12 April 2010 04:12 [Source: ICIS news]
SINGAPORE (ICIS news)--Taiwan’s Formosa Petrochemical Corp (FPC) has issued a tender to buy 75,000 tonnes of naphtha for second-half May delivery due to decent petrochemical margins, contrary to earlier expectations that the company would skip spot naphtha purchases for the period, traders said on Monday.
The tender will close later on Monday, they said.
“Margins are decent,” said one trader.
Asian ethylene was valued in the low-$1,200/tonne (€888/tonne) levels, while naphtha was quoted at $750/tonne, traders said.
Traders had initially thought Formosa would skip naphtha purchases for delivery in the second half of May, after it had already secured 200,000-250,000 tonnes of first-half May spot naphtha at premiums of $3.50-4.50/tonne (€2.63-3.38/tonne) to Japan cost and freight (CFR) quotes.
($1 = €0.74)
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