S Korea’s Samsung Total to buy four spot naphtha lots for March

26 January 2010 04:21  [Source: ICIS news]

SINGAPORE (ICIS news)--South Korea’s Samsung Total Petrochemicals plans to import a total of 100,000 tonnes of naphha in four cargoes in March amid high cracker operating rates, an industry source said on Tuesday.

For next month, the run rates at Samsung Total’s 850,000 tonne/year naphtha cracker in Daesan would continue to be at full capacity, he added.

“There will not be any reduction because the downstream petrochemical market is still healthy,” said the source.

Samsung Total usually imports four to six spot cargoes of naphtha each month, on top of term supplies from Kuwait, he said.

Asian ethylene spot prices soared to 17-month highs this week, jumping $80/tonne (€56.8/tonne) to $1,350-1,400/tonne CFR (cost and freight) northeast Asia after two China-bound cargoes totalling 7,000 tonnes were sold at $1,400/tonne CFR China for mid- to second-half February arrival, ICIS pricing data showed.

Benchmark naphtha crack spread versus Brent firmed up to a five-day high of $166.25/tonne on midday Asian trade, defying crude losses.

($1 = €0.71)

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By: Felicia Loo

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