Chemical Exports to Southeast Asia Series (III): What Chemicals Does China Export to Thailand?

This article primarily analyzes the types and scale of chemical products China exports to Thailand—specifically, which chemicals China exports to Thailand. 1. Carbon black is the largest chemical export from China to Thailand. According to customs statistics, in 2022, China’s carbon black exports to Thailand approached 300,000 metric tons—the highest volume among bulk chemical commodities tracked. In rubber processing, carbon black is incorporated into rubber via mixing as a reinforcing agent (see reinforcing materials) and filler, with its primary application in the tire industry. Carbon black is a black powder produced by complete combustion or thermal decomposition of hydrocarbons, composed predominantly of carbon, with small amounts of oxygen and sulfur. Its production involves high-temperature processes—combustion or pyrolysis—and entails substantial energy consumption. Thailand currently hosts relatively few carbon black manufacturing facilities, yet it hosts numerous tire manufacturers—especially in southern Thailand, where the tire industry has expanded rapidly—generating strong demand for carbon black and resulting in a supply shortfall. In late 2022, Tokai Carbon Co., Ltd. announced plans to construct a new carbon black plant in Rayong Province, Thailand. Construction was scheduled to begin in July 2023, with commissioning targeted before April 2025 and an annual production capacity of 180,000 metric tons. Tokai Carbon’s investment reflects its recognition of the rapid growth of Thailand’s tire industry and the corresponding surge in carbon black demand. Once operational, this facility is expected to fill up to 180,000 metric tons/year of Thailand’s carbon black deficit, reducing the estimated shortfall to approximately 150,000 metric tons/year. 2. Thailand imports large volumes of petroleum products and related items annually. According to Chinese customs statistics, in 2022, China’s exports to Thailand included: approximately 290,000 metric tons of fuel additives; around 250,000 metric tons of diesel and ethylene tar; roughly 110,000 metric tons of gasoline and ethanol-blended gasoline; about 30,000 metric tons of kerosene; and approximately 25,000 metric tons of marine fuel oil. Overall, Thailand’s annual imports of petroleum products and related items from China exceeded 700,000 metric tons—a substantial volume. Thailand’s principal refining company is PTT Public Company Limited (PTT), formerly the Thai National Petroleum Corporation, ranked 170th on the 2022 Fortune Global 500 list. PTT’s total domestic refining capacity exceeds 15 million metric tons per year, operating three integrated refining-and-petrochemical complexes—all under the PTT Group. Currently, Thailand’s refining capacity is ample and output voluminous; however, domestic supply of fuel additives remains insufficient. This gap stems largely from relatively low levels of downstream value-chain refinement within PTT’s operations, resulting in persistent shortfalls in fuel additive supply. These deficits are primarily filled by imports from China, including mixed aromatics, methyl tert-butyl ether (MTBE), alkylate, and gasoline anti-knock agents. Figure 1: PTT Lubricants Plant in Thailand 3. Thailand imports massive volumes of plastic pellets, with PVC and PP being the leading categories. According to Chinese statistical data, China’s exports to Thailand include: 35,000 metric tons of PVC; over 20,000 metric tons of polyethylene; over 40,000 metric tons of polypropylene; over 40,000 metric tons of PVC (note: likely a duplication or variant category); over 30,000 metric tons of PA6 (nylon 6); over 30,000 metric tons of SAP (superabsorbent polymer); and over 20,000 metric tons of polyoxymethylene (POM). Collectively, China’s exports of polymer pellet products to Thailand exceed 210,000 metric tons annually—representing a large-scale trade volume.

Macroeconomic and Geopolitical Factors Support Precious Metals Prices; Should Platinum and Palladium Be Cautiously Accumulated on Dips?

2. Venezuelan refinery workers stated on Thursday that the country’s refinery capacity stands at approximately 35% of its nameplate capacity of 1.29 million barrels per day (bpd), up from 20–25% last year. Sources added that Venezuela’s state-owned energy company PDVSA operates four refineries—Amuay, Cardón, El Palito, and Puerto La Cruz—which collectively process about 450,000 barrels per day of Venezuelan crude oil. 【Logical Analysis】 Escalating geopolitical volatility has caused bitumen futures prices to track crude oil movements closely. Regional demand expectations are gradually recovering following the Spring Festival holiday and rising temperatures, while low inventory and constrained supply continue supporting stable spot prices across regions. Medium-term raw material shortages and rising costs remain supportive for bitumen. 【Trading Strategy Recommendations】 1. Directional Trade: Initiate long positions in BU2606 on dips; monitor geopolitical risks. 2. Arbitrage: Remain on hold. 3. Options: Remain on hold. (Wu Xiaorong, Investment Consultant Certificate No.: Z0021537; the above views are for reference only and do not constitute trading advice.) Fuel Oil: High-Sulfur Supply Rebounds; Low-Sulfur Near-Term Strengthens 【Market Recap】 On February 23, in Singapore’s paper market, the front-month spread for high-sulfur fuel oil fell by USD 3.2/ton to USD 4.2/ton, while the front-month spread for low-sulfur fuel oil declined by USD 0.2/ton to USD 3.2/ton. In the physical market, the high-sulfur spot discount widened by USD 5.1/ton to USD 8.5/ton, whereas the low-sulfur spot discount narrowed by USD 0.8/ton to USD 1.9/ton. 【Relevant News】 1. Data from Fujairah Oil Industry Zone (FOIZ) in the UAE shows that total bunker fuel sales in January reached 635,835 cubic meters (approx. 630,000 metric tons), up 6.1% month-on-month and 1.1% year-on-year. High-sulfur bunker fuel sales rose 14.7% month-on-month to 186,245 cubic meters. High-sulfur fuel’s market share increased from 33% to 36%, while low-sulfur fuel oil’s share declined from 67% to 64%. FOIZ data indicates robust fuel demand has kept Fujairah’s fuel inventories near lows throughout February, with stocks falling to their lowest level in 16 weeks as of last week. 2. Thailand’s PTT has issued tenders to sell 35,000 metric tons of low-sulfur fuel oil (LSFO) and 18,000 metric tons of high-sulfur fuel oil (HSFO), both scheduled for loading in late March. 3. In Singapore’s spot window on February 23, no trades were reported for high-sulfur fuel oil 380, high-sulfur fuel oil 180, or low-sulfur fuel oil. 【Logical Analysis】 During the holiday period, oil prices experienced heightened volatility driven by geopolitical and macroeconomic factors. On Friday, markets reacted to concerns over potential U.S. military action against Iran, as Trump pressured Iran to halt nuclear weapons development—pushing oil prices higher. However, on Saturday, Trump announced he would raise the U.S. temporary tariff on all imported goods from 10% to 15%—the maximum legally permissible level—following the Supreme Court’s invalidation of his prior tariff plan. This tariff announcement offset the bullish impact of escalating U.S.-Iran military tensions, causing oil prices to open lower on Monday. Against the backdrop of ongoing geopolitical and macroeconomic uncertainty, key fuel-supplying nations—Russia and Iran—continue facing export restrictions and persistent concerns. Yet, weak demand amid high inventories remains the prevailing fundamental reality in Q1. Close attention should be paid to near-term logistics developments in major Iranian and Russian supply regions. Geopolitical risk remains the dominant bullish driver.

Thailand's PTT offers more fuel oil for May loading, sources say

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Thai state-owned energy firm PTT has increased its high-sulphur fuel oil offerings for May, tendering four cargoes totaling approximately 93,000 tons from Sriracha port, exceeding its typical monthly volume.

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Thailand's PTT offers more fuel oil for May loading, sources say