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MORNING BRIEFING

CommoPlast                 Friday, 30 October 2026

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MARKET MOVEMENT

Closing prices, previous trading day. Monomers show price directions only.

TODAY’S DEVELOPMENTS

INDUSTRY · THAILAND

Thailand's petrochemical giants join forces as margin pressure drives consolidation

The heavyweights, PTT Global Chemical (PTTGC) and SCG Chemicals (SCGC), have formalised plans to combine their domestic olefins and polyolefins businesses in a major consolidation move amid prolonged pressure on petrochemical margins.

Under the proposed joint venture, PTTGC will hold over half of the combined business, with SCGC retaining the remainder. The merger will bring together substantial ethylene, PE and PP production capacities, while offering opportunities to strengthen feedstock integration, streamline operations and improve cost competitiveness.

The deal comes as Thai producers contend with weak end-product demand, China's expanding production capacity and feedstock vulnerabilities exposed by the Iran conflict.

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Thailand’s PTTGC and SCGC agree on $5.5 billion petrochemical merger, targeting completion in 2027

PET BOTTLE · INDONESIA

Indonesia PET rally widens November-December buying divide as converters resist high prices

Indonesia's PET rally continues to widen the gap between urgent November buying and increasingly selective December procurement, as converters rush to secure festive-season supplies while showing less willingness to chase higher prices for later shipments. A weaker rupiah and firmer upstream costs have kept sellers bullish, but rising offers are testing buyers' willingness to absorb further increases.

The earlier reliance on back-to-back purchases has also left some converters exposed to significantly higher replacement costs as near-term supply requirements intensify. However, with festive-season preparations nearing completion, December buyers have become more reluctant to commit to additional cargoes at current levels.

Read full story:

Indonesian PET market firms up as festive-season demand tightens November availability

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