This scheduled turnaround follows the recent reactivation of the Rayong Olefins cracker, which spent six months idle after a March shutdown triggered by regional feedstock shortages. Together, these units represent a significant portion of Thailand’s petrochemical output, with the Rayong facility maintaining a similar ethylene capacity of 900,000 metric tons alongside 450,000 metric tons of propylene.

The timing of the maintenance coincides with a cooling interest in LPG among regional cracker operators. As the price gap between LPG and naphtha narrows—the Far East propane-to-Japan naphtha swap spread tightened to minus $34.69/mt this Wednesday from minus $60.90/mt a month ago—the economic incentive to switch feedstocks has diminished. Operators typically prioritize LPG only when this spread dips below the minus $50/mt threshold.

Consequently, LPG cracking volumes at the Map Ta Phut site are projected to drop to approximately 35,000 metric tons in November, less than half of the 84,000 metric tons processed during October. Market data from Tuesday reflects this volatility, with CFR Japan propane assessed at $971/mt against $1009.25/mt for naphtha.