22 June 2010 07:50 [Source: ICIS news]
SINGAPORE (ICIS news)--South Korea’s Honam Petrochemical has bought by tender 75,000 tonnes of naphtha for second-half July delivery at a wide discount, reflecting poor demand in the market, traders said on Tuesday.
The cargoes fetched a discount of $3.00/tonne to Japan CFR (cost and freight) quotes, they said.
“The naphtha market may flip into a contango soon as demand is shrinking,” said one trader.
Asian naphtha’s intermonth spread between first half August and first half September stood at parity on Tuesday, ICIS data showed.
($1 = €0.81)
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