40

50
60
70
80
90
110
120
130
140

100
Index

200
400
600
800
1,000
1,200
1,400
1,600

0
Jan-20

Latest update: November 08, 2023

Jan-20

Source: CEIC

USD/tonne
Apr-20
Mar-20

Source: Bloomberg
Jul-20
May-20
Jul-20 Oct-20

Jan-21

Ethylene
Sep-20
Nov-20 Apr-21

Jan-21 Jul-21
Mar-21 Oct-21
May-21
Upstream

Jan-22
Propylene

Jul-21
Apr-22
Sep-21
Jul-22
Nov-21
Oct-22
Industry Indicators

Jan-22
Jan-23
Mar-22
Benzene

Apr-23

Upstream
May-22
Jul-22 Jul-23

Sep-22
Nov-22
Jan-23
40
60
70
80
90
100
110
120
130
140

50
Index

Mar-23 Jan-20
May-23 Apr-20
Production Index

Jul-23 Jul-20
Sep-23
Oct-20

Jan-21
PE

Apr-21

Jul-21

Oct-21

P-xylene
Benzene
Naphtha
Ethylene
PP

Propylene
Jan-22
Downstream

Apr-22

Jul-22
PS

540
1,040
1,540
2,040
2,540
3,040

40
Oct-22
USD/tonne

Jan-20
Petrochemical Prices

Jan-23
Mar-20
May-20 Apr-23

Jul-20 Jul-23

Sep-20
Nov-20
%

0
20
40
60
80
100
120

Jan-21
Mar-21 Jan-20
Source: CEIC

Mar-20
May-21
May-20
Jul-21
Jul-20
Sep-21 Sep-20
Nov-21 Nov-20
Jan-22 Jan-21
Petrochemicals (ปิโตรเคมี)

Mar-21
Mar-22
Downstream

May-21
May-22
Jul-21
Jul-22 Sep-21
Sep-22 Nov-21

Nov-22 Jan-22
Mar-22
Jan-23
May-22
Mar-23
Capacity Utilization

Jul-22
May-23 Sep-22
Jul-23 Nov-22
Jan-23
Sep-23
Mar-23
May-23
Jul-23
PS
PE
PP

Sep-23
ABS
PVC

Krungsri Research | P 1
 Industry Indicators Petrochemicals (ปิโตรเคมี)

Petrochemical Prices and Spreads

Prices (USD/tonne) Spread (USD/tonne)
Naphtha Ethylene Propylene Benzene P-xylene HDPE PP ABS PS PVC Ethylene Propylene Benzene P-xylene
Jan-21 517 944 925 636 663 970 1,196 2,180 1,285 1,243 Jan-21 427 408 119 146
Feb-21 565 870 975 733 738 1,028 1,265 2,300 1,338 1,270 Feb-21 305 410 168 173
Mar-21 597 1,081 1,145 837 836 1,220 1,486 2,690 1,520 1,494 Mar-21 484 548 240 239
Apr-21 572 1,094 1,081 916 824 1,215 1,400 2,590 1,990 1,595 Apr-21 522 509 344 252
May-21 605 1,036 1,070 1,020 856 1,118 1,258 2,508 1,538 1,505 May-21 431 465 415 251
Jun-21 645 896 944 998 870 1,072 1,206 2,505 1,580 1,340 Jun-21 251 299 353 225
Jul-21 685 957 943 1,075 924 1,110 1,235 2,390 1,548 1,285 Jul-21 272 258 390 239
Aug-21 654 970 931 996 926 1,120 1,235 2,350 1,530 1,315 Aug-21 316 277 342 272
Sep-21 690 1,040 940 1,034 891 1,126 1,218 2,425 1,496 1,450 Sep-21 350 250 344 201
Oct-21 772 1,040 975 1,038 917 1,126 1,378 2,438 1,568 1,735 Oct-21 268 203 266 145
Nov-21 771 1,061 957 969 896 1,173 1,325 2,338 1,525 1,678 Nov-21 290 186 198 125
Dec-21 705 1,024 915 944 841 1,152 1,218 2,118 1,500 1,480 Dec-21 319 210 239 136
2021 648 1,001 983 933 849 1,119 1,285 2,403 1,535 1,449 2021 353 335 285 200
Jan-22 772 974 973 1,016 935 1,113 1,208 1,953 1,485 1,325 Jan-22 202 200 244 162
Feb-22 852 1,140 1,075 1,100 1,073 1,168 1,285 1,965 1,525 1,335 Feb-22 288 223 248 221
Mar-22 1,012 1,340 1,317 1,260 1,211 1,249 1,366 2,025 1,637 1,412 Mar-22 328 305 248 199
Apr-22 925 1,361 1,150 1,240 1,174 1,275 1,285 2,050 1,645 1,438 Apr-22 436 225 315 249
May-22 900 1,190 1,124 1,318 1,260 1,248 1,278 1,973 1,600 1,365 May-22 290 224 418 360
Jun-22 824 1,125 1,016 1,392 1,321 1,175 1,212 1,885 1,583 1,260 Jun-22 301 192 568 497
Jul-22 782 1,022 940 1,189 1,113 1,120 1,110 1,720 1,473 1,038 Jul-22 240 158 407 331
Aug-22 698 940 885 1,028 1,066 1,015 980 1,555 1,377 934 Aug-22 242 187 330 368
Sep-22 657 954 890 987 1,045 993 1,028 1,510 1,380 857 Sep-22 297 233 330 388
Oct-22 692 880 889 977 1,028 1,005 1,005 1,490 1,415 820 Oct-22 188 197 285 336
Nov-22 697 880 836 891 981 959 910 1,393 1,230 769 Nov-22 183 139 194 284
Dec-22 652 908 870 889 921 950 931 1,364 1,195 823 Dec-22 256 218 237 269
2022 789 1,060 997 1,107 1,094 1,106 1,133 1,740 1,462 1,115 2022 271 208 319 305
Jan-23 687 853 893 938 1,005 991 995 1,393 1,229 865 Jan-23 166 206 251 318
Feb-23 727 916 983 953 1,014 1,050 1,085 1,448 1,300 885 Feb-23 189 256 226 287
Mar-23 688 972 937 942 1,061 1,057 1,040 1,426 1,251 874 Mar-23 284 249 254 373
Apr-23 679 955 939 977 1,111 1,027 1,020 1,440 1,270 837 Apr-23 276 260 298 432
May-23 597 905 878 860 995 1,006 997 1,380 1,219 806 May-23 308 281 263 398
Jun-23 545 955 939 768 972 943 887 1,266 1,143 769 Jun-23 410 394 223 427
Jul-23 584 734 750 809 1,041 944 882 1,290 1,115 785 Jul-23 150 166 225 457
Aug-23 660 734 750 809 1,041 944 882 1,315 1,115 785 Aug-23 74 90 149 381
Sep-23 708 734 750 809 1,041 944 882 1,366 1,115 785 Sep-23 26 42 101 333
Oct-23 671 734 750 809 1,041 944 882 1,380 1,115 785 Oct-23 63 79 138 370
Nov-23 Nov-23
Dec-23 Dec-23
2023 655 849 857 867 1,032 985 955 1,370 1,187 818 2023 195 202 213 378
Source: Bloomberg

Latest update: November 08, 2023 Krungsri Research | P 2