Japan's Mitsui Chem buys H1 March naphtha at $7-8/tonne premium

28 January 2010 10:41  [Source: ICIS news]

SINGAPORE (ICIS news)--Japan’s Mitsui Chemicals has bought  an open-spec naphtha cargo for first-half March delivery at a weaker premium, as Asian naphtha prices see-sawed in sync with crude, traders said on Thursday.

The cargo, which emerged from Taiwan, fetched a premium of $7.00-8.00/tonne (€4.97-5.68/tonne) to Japan CFR (cost and freight) quotes, down sharply compared with a previous spot deal, they said.

“The market is volatile,” said a trader.

Mitsui last bought an open-spec lot for second-half February delivery at a premium of $20.00-21.00/tonne to Japan CFR quotes.

Benchmark naphtha crack spread was valued on Thursday at $151.125/tonne against Brent crude, the lowest since 4 January.

($1 = €0.71)

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By: Felicia Loo

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