11 March 2011 08:02 [Source: ICIS news]
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SINGAPORE (ICIS)--Taiwan’s Formosa Petrochemical Corp (FPCC) has bought 150,000 tonnes of spot naphtha for delivery into Mailiao in the second half of April, traders said on Friday.
The volume was down by 25% from its previous purchase, as its crackers have partially switched to using feedstock liquefied petroleum gas (LPG), they added.
The cargo was bought at a premium of around $5/tonne (€3.70/tonne) to Japan quotes CFR (cost & freight), higher than its previous spot purchase, amid lower deep-sea naphtha flows from northwest Europe and the Mediterranean, they added.
“[The] Asian naphtha [market] is getting quite balanced. Demand is quite dull, but supplies are also getting tighter – considering the lower arbitrage supply,” said a trader.
The company operates three crackers in Mailiao, which can jointly produce 2.93m tonnes/year of ethylene.
($1 = €0.73)
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