02 February 2010 09:31 [Source: ICIS news]
SINGAPORE (ICIS news)--South Korea’s Honam Petrochemical has bought 75,000 tonnes of open-spec spot naphtha for March delivery at lower premiums, as northeast Asian crackers head into seasonal peak maintenance, traders said on Tuesday.
Honam bought two cargoes at a premium of $8.00-8.50/tonne (€5.75-6.10) to CFR (cost and freight) ?xml:namespace>
The company also purchased a cargo at a premium of $4.00-4.50/tonne CFR
“There is no additional demand because of peak cracker turnarounds. The market’s down,” said a trader, explaining why prices fell.
Honam last bought spot naphtha supplies at a premium of $17-19/tonne CFR Japan.
The Asian naphtha market has toned down over the week, tracking the volatility in global crude futures.
The benchmark naphtha crack spread versus Brent slumped to below $133.675/tonne on midday Tuesday trade, the weakest since 24 November, according to data from ICIS pricing.
($1 = €0.72)
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