17 February 2011 04:43 [Source: ICIS news]
SINGAPORE (ICIS)--South Korea’s Yeochun NCC (YNCC) has bought 125,000 tonnes of spot naphtha for delivery in the second half of March at weaker premiums, because of a regional supply deluge, traders said on Thursday.
The cargoes fetched a premium of $3–5/tonne (€2–4/tonne) to Japan quotes CFR (cost & freight), down from a premium of $10/tonne in a previous deal where YNCC secured 75,000 tonnes of spot naphtha for delivery in the first half of March, they added.
“The cracker turnarounds are putting downward pressure on prices. On top of that, there is a lot of supply coming from the West,” said a trader, referring to arbitrage supplies from western Europe and the Mediterranean.
($1 = €0.74)
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