikkei semiconductor stock index has plunged 27% this quarter, but Tiemo Lang of Polar Capital believes the acceleration trend in AI investment will continue and that the correction is unlikely to cloud the outlook for environmental infrastructure companies.
Methanex to Idle New Zealand Plants, Sell Gas Entitlements
Methanex Corporation announced it has agreed to sell substantially all of its New Zealand natural gas contractual entitlements, which expire at the end of the decade, and expects to indefinitely idle its New Zealand production facilities during the first quarter of 2027. The decision follows a continued decline in domestic natural gas availability and a lack of clear pathway to meaningful new supply, making operations unsustainable. The company will work closely with employees, contractors, suppliers, customers, and government stakeholders during the transition. Methanex does not expect material cash costs from this decision and will update production or financial guidance with its quarterly communications. President and CEO Rich Sumner noted the facilities have operated for over four decades and the company will safely idle and preserve the plant for potential future restart.
Eurozone Manufacturing PMI Rises to Four-Year High in August
The eurozone's August manufacturing purchasing managers' index (PMI), compiled by S&P Global, came in at 52.7, up from 51.9 in July, marking the highest level since May 2022. The reading was slightly revised down from the flash estimate of 52.8. New orders saw their strongest growth since early 2022, with export orders recording their second increase in the past four and a half years. The production index rose to 53.3 from 52.9, reaching a 54-month high, driven by intermediate goods such as chemicals, metals, and electronic components. PMIs for Germany and France rose, while Italy and Spain fell below the 50 threshold. Employment was nearly flat, ending a decline that had lasted over three years. Input cost inflation slowed to a six-month low, with output price inflation showing a similar trend. S&P Global economist Joe Hayes said this is a clear sign that the impact of oil price shocks and supply disruptions from the Middle East conflict has been overcome, with a recovery in export demand also contributing.
Battian Co.'s Xiaogaozhai Phosphate Mine Expands Safety Production License to 2.9 Million Tonnes Per Year
Shenzhen Battian Eco-Engineering Co., Ltd. announced that its wholly owned subsidiary Guizhou Battian Eco-Engineering Co., Ltd. has recently received a renewed Safety Production License for the Xiaogaozhai phosphate mine from the Guizhou Provincial Department of Emergency Management. The mining scale has been expanded from 2 million tonnes per year to 2.9 million tonnes per year, with the license valid from August 31, 2026 to August 30, 2029. The exploration right for the phosphate mine was obtained in 2014, the mining license was obtained in 2020, the first safety production license for 2 million tonnes per year was obtained in February 2025, and the safety facility design review for the 2.9 million tonnes per year expansion project was passed in November 2025. The company stated that this scale increase is conducive to raising phosphate ore output, expanding the upstream and downstream industrial chain, and advancing its phosphate chemical integration strategy. It also cautioned that future profitability is subject to uncertainties arising from market demand, business development, and relevant industry policies.
Air Products Shares Rally 25% YTD on Strong Projects and Guidance
Air Products and Chemicals, Inc.'s shares have gained 24.7% so far this year, outperforming the Zacks Chemicals Diversified industry's 21.1% rise. The company is benefiting from high-return industrial gas projects, new business deals, acquisitions, and productivity initiatives. Air Products has an industrial gas project backlog of around $3 billion, with most projects serving electronics customers, and plans to invest about $1.5 billion annually in traditional projects. It is also pursuing the NEOM green hydrogen project in Saudi Arabia, expected to supply up to 1.2 million tons per year of renewable ammonia, with a marketing and distribution agreement finalized with Yara International. The company raised its fiscal 2026 adjusted earnings guidance to $13.39-$13.49 per share from $13.00-$13.25, and expects fourth-quarter adjusted earnings of $3.55-$3.65 per share, implying 5-8% growth. Air Products also expects $250 million in annual cost savings from headcount reductions, having already realized roughly $75 million.
Mid-Year PV Report: Industry Has Not Reversed, Companies Shift to Energy Storage
In the 2026 interim reporting season, the photovoltaic industry chain has not yet seen a full reversal, but companies have begun seeking new growth curves. According to Wind statistics, among 99 A-share companies in the photovoltaic industry chain, 24 have posted losses for three consecutive half-year reporting periods, accounting for about 24 percent. Tongwei Co., LONGi Green Energy, TCL Zhonghuan, JinkoSolar, and JA Solar reported first-half net losses attributable to shareholders of 5.119 billion yuan, 3.684 billion yuan, 3.204 billion yuan, 3.076 billion yuan, and 2.663 billion yuan respectively, with the five companies' combined losses exceeding 17 billion yuan. At the same time, the industry's anti-involution efforts have accelerated, with the Ministry of Industry and Information Technology and two other departments issuing three mandatory national standards for photovoltaics, and polysilicon companies signing an anti-involution initiative. On the corporate transformation front, Sungrow Power's energy storage business revenue share surpassed its photovoltaic business for the first time, Trina Solar's energy storage system shipments grew 188 percent year-on-year, Canadian Solar's utility-scale energy storage sales rose 103.3 percent year-on-year, and GCL Technology's Leshan Phase One 200,000-ton lithium iron phosphate project is expected to reach full production by the end of October 2026.
U.S. Shale Producers Boost Oil Output with Surfactant Cocktails
U.S. shale producers are increasingly using advanced chemical mixtures, known as surfactants, to extract more oil from existing wells, with Chevron and other companies reporting significant productivity gains. Chevron has developed a proprietary chemical technology that helps release oil trapped in shale formations, addressing the fact that only about 10% of oil is recovered with fracking alone. As of July 2026, Chevron has applied these chemicals in over 600 wells, starting in the Permian Basin, and has expanded to the Bakken, Rockies, and Argentina. The company has also licensed the technology to ZL Chemicals under the Vantis brand, aiming to commercialize it broadly. Ovintiv has completed about 400 Permian wells with surfactants since 2019, seeing a 9% improvement in oil productivity, and Diamondback Energy invested $30 million in a pilot project testing 60 wells with surfactants, with positive results. These innovations, along with longer laterals and AI, are expected to further boost U.S. shale production.
IVL Surges 5.78%, Boosting PTTGC and SCC on Petrochemical Spread Optimism
Indorama Ventures (IVL) shares surged as much as 5.78% to 24.20 baht before closing the morning session at 23.80 baht, with trading value of 2,756 million baht. This boosted PTTGC and SCC, which rose in tandem. The market expects petrochemical spreads to improve amid reports that Venezuela is considering withdrawing from OPEC, which would increase crude supply and lower feedstock costs. Yuanta Securities (Thailand) recommends a "Buy" on IVL with a target price of 27.50 baht, forecasting net profits of 4,500 million baht and 8,500 million baht for 2026 and 2027, respectively. Meanwhile, Krungsri Securities sets a target price of 28 baht, noting that Venezuela's withdrawal may not immediately impact oil prices but would reduce OPEC's bargaining power and provide positive sentiment for anti-commodity groups such as power plants GULF, GPSC, and petrochemicals IVL and SCC.
PwC Thailand has revealed that the transformation of the Thai industrial sector will be a key driver of a new wave of mergers and acquisitions, with investors focusing on opportunities related to supply chain resilience, advanced manufacturing, and the transition to a more technology-driven economy. PwC's Global M&A Trends in Industrials and Services: 2026 Mid-Year Outlook indicates that the global deal value in 2026 is expected to be approximately 496 billion US dollars, or around 16.28 trillion baht, while deal volume is expected to decline by about 7% compared to the previous year. Steve Yang, Head of Automotive Business Clients at PwC Thailand, stated that investors are choosing to invest more prudently, seeking opportunities that strengthen supply chains, enhance competitiveness, and create long-term strategic value, particularly in AI, robotics, and electric vehicles (EVs), which are three key factors opening new investment opportunities across the Thai industrial sector. The China+1 strategy continues to attract foreign direct investment into Thailand, especially in EV components, electronics, and specialty chemicals. Meanwhile, the transition to EVs is creating opportunities across the value chain, from batteries and drive motors to partnerships with Chinese manufacturers investing in Thailand.
Solstice Advanced Materials, a U.S. advanced materials company, and Element Solutions, a U.S. specialty chemicals company, agreed on the 27th to withdraw their $14.5 billion merger plan. The decision came after shareholders expressed a desire for the companies to remain independent, and no termination fees will be incurred. Solstice had announced the merger in July, ten months after its spin-off from Honeywell, and amid surging semiconductor demand, the combination was expected to create a leading supplier. Solstice Chairman Rajeev Gautam said the company respects shareholders' views, and the board approved its first share buyback plan of up to $500 million. In after-hours trading, Solstice shares rose 15% and Element shares rose 4%.
Eastern Shenghong's first-half net profit surges 1065% year on year
Eastern Shenghong released its 2026 semi-annual report. During the reporting period, the company achieved operating revenue of 69.924 billion yuan, up 14.79% year on year. Net profit attributable to shareholders of the listed company was 4.5 billion yuan, up 1065.1% year on year. The profit growth mainly benefited from geopolitical conditions driving crude oil price centers higher and a gradual recovery in petrochemical industry prosperity. Leveraging the advantages of its integrated full-industry-chain layout, the company flexibly adjusted its product mix to achieve revenue and profit growth.
CF Industries and Partners Break Ground on $3.7B Low-Carbon Ammonia Plant
CF Industries, JERA, and Mitsui have begun construction of Blue Point One, a $3.7 billion low-carbon ammonia plant in Louisiana, which will be the world's largest of its kind upon completion. The facility, with an annual capacity of 1.4 million metric tons, is expected to start production in 2029 and will capture about 98% of its carbon dioxide emissions. CF Industries holds a 40% stake in the joint venture, while JERA owns 35% and Mitsui 25%, with CF also investing an additional $550 million in shared infrastructure. Linde is investing over $400 million in an on-site air-separation unit, and a 1PointFive-Enbridge joint venture will handle carbon transport and sequestration. CF shares have risen 43.9% over the past year, outperforming the industry's decline of 43.5%.
Quzhou's Industrial Comeback: New Materials Output Value Tops 100 Billion Yuan, GDP Growth Leads Zhejiang
Quzhou, a city in western Zhejiang, has achieved an economic turnaround in recent years through precise industrial planning and institutional design, with GDP growth reaching 7.1 percent in the first quarter of 2026, higher than both the national and provincial averages. The output value of the city's new materials industry chain surpassed 100 billion yuan in 2025, making it the first industry to reach this milestone. Juhua Group, as the chain leader, holds 39.30 percent of the national HFCs production quota, and its refrigerant business gross margin reached 50.81 percent. In addition, companies such as TopOlefin Optics have broken foreign technology blockades and achieved industrial-scale mass production of cyclic olefin copolymers. Through the Five Chains integration strategy, Quzhou has introduced 17 high-level innovation platforms and hosts two national-level manufacturing pilot test platforms, having completed more than 50 pilot test projects in total. In the first half of 2026, new materials accounted for 35.4 percent of the output of industrial enterprises above designated size, and the added value of high-tech industries grew by 47.5 percent.
Sungrow Power Responds to Share Price Plunge: Impact of Trump Executive Order Still Under Review
On the morning of August 27, shares of inverter leader Sungrow Power opened sharply lower, with an intraday decline of 14.18 percent at one point, closing the morning session at 99.87 yuan per share, down 11.32 percent. A day earlier, U.S. President Trump signed Executive Order 14420, prohibiting the U.S. from procuring, importing, or installing certain foreign-made large power system equipment on national security grounds, covering substation transformers, large generators, industrial control systems, and battery energy storage systems. A staff member from Sungrow Power's board office responded that the company is still studying the specific impact of the executive order and will share details only after the review is complete. This marks the second time this year that Sungrow Power's share price has been hit by U.S. policy rumors. On July 1, foreign media reported that the Trump administration was drafting an import ban on foreign-made inverters, sending the stock close to its daily limit down that day. The company clarified that this executive order is not the same matter as the July 1 report, and said that inverters exported to the U.S. do not have remote upgrade or remote communication functions and meet relevant U.S. standards.
Banpu Unveils Energy Symphonics Strategy for AI and Net Zero Era
Banpu Public Company Limited (BANPU) has announced a major corporate repositioning through its Energy Symphonics strategy to support the growth of hyperscalers and data centers for AI. The strategy leverages the strengths of its four core business groups: natural gas business in the U.S. through its subsidiary BKV, which targets production capacity of 960 million cubic feet equivalent per day by 2026 and will install CCUS technology to capture 1.5 million tons of carbon per year by 2028; modern mining business focusing on strategic minerals such as nickel and bauxite; integrated power business combining CCGT power plants with renewable energy and energy storage systems; and future technology business investing through corporate venture capital in AI startups and net-zero solutions. This strategy aims to lay the foundation to address the energy transition and the growth of the digital world.
Olin and Huntsman Shareholders Approve All-Stock Merger
Olin Corporation and Huntsman Corporation have received overwhelming shareholder approval for their all-stock merger of equals, creating OlinHuntsman Corporation, a leading North American integrated chemicals producer. At Olin's special meeting, approximately 97% of votes cast, representing 81% of outstanding shares, supported the deal, while Huntsman saw roughly 99% of votes cast, representing 75% of outstanding shares, in favor. The combined company is expected to have about $12.5 billion in 2025 revenues and a broader manufacturing footprint across North America, Europe, and Asia. The merger is projected to deliver more than $400 million in total cost synergies and integration benefits, including over $300 million from purchasing efficiencies, raw material integration, operational optimization, and SG&A savings, plus an additional $100 million in raw material integration benefits beginning in 2031 and about $125 million in cash tax benefits. The transaction is expected to close in the first half of 2027, subject to regulatory approvals and other customary conditions.
Thai Petrochemicals Face Oversupply and Chinese Market Pressure, PTT Group Accelerates Portfolio Adjustment
Thailand's petrochemical industry is facing oversupply and pressure from China, which continues to increase production capacity and export goods into the market. The PTT Group is accelerating its business portfolio adjustment to cope with challenges related to raw materials, products, and environmental requirements. Mr. Pirun Krimwongrat, Executive Vice President of Downstream Petroleum Business Strategy at PTT Public Company Limited, stated at the 17th PTT Group Petrochemical Outlook Forum that competitiveness must be enhanced by diversifying raw material sources and seeking new markets, such as Africa and India. Meanwhile, Mr. Lee Andrew Fagg, Vice President of Chemicals for Asia Pacific at Wood Mackenzie, noted that conflicts in the Middle East have caused an oil shock, impacting the industry, particularly its reliance on naphtha and LPG from the region. China continues to expand production capacity using coal for energy security. Thailand's polyolefin market has been affected by a 31% increase in imports of Chinese products, while the aromatics market still faces oversupply, especially for paraxylene and benzene. The solution lies in finding new markets, developing high-value products, and securing long-term ethane imports to reduce costs.
Nanshan Zhishang disclosed its 2026 semi-annual report on the evening of August 26. In the first half of the year, it achieved operating revenue of 1.181 billion yuan, up 61.50% year-on-year, with net profit attributable to the parent company of 71.963 million yuan. Second-quarter revenue was 612 million yuan, and net profit attributable to the parent company was 41.1747 million yuan, up about 33.7% quarter-on-quarter. During the reporting period, the company's nylon fiber segment achieved operating revenue of 420 million yuan, a sharp year-on-year increase of 477.09%, successfully turning losses into profits and officially entering a stage of large-scale performance realization. The company has steadily released production capacity through its 80,000-ton high-performance differentiated nylon fiber project. Its PA6 product line is positioned for outdoor apparel and high-end fabrics, while its PA66 civilian yarn business benefits from scarce industry supply. In addition, the company's self-developed ultra-high-strength robotic transmission tendon ropes have entered the customer certification and small-batch industrialization stage, and it is also laying out cutting-edge products such as robotic flexible skin and intelligent tactile interaction gloves. The company stated that it will continue to amplify the strategic value of its new materials segment and build a domestically leading, internationally first-class high-performance fiber innovation industry cluster.
Tongwei Co., Ltd. released its 2026 interim report on August 26. Relying on coordinated operations across its agriculture and solar dual-core businesses, the company saw its net loss attributable to shareholders widen to 5.119 billion yuan due to supply-demand imbalances in the solar industry and sluggish product prices. However, feed sales maintained growth and operating cash flow turned positive. Revenue for the reporting period was 34.357 billion yuan, down 15.19% year on year. Net loss excluding non-recurring items was 5.283 billion yuan, widening by 5.05%. Net cash from operating activities was 109 million yuan, compared with a net outflow of 1.951 billion yuan in the same period last year. In the agriculture and animal husbandry segment, feed sales volume reached 3.0553 million tonnes, up 3.47% year on year, with overseas sales volume up 27.57%. In the solar business, high-purity polysilicon shipments reached 155,300 tonnes, maintaining the top position in the industry. Cell sales were 34.78 gigawatts and module sales were 13.07 gigawatts, with the overseas share rising to nearly 40%. The decline in performance was mainly due to a sharp drop in solar supply chain prices. Polysilicon prices fell more than 40% from the beginning of the year, while cell and module prices dropped nearly 30%. The company also recognised substantial asset impairment losses. Looking ahead, the solar industry is still in a period of capacity clearance, and the short-term supply-demand imbalance will be difficult to alleviate. Attention should be paid to the pace of price stabilisation and progress in cost reduction through new technologies.
Qide New Materials first-half net profit up 79.2 percent, focusing on high-potential tracks
Qide New Materials released its 2026 interim report on August 25. In the first half, it achieved operating revenue of 197 million yuan, up 10.25 percent year on year. Net profit attributable to the parent company was 15.42 million yuan, a sharp year-on-year increase of 79.20 percent. Net profit attributable to the parent company after deducting non-recurring items was 10.83 million yuan, up 24.79 percent year on year. Net cash flow from operating activities was 49.94 million yuan, up 35.46 percent year on year. The company plans to distribute a cash dividend of 0.80 yuan per 10 shares, tax included, to all shareholders. Overall gross margin reached 28.87 percent, up 11.68 percent year on year, ranking among the industry leaders. Revenue from its main engineering plastics business was 115.57 million yuan, up 24.32 percent year on year. Revenue from high-end specialty engineering plastics PPS was 32.48 million yuan, doubling year on year with growth of 100.66 percent. The company has secured designated projects for carbon fiber products and humanoid robot projects for key models of leading automotive customers, and is focusing on high-potential tracks such as new energy vehicles, high-end smart home appliances, humanoid robots, and low-altitude aircraft. It has obtained tier-one supplier qualifications from leading customers including BYD, Xiaomi, and Leapmotor.
Furukawa Electric Q1 operating profit triples, sharply raises full-year forecast
Furukawa Electric reported first-quarter operating profit for the fiscal year ending March 2027 of 25.4 billion yen, triple the year-earlier level, and raised its full-year operating profit forecast to 123 billion yen from the initial 95 billion yen. Revenue came to 365.2 billion yen, up just over 20 percent from a year earlier, while the operating margin improved to 7.0 percent. The company said growth in data-center-related products and automotive components, surging copper prices, productivity improvements, and sales price adjustments contributed to the results. For the full year, it expects revenue of 1.53 trillion yen, ordinary profit of 143 billion yen, and net profit of 105 billion yen. The stock closed at 4,000 yen on August 25, up 10 percent from the previous day, and has swung sharply over the past month, with a trading range exceeding 50 percent.