"PTIT PETCHEM : Olefins & Derivatives"
is the first newsletter of its kind published monthly by a Thai institution. PTIT Petchem looks closely at the Thai petrochemical market price movements. The objective of this report is to present REAL market behavior underscored by REAL transacted prices to assist in business and operations decision making and in policy planning.
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PTIT PETCHEM: Olefins & Derivatives
Vol.6 No.12 December 2008

PTIT BANGKOK PE, PP PRICE STATISTICS
(week 3rd Oct 2008 -week 2nd Nov 2008)
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PTIT PETCHEM: Olefins and Derivatives, December 2008

  • The growing concern on weaker demand and deeper global recession caused November average crude prices to decrease; Average Dubai crude was US$49.84/barrel which was US$67.4/barrel lower than the previous month. November average naphtha price also decreased to US$286/tonnes in light of crude prices .
  • Asian ethylene spot price continued to drop further on account of weak demand and bearish market condition together with a continuous decline in crude and naphtha prices. November average SEA price was US$395/tonnes down US$326/tonnes from October average.
  • The weakening demand for Asian propylene and PP caused producers to continue to reduce their operation rates. November average propylene price decreased by US$370/tonnes to US$495/tonnes while average PP price declined by US$334/tonnes to US$697/tonnes.
  • BASF plans to close 80 plants worldwide and reduces production rates at more than 100 facilities, despite an effort to confront the current decline in demand for polymer and chemical products.
  • LyondellBasell offers online service to customers in China, India and Vietnam.
  • Polychem completed a 10,000 tonnes/year PP compounding plant in Chonburi, Thailand.
  • Tosoh plans to liquidate PP subsidiary Yokkaichi Polymer by December.
  • The outlook for Asian crackers is bearish in 2009, as more capacities coming on stream in the Middle East together with poor demand.
  • Japan's Plas Tech will purchase PVC business unit from Denka.
  • The World Bank projected China’s GDP growth at 7.5% in 2009, a decline from an expected 9.4% this year. While China overall export growth was estimated at 3.5%, a drop from 11%, due to global economic slowdown.
  • Fluctuated crude and naphtha prices coupled with weak domestic demand put pressure on domestic PE and PP prices.
  • PTT anticipates a delay in starting up its naphtha cracker in 2012 on account of financing difficulties.