19 January 2010 10:38 [Source: ICIS news]
SINGAPORE (ICIS news)--Japan’s Mitsui Chemicals has bought a prompt open-spec naphtha cargo for second-half (H2)February delivery at a strong premium, underscoring the robust downstream petrochemicals market, traders said on Tuesday.
The firm paid a premium of $20.00-21.00/tonne (€13.80-14.49) to Japan CFR (cost and freight) quotes, they added.
“Spot naphtha supplies are very tight. Petrochemical margins are very, very strong,” said a trader.
The price was sharply higher compared with what ?xml:namespace>
Reflecting tight supply, a trader bought a 3,000-3,500 tonne spot ethylene cargo for first-half February loading last week at a high of $1,350/tonne FOB 9free on board) NE (northeast) Asia, based on data from ICIS pricing.
($1 = €0.69)
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