"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.8 No.2 February 2010

PTIT BANGKOK PE, PP PRICE STATISTICS
(week 3rd June 2009 -week 2nd July 2009)
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PTIT PETCHEM: Olefins and Derivatives, February 2010

  • Overall average crude prices surged from the previous month as markets became optimistic over fast economic growth and its impact on energy demand in tandem with very cold weather in much of northern U.S. in early January and escalating geopolitical tension in key oil producing countries. Dubai crude price increased by US$1.50/bbl to US$76.69/bbl. Naphtha price was US$732/tonne, an increase of US$20/tonne from last month.
  • Ethylene prices sharply increased from the previous month on the back of high cost of feedstock ethane and naphtha, tight supply and healthy demand in the region, less ethylene exports from Iran and the start up of derivative units in Singapore. Asian ethylene price was US$1,314/tonne, an increase of US$114/tonne from US$1,200/tonne in the previous month.
  • Asian propylene spot price sharply increased in line with crude and naphtha values, tight supply in the region and strong demand from downstream derivatives. Asian propylene price for January was US$1,161/tonne.
  • The outlook of Asian petrochemical in the second half of the year is likely to be under pressure from China’s tightening monetary policy, the gradual withdrawal of the government stimulus package in many countries in Asia and the new cracker capacities coming on stream.
  • China’s consumption of virgin resins increased by 20% in 2009, according to CBI.
    • In plant news:
    Middle Eastern Petrochemicals
    - Qatar Petrochemical Company plans to start up its new 1.3 tonnes/year ethane cracker in Ras Laffan in February.
  • Asia Petrochemicals
    - Sinopec-SABIC Tianjin starts up its 1 million tonnes/year cracker at Tianjin and achieves on spec products.
  • Domestic PE and PP prices increase on firmer upstream feedstock prices and strong buying activities.
  • PTTCH completes construction its new ethane cracker.
  • MOC completes construction its new HDPE plant.
  • Delay in start up of PTT’s separation gas plant will cause Thailand to continue to import a large volume of LPG.
  • HMC Polymers scheduled a turnaround at its PP plant in Map Ta Phut for the end of January 2010