05 July 2010 10:50 [Source: ICIS news]
SINGAPORE (ICIS news)--South Korea's Yeochun Naphtha Cracking Center (YNCC) has bought 50,000 tonnes of paraffinic naphtha for delivery in the first half of August, at a steep discount, traders said on Monday.
The cargo was priced $6/tonne (€4.80/tonne) lower than Japan quotes CFR (cost & freight), twice the amount of discount YNCC had in its previous tender, they said.
“This may be the deepest discount level in over a year for YNCC,” said a trader.
“The market is flooded with supply,” said a second trader.
YNCC last bought by tender 50,000 tonnes of naphtha for delivery in the second half of July, at a discount of $3.00/tonne to Japan quotes CFR.
Asian naphtha for second-half August delivery dropped by $3.50-4.50/tonne from Friday’s close to $615.50-618.50/tonne CFR Japan on Monday, amid a high influx of spot Middle East supply, ICIS data showed.
($1 = €0.80)
To discuss issues facing the chemical industry, go to ICIS connect
For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.
Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.
|ICIS news FREE TRIAL|
|Get access to breaking chemical news as it happens.|
|ICIS Global Petrochemical Index (IPEX)|
|ICIS Global Petrochemical Index (IPEX). Download the free tabular data and a chart of the historical index|
Asian Chemical Connections