S Korea’s Honam buys 75,000t naphtha for H2 Aug

19 July 2010 10:17  [Source: ICIS news]

SINGAPORE (ICIS news)--South Korea’s Honam Petrochemical has bought by tender 75,000 tonnes of open-spec naphtha at a wide discount for delivery in the second half of August, amid a bearish market, traders said on Monday.

Honam paid a discount of $12.50/tonne (€9.6/tonne) to Japan CFR (cost and freight) quotes in the tender, compared with a discount of $3.50/tonne it last awarded in a tender for 75,000 tonnes of naphtha for first-half August delivery.

The regional naphtha market was saddled with surplus while demand was lacklustre, traders said.  

($1 = €0.77)

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By: Felicia Loo

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