19 August 2011 03:52 [Source: ICIS news]
SINGAPORE (ICIS)--South Korean refiner S-Oil has sold by tender 33,000 tonnes of light naphtha for loading from Onsan on 15-27 September, traders said on Friday.
The cargo fetched a premium of $3.50/tonne (€2.45/tonne) to Japan quotes CFR (cost & freight), they added.
This premium is higher compared with the levels of between minus 50 cents/tonne and plus 75 cents/tonne which South Korean companies paid for loading in the first half of September, traders said.
The naphtha market is getting tighter on supply because of a closed arbitrage window to bring in material from Europe. In addition, India is facing a raft of refinery turnarounds and has reined in its exports for September, traders said.
($1 = €0.70)
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