23 July 2008 09:37 [Source: ICIS news]
SINGAPORE (ICIS news)--Asian naphtha premiums have flipped into discounted levels of around $2/tonne on the back of weak demand from northeast Asian end-users, industry sources said on Wednesday.
LG Chemical was said to have purchased 25,000 tonnes of open spec naphtha at a discount of $2-2.50/tonne to Japan quotes CFR (cost and freight) and another 25,000 tonnes of full-range material at a discount of $1.50/tonne to Japan quotes CFR Korea for September deliveries, both this week.Earlier this month, Yeochun Naphtha Cracking Center (YNCC) paid premiums of $9.00-10.00/tonne to ?xml:namespace>
The market had been softening on the back of softer demand from NE Asia end-users ahead of upcoming turnarounds at a number of naphtha crackers over July to September.
An influx of supplies from Europe and increasing amount of exports from
NE Asia end-users had mostly covered their August requirements and are starting to seek September cargoes.
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