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Price Assessment

The price of Thai Hi-Polarization Sugar

  • What is Thai Hi-Pol Sugar?
  • How do we assess Thai Hi-Pol Sugar?
  • Evolution of Thai Hi-Pol sugar market

What is Thai Hi-Pol Sugar?

Thailand's Hi-Polarization sugar is one of the most popular qualities of raw sugar traded in Asia and further afield.

Often abbreviated to Hi-Pol or just HP, its specifications are typically for minimum polarization of 98.5°. Thailand also produces another quality of raw sugar specifically for Japanese buyers called J-Spec, which has maximum polarization of 97.99°.

Sugarcane is grown predominantly in Thailand's Northeastern, Northern and Central regions, and then processed by local millers into raw sugar before being transported south to the coast.

Destinations for Thai Hi-Pol sugar include China, Indonesia, Japan, Korea and Malaysia, to name but a few.

Over the past five years, Thailand has produced an average of some 10.7 million tons tel quel of sugar each year, with annual exports of raw sugar in excess of four million tons.

Platts Thai Hi-Pol sugar is for prompt shipments on a FOB basis from Bangkok, Laem Chabang, Koh Si Chang and Sri Racha. Platts Thai J-Spec is the other raw sugar price assessment, and considers shipments from the same four locations.

Platts publishes a range of other raw and white sugar assessments tailored to specific markets in Brazil, Thailand and Europe that are used by the industry to manage risk in an integral agricultural market.

How do we assess Thai Hi-Pol Sugar?

Platts Thai sugar price assessments are based on robust and transparent market data that includes, but is not limited, to firm bids and offers, expressions of interest to trade and confirmed trades reported across the trading day.

Thai Hi-Pol sugar assessments are assessed in US cents per pound (c/lb) and reflect the tradable and repeatable spot market value at 1630 London time. The assessments are published as premiums to the front-month ICE Sugar No. 11 Futures (New York #11), and as an outright price. Platts Thai Hi-Pol assessments do not include a polarization premium.

Platts gathers price data from a wide segment of the market, including sugar producers, traders, brokers, and consumers.

Data collected by Platts is published in full on our real time service Platts Agriculture Alert and is summarized in our daily publication Kingsman Daily Sugar Report.

Platts publishes four unique assessments for Thai sugar: two are for raw sugar, the main type of sugar produced in Thailand, and two for white sugar, which is produced in smaller quantities and is mainly used locally, with the surplus exported.

Evolution of Thai Hi-Pol sugar market

Platts acquired Kingsman in October 2012 to help boost their product offerings in the Agriculture markets, and Kingsman have been publishing premiums for the European sugar market for more than 20 years.

Some of the earliest daily reports written by Kingsman's eponymous founder, Jonathan Kingsman, contained bids, offers and trades heard in the marketplace.

The portfolio of prices has since then expanded to provide a range of assessments on both a premium and flat price basis to the Sugar No. 11 Futures (New York #11) contract.

We continuously work with key industry stakeholders to ensure that our price assessments evolve in step with changing market conditions. Platts regularly holds methodology forums, webinars and one-to-one meetings to exchange views on the future of sugar both in this region and globally.


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