The Urethane Blog
July 20, 2026
Brief Analysis of China’s TDI Imports and Exports in H1 2026
July 20, 2026 1 min read
In the first half of 2026, China’s TDI exports maintained rapid growth, reaching approximately 332,100 tonnes, up 24.2% year on year. Imports totaled around 2,180 tonnes, an increase of 144.9% year on year. Overall, China’s TDI trade remained heavily export-oriented, with imports accounting for only a small share. Export volume was approximately 152 times the import volume.
1. TDI Imports
Unit: tonnes
China imported approximately 310 tonnes of TDI in June, up 588.9% month on month and 113.8% year on year. The increase was mainly attributable to shipments from Japan, Saudi Arabia and Germany. Japan was the largest overseas source during the month, supplying 150 tonnes.
From January to June 2026, China imported approximately 2,180 tonnes of TDI, up 144.9% from 890 tonnes in the same period of 2025. However, around 750 tonnes were recorded with China as the trading partner, which may have involved re-imports, bonded-zone transfers or returned shipments. Therefore, imports originating from overseas suppliers were lower than the headline figure.
2. TDI Exports
Unit: tonnes
China exported approximately 56,600 tonnes of TDI in June, up 22.5% month on month and 17.7% year on year. Brazil remained the largest export destination, receiving around 7,111 tonnes, followed by Belgium, India, Vietnam and Türkiye.
From January to June 2026, China’s TDI exports totaled approximately 332,100 tonnes, an increase of about 64,800 tonnes from 267,300 tonnes in the same period of 2025, representing year-on-year growth of 24.2%. Brazil ranked first with around 29,600 tonnes, followed by Vietnam, Belgium, India and Indonesia. The top ten markets accounted for approximately 54.7% of total exports, while all other markets represented 45.3%, indicating a relatively diversified export destination mix.
https://www.pudaily.com/news/65812/brief-analysis-of-chinas-tdi-imports-and-exports-in-h1-2026
July 20, 2026
Multifamily surge lifts overall starts despite single-family decline
By Dakota Smith
July 17, 2026 | 9:31 am CDT
WASHINGTON, D.C. — Strong multifamily growth pushed overall housing starts higher in June, while single-family production remained sluggish as elevated mortgage rates, rising construction costs and persistent labor shortages continued to weigh on the market.
Overall housing starts increased 19% in June to a seasonally adjusted annual rate of 1.43 million units, according to a report from the U.S. Department of Housing and Urban Development and the U.S. Census Bureau.
The June reading of 1.43 million starts is the number of housing units builders would begin if development kept this pace for the next 12 months. Within this overall number, single-family starts decreased 0.2% to an 895,000 seasonally adjusted annual rate and are down 3.2% compared to June 2025. The multifamily sector, which includes apartment buildings and condos, increased 76.2% to an annualized 532,000 pace and are up 17.2% compared to June 2025.
“Single-family housing starts fell in June as elevated mortgage rates and higher construction financing costs continued to weaken builder confidence and housing demand,” said Bill Owens, chairman of the National Association of Home Builders (NAHB) and a home builder and remodeler from Worthington, Ohio. “The newly enacted housing bill includes key provisions to help builders increase supply, including streamlined regulations and incentives for local zoning reforms, but it will take time for these measures to take effect.”
“Builders continue to face a difficult cost environment,” said Danushka Nanayakkara-Skillington, NAHB’s assistant vice president for forecasting and analysis. “Higher long-term Treasury yields have kept mortgage rates elevated, while rising building material prices, transportation costs and insurance expenses are making new construction more expensive. The monthly decline underscores the ongoing challenges facing residential construction despite a persistent shortage of available homes.”
On a regional and year-to-date basis, combined single-family and multifamily starts were 4.5% higher in the Northeast, 1.2% higher in the Midwest, 1.7% higher in the South and 4.4% lower in the West.
Overall permits decreased 3% to a 1.37-million-unit annualized rate in June. Single-family permits decreased 2.4% to an 871,000-unit rate and are down 0.2% compared to June 2025. Multifamily permits decreased 4.2% to an annualized 496,000 pace and are down 5.7% compared to June 2025.
The number of single-family homes under construction is at 582,000 units, while number of apartments under construction is at 682,000 units.
July 19, 2026
PTTGC Consolidates Full Ownership of GC Polyols Following Mothball Decision
July 16, 2026 1 min read
PTT Global Chemical Public Company Limited, or PTTGC, has completed the acquisition of the remaining shares in GC Polyols Co., Ltd. and decided to temporarily shut down the company’s polyol production facility in Thailand.
PTTGC increased its ownership in GC Polyols from 82.1% to 100%, with the transaction completed on July 8, 2026. Before the restructuring, Japan’s Sanyo Chemical Industries held a 14.9% stake, while Toyota Tsusho owned the remaining 3%.
Following the acquisition, PTTGC approved a restructuring plan that includes mothballing the GC Polyols plant in response to weak market conditions. The company cited severe global polyol overcapacity, particularly following significant capacity additions in China, which have pushed average industry operating rates down to around 60%.
The facility is located in the Hemaraj Eastern Industrial Estate in Rayong Province, within Thailand’s Eastern Economic Corridor. It began commercial operations around 2020 and has a total annual production capacity of 180,000 tonnes, comprising 130,000 tonnes of polyether polyols, 30,000 tonnes of polymer polyols and 20,000 tonnes of premixed polyols.
The plant supplies polyurethane raw materials used in household appliances, automotive applications, electrical and electronic products, packaging, footwear and construction.
PTTGC reportedly recorded an additional provision of THB 1.8 billion in the second quarter of 2026, following asset impairment charges of approximately THB 5–6 billion recognized between the fourth quarter of 2025 and the first quarter of 2026. As a result, the current book value of GC Polyols is expected to be close to zero.
The temporary shutdown is expected to generate annual maintenance costs of around THB 50 million. However, the move could help reduce annual losses by approximately THB 200 million from 2026 onward, compared with losses of nearly THB 1 billion recorded last year.
The removal of 180,000 tonnes per year of Thai polyol capacity could ease some regional supply pressure in Southeast Asia, although the plant has been mothballed rather than permanently closed.
July 16, 2026
OUTLOOK: US chems prepare for more tariffs under shifting trade regime
Al Greenwood
16-Jul-2026
HOUSTON (ICIS)–Within days, the US is expected to continue imposing new tariffs on imports from dozens of trading partners, leaving the chemical industry facing continued uncertainty over where duties will ultimately settle.
It already imposed 25% tariffs on imports from Brazil. These and others would be imposed under Sections 301 and 232. They are intended to replace temporary duties imposed under Section 122, which will expire on 24 July.
Looking ahead, the chemical industry could get a respite from a proposed board of trade between the US and China. The board could exclude some imports from tariffs, but it is still under discussion.
The one trade policy that remains stable is the US-Canada-Mexico Agreement (USMCA), which remains in force while it undergoes annual joint reviews.
NEW TARIFFS COULD TAKE EFFECT ON 24 JULY
Many trade lawyers expect the US will impose tariffs on the 60 countries and regions by 24 July. This is the expiration date of the global 10% tariffs that the US imposed under Section 122.
The new tariffs are the result of an investigation that the US conducted under Section 301, a statute intended to address unfair trade practices.
The probe investigated allegations that the countries imported products and intermediates made from forced labor.
The following table shows the proposed tariffs that could take effect by 24 July.
| Economy | Tariff |
| Algeria | 12.5% |
| Angola | 12.5% |
| Argentina | 10.0% |
| Australia | 12.5% |
| Bahrain | 12.5% |
| Bangladesh | 10.0% |
| Brazil | 12.5% |
| Cambodia | 10.0% |
| Canada | 10.0% |
| Chile | 12.5% |
| China | 12.5% |
| Colombia | 12.5% |
| Costa Rica | 12.5% |
| Dominican Republic | 12.5% |
| Ecuador | 10.0% |
| Egypt | 12.5% |
| El Salvador | 10.0% |
| EU | 10.0% |
| Guatemala | 10.0% |
| Guyana | 12.5% |
| Honduras | 12.5% |
| Hong Kong | 12.5% |
| India | 12.5% |
| Indonesia | 10.0% |
| Iraq | 12.5% |
| Israel | 12.5% |
| Japan | 12.5% |
| Jordan | 12.5% |
| Kazakhstan | 12.5% |
| Kuwait | 12.5% |
| Libya | 12.5% |
| Malaysia | 10.0% |
| Mexico | 10.0% |
| Morocco | 12.5% |
| New Zealand | 12.5% |
| Nicaragua | 12.5% |
| Nigeria | 12.5% |
| Norway | 12.5% |
| Oman | 12.5% |
| Pakistan | 10.0% |
| Peru | 12.5% |
| Philippines | 12.5% |
| Qatar | 12.5% |
| Russia | 12.5% |
| S Korea | 12.5% |
| Saudi Arabia | 12.5% |
| Singapore | 12.5% |
| South Africa | 12.5% |
| Sri Lanka | 12.5% |
| Switzerland | 12.5% |
| Taiwan | 10.0% |
| Thailand | 12.5% |
| The Bahamas | 12.5% |
| Trinidad and Tobago | 12.5% |
| Turkey | 12.5% |
| UAE | 12.5% |
| UK | 10.0% |
| Uruguay | 12.5% |
| Venezuela | 12.5% |
| Vietnam | 12.5% |
Source: US Trade Representative
MORE SECTION 301 TARIFFS COULD TAKE EFFECT
Under a separate Section 301 investigation, the US has imposed tariffs of 25% on imports from Brazil. If the US moves forward on the other proposed tariffs, then Brazilian imports covered by both actions could face cumulative duties of 37.5%.
Another Section 301 probe is investigating allegations that 16 governments relied on excess manufacturing capacity to obtain an unfair trade advantage. The US has yet to propose tariffs.
The following table lists the governments under investigation.
| Economy |
| Bangladesh |
| Cambodia |
| China |
| EU |
| India |
| Indonesia |
| Japan |
| Malaysia |
| Mexico |
| Norway |
| South Korea |
| Singapore |
| Switzerland |
| Taiwan |
| Thailand |
| Vietnam |
Source; USTR
The US is conducting other Section 301 investigations against the following countries:
| Economy | Tariff | Description |
| China | Pending | Compliance with 2020 trade deal |
| Vietnam | Pending | Intellectual property protection and enforcement |
| Germany | Pending | Germany’s payments for pharmaceuticals |
Source; USTR
MORE TARIFFS POSSIBLE UNDER SECTION 232
The US is investigating imports of entire product categories under Section 232. Unlike Section 301, which targets alleged unfair trade practices by specific governments, Section 232 focuses on whether imports of particular products threaten national security.
The following table lists pending Section 232 investigations:
| Unmanned aircraft systems | 1-Jul-25 | pending |
| Wind turbines | 13-Aug-25 | pending |
| Robotics and industrial machinery | 2-Sep-25 | pending |
| PPE, medical consumables, medical equipment | 2-Sep-25 | pending |
| Anthracite coal | 29-Jun-26 | pending |
Source: Bureau of Industry and Security (BIS), Federal Register
Over the years, the US has expanded or restricted the scope of existing Section 232 tariffs. In the case of steel, this resulted in an indirect tariff on imports of products like fluorochemicals because the duty covered the containers in which they were shipped.
The following table lists completed Section 232 investigations. In some cases, the investigations concluded with tariffs. In others, they led to further discussions but no tariffs. They are all subject to revisions that could expand their scope or change their rates.
| Product | Investigation Started | Rate |
| Autos and auto parts | Completed | 25% |
| Copper products | Completed | 50% |
| Steel | Completed | 50% |
| Aluminium | Completed | 50% |
| Softwood lumber | Completed | 10% |
| Upholstered furniture | Completed | 25%, 30% on 1 Jan ’27 |
| Kitchen cabinets, vanities | Completed | 25%, 50% on 1 Jan ’27 |
| Medium duty trucks | Completed | 25% |
| Heavy duty trucks | Completed | 25% |
| Buses | Completed | 10% |
| Critical minerals | Completed | No tariffs |
| Semiconductors | Completed | 25% on few imports, may be expanded |
| Patented pharma, APIs | Completed | 100% |
| Commercial aircraft | Completed | No tariffs |
| Jet engines | Completed | No tariffs |
Source: BIS
US MOVES FORWARD ON PROPOSED BOARD OF TRADE WITH CHINA
While most current trade actions point toward higher tariffs, industry groups also see a possible avenue for relief through a proposed US-China board of trade.
The US conducted hearings earlier in July about such a board. It would identify non-sensitive sectors for purchase commitments and lower tariffs.
The US has a surplus of more than $33 billion in chemicals and a smaller one with China, according to the American Chemistry Council (ACC), a trade group. It made its comments in a hearing the US held earlier in July about the board.
The ACC highlighted three ways that the board could improve trade for the chemical industry:
- The US still imports chemicals and other materials that are not available in the US, the ACC said. Those imports are critical, with each $1 in imports supporting more than $7 of US chemical export, the ACC said. “These inputs should be strong candidates for tariff relief, particularly where they support US exports and do not implicate sensitive end uses.”
- China has relied on what the ACC alleged are nonmarket practices to build excess chemical capacity. This has led to a global glut of many commodity chemicals. Before nonsensitive imports can qualify for tariff relief, they cannot receive unfair subsidies or benefit from other nonmarket practices.
- China can reduce duties and remove non-tariff barriers to US exports of plastics and chemicals.
The Plastics Industry Association (PLASTICS) cautioned that the US should not treat the sector as a single, homogeneous category because different subsectors have different trade balances with China.
Plastic resins have maintained a surplus, machinery has shifted to a deficit, molds have experienced a growing deficit and plastic products have maintained a long-standing deficit.
Some products compete directly with US producers, others complement local production and some are no longer made in the US, PLASTICS said.
Like the ACC, PLASTICS stressed the importance of market access, because some of the nation’s trade deficit could be caused by trade barriers erected by China.
USMCA REMAINS IN FORCE WHILE SUBJECT TO ANNUAL REVIEWS
While US tariff policy will remain in flux, one major trade deal continues to provide stability: the US-Mexico-Canada Agreement (USMCA).
The trade agreement went into effect in 2020 and was subject to a joint review earlier this month.
Under the joint review process, the three countries could extend the USMCA for another 16 years. If they do not reach consensus, the USMCA will be subject to another joint review the following year.
The three countries did not unanimously agree to an extension. As a result, the USMCA will remain in force while the three countries conduct annual joint reviews, according to the law firm White & Case.
“All current USMCA rights and obligations, including preferential tariffs, rules of origin, investment protections, and dispute settlement mechanisms, remain fully operative,” the law firm said.
That means imports from Canada and Mexico will remain exempt from tariffs if they comply with the USMCA.
The annual reviews will continue until the countries agree to extend the USMCA, the current 16-year term expires on 1 July 2036, or one of the countries withdraws from the trade deal.
Any country can withdraw from the USMCA by providing six months’ notice.
The USMCA is important to the chemical industry because Canada and Mexico are the two largest trading partners of the US.
Its continuity will be the exception to an otherwise tumultuous year for trade policy.
Insight by Al Greenwood
July 16, 2026
JB Hunt Q2 revenues surge 19% YoY to $3.5B
Anchoring the revenue boost, road-to-rail conversion reached levels not seen in over a decade, EVP and President of Intermodal Darren Field said on an earnings call.
Published July 16, 2026
Larry AvilaSenior Editor
Dive Brief:
- J.B. Hunt Transport Services on Wednesday reported Q2 revenues jumped 19% year over year to $3.5 billion, driven by increased load volumes across most segments, including intermodal.
- The carrier reported intermodal operating income surged 22% to $1.75 billion from segment volumes rising 10% YoY to more than 578,000 loads, setting a quarterly record, Darren Field, EVP and president of intermodal, said in a call with analysts. He added it was the segment’s first double-digit growth quarter in over a decade.
- “We continue to see significant road-to-rail conversion opportunities in the East, particularly as rising truckload rates, fuel prices and tightening truckload capacity make intermodal an increasingly attractive solution for shippers,” Field said.
Dive Insight:
Tightening trucking capacity and rising rates have pushed shippers to intermodal in recent months.
J.B. Hunt reported intermodal gross revenue increased 11% per load YoY from higher fuel surge revenue, customer rates and changes in freight mix. Excluding fuel surcharge, revenue per load increased 1% from the prior year, the company said.
Spencer Frazier, EVP of sales and marketing, said the company’s strongest area of customer engagement centered on highway to intermodal conversion, dedicated fleets and access to safe and reliable capacity. He added customers initiated more out-of-cycle mini-bids as they sought to keep pricing aligned with rising capacity costs.
The company has been working on productivity improvements across its operations. In its intermodal segment, for example, the carrier has seen a reduction in empty container moves and lower container storage expenses, per its earnings release.
While J.B. Hunt welcomed intermodal’s Q2 performance, Field said the carrier’s focus is to remain disciplined to ensure growth is sustainable over the long term. The company noted it had available intermodal capacity, possibly 10% or more.
Field said the carrier is actively engaged with its rail providers on resource planning to support current and future needs as volumes have accelerated. He added conversion activity is experiencing levels not seen in more than a decade.
What may affect the carrier’s intermodal surge is driver availability, which has been impacted by heightened enforcement of commercial driver license issuance.
Field said driver shortages impacting truckload capacity have trickled into the drayage market.
“In this environment, our in-sourced drayage strategy is a meaningful competitive advantage by owning our tractors, containers and chassis and utilizing primarily company drivers,” he said.
Limiting its use of third-party drayage capacity gives the company more control to maintain the customer experience, Field said.
President and CEO Shelley Simpson said on the call that the company’s available capacity in its segments means more opportunities.
“What makes it great for us to work with our customers is we can help them with conversion into intermodal,” she said. “We can build better fleets for them, and we have plenty of capacity to help them on the highway and final mile side.”
https://www.truckingdive.com/news/jb-hunt-q2-revenues-surge-19-yoy-to-35b/825376
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