24 January 2011 08:52 [Source: ICIS news]
(adds details and current naphtha prices)
For January, the world’s top energy user was estimated to be importing 190,000 tonnes or 55,161 bbls/day of naphtha, they added. The Lunar New Year will take place in early February.
But the volumes fell drastically from official customs data, which Reuters reported that
The December imports were unusually high as Chinese refineries pumped out diesel relentlessly at the expense of light distillates in which naphtha and gasoline belong to, to plug a domestic shortfall to meet peak power generation demand, traders said.
“The situation has improved a lot because of the huge (naphtha) imports in November and December,” said one trader from
The February volumes comprised solely of term imports, with Fujia Dahua and Petrochemical seen buying 60,000 tonnes and Lidong Chemical taking in 100,000 tonnes, traders said.
“Supply is at a comfortable level. So no spot buying is needed for February,” said the trader.
As for the January batch, besides the regular term imports by Fujia Dahua and Lidong that totalled 160,000 tonnes,
Asian naphtha prices were assessed as $879.00-879.25/tonne (€641.67-641.85/tonne) CFR (cost & freight)
($1 = €0.73)
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