03 February 2010 06:15 [Source: ICIS news]
SINGAPORE (ICIS news)--South Korea’s Yeochun Naphtha Cracking Center (YNCC) plans to buy two spot cargoes, or 50,000 tonnes, of open-spec naphtha for delivery in the second half of March, traders said on Wednesday.
YNCC bought 25,000 tonnes of naphtha at a premium of around $7.00/tonne (€5/tonne) CFR (cost and freight) last week for delivery in the first half of March, they added.
Northeast Asian naphtha premiums had fallen from double-digit levels fetched for February-delivered cargoes, due to the high number of cracker turnarounds in March, traders said.
“The first-half March requests have been met and demand is lower because of maintenance,” a trader said.
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Asia’s first-half March open-spec naphtha increased by $14.50/tonne from Tuesday to $698-701/tonne CFR Japan on Wednesday, following gains in US crude futures at $77/bbl, according to global chemical market intelligence service ICIS pricing.
($1 = €0.72)
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