日本石化巨头：5月第五周石化价格普遍疲软，尽管利润率普遍改善

June 7, 2026 08:03 PM GMT Petrochemical Majors| Japan Morgan Stanley MUFG Securities Co., Ltd.+ Takato WatabeEquity AnalystTakato.Watabe@morganstanleymufg.com+81 3 6836-5436 Petchem Prices in 5th Week ofMay: Predominantly Weak,Though Margins GenerallyImproved Ryoichi WatanabeEquity AnalystRyoichi.Watanabe@morganstanleymufg.com+81 3 6836-8929 Kayoko ShojiResearch AssociateKayoko.Shoji@morganstanleymufg.com Kano FujitaResearch AssociateKano.Fujita@morganstanleymufg.com+81 3 6836-8932 Amid a sharp pullback in crude oil and naphtha prices, declineswere observed across most petrochemical products, with gainslimited to just two items. Margins generally improved, supportedby the drop in feedstock prices. Petrochemical MajorsJapanIndustry ViewAttractive Amid a sharp pullback in crude oil and naphtha prices, of the 21 petrochemicalproducts, prices were up for 2, flat for 4, and down for 15:Prices -10.5% WoW forDubai crude and -14.0% for Singapore naphtha. The spread between crude oil andnaphtha was a positive $0.6, -$3.9 WoW. Natural gas -13.2%, methanol -1.8. Related report: Petrochemical Majors: JPCA Stats (Apr):Ethylene Capacity Utilization Below 70% forSecond Straight Month Amid Middle EastTensions (21 May 2026) Monomer prices - mostly down:WoW (unless otherwise specified), ethylene was -7.7%, propylene flat, BZ (benzene) -4.3%, toluene -7.1%, SM (styrene monomer) -6.3%, BD (butadiene) -3.2%, phenol +2.7%, -6.4% for acetone. No weekly update forBPA (bisphenol A). VCM (vinyl chloride monomer) -2.1%. MMA -2.4%. No weeklyupdates for pMDI (polymeric MDI), mMDI (monomeric MDI) or TDI. Amid a sharppullback in crude oil and naphtha prices, most monomer products saw pricesdecline. Polymer prices - also mostly down:LDPE (low density polyethylene) flat, HDPE(high density polyethylene) -2.0%. PP (polypropylene) -1.5%, PS (polystyrene) -2.8%,ABS flat. PVC (vinyl chloride resin) -2.3%. No weekly update for PC (polycarbonateresin). Fiber intermediates - same story, mostly down:-1.7% for PX (paraxylene), -1.2% forPTA (purified terephthalic acid), -2.8% for EG (ethylene glycol), flat for AN(acrylonitrile), CPL (caprolactam) +4.3%. Margins - improvement overall, except for SM:The ethylene margin (naphthacracker margin) was +$102 to $301. Margins, which broadly price in co-productcredits, come out looking higher than the overall data. BD-naphtha spread was +$35to $771. In BZ derivatives, SM -$20, phenol (incl. byproduct acetone) +$28; noweekly update for pMDI or mMDI. CPL +$119. No weekly update for BPA. MMA +$5.No weekly update for TDI. For polymers, +$111 for LDPE, +$81 for HDPE. PP +$91, PS+$34, ABS +$53, PVC +$20, no weekly update for PC. Synthetic fiber raw materialssaw PTA +$3. EG +$28, AN flat. Morgan Stanley does and seeks to do business withcompanies covered in Morgan Stanley Research. As a result,investors should be aware that the firm may have a conflict ofinterest that could affect the objectivity of Morgan StanleyResearch. Investors should consider Morgan StanleyResearch as only a single factor in making their investmentdecision. For analyst certification and other important disclosures,refer to the Disclosure Section, located at the end of thisreport. += Analysts employed by non-U.S. affiliates are not registeredwith FINRA, may not be associated persons of the memberand may not be subject to FINRA restrictions oncommunications with a subject company, public appearancesand trading securities held by a research analyst account. Spread tables Production capacity calculation method:Based on the production capacity datain 2025, we have listed the top production capacity of Japanese chemicalcompanies. For the JV companies, production capacity is calculated by countingaccording to the share holding ratio. Spread calculation method:Calculated by subtracting the raw material pricemultiplied by the basic unit from the product price based on the Asian marketprice. Only for the naphtha cracker margin, fuel costs and co-products were takeninto account. Domestic Ethylene Capacity (1000t) Butadiene Capacity (1000t) Phenol - Benzene Spread ($mt) Polystyrene Capacity (1000t) Caprolactam Capacity (1000t) Disclosure Section The information and opinions in Morgan Stanley Research were prepared by Morgan Stanley MUFG Securities Co., Ltd. and its affiliates (collectively, "Morgan Stanley").For important disclosures, stock price charts and equity rating histories regarding companies that are the subject of this report, please see the Morgan Stanley Research Disclosure Websiteat www.morganstanley.com/eqr/disclosures/webapp/generalresearch, or contact your investment representative or Morgan Stanley Research at 1585 Broadway, (Attention: ResearchManagement), New York, NY, 10036 USA. For valuation methodology and risks associated with any recommendation, rating or price target referenced in this research report, please contact the Client Support Team as follows: US/Canada+1 800 303-2495; Hong Kong +852 2848-5999