S Korea's Honam buys 25,000 tonnes naphtha for H2 Nov at discount
31 October 2011 04:21 [Source: ICIS news]
SINGAPORE (ICIS)--South Korea’s Honam Petrochemical has bought by tender 25,000 tonnes of naphtha for delivery into Yeosu in the second half of November at a negative differential, amid a bearish Asian market, traders said on Monday.
Honam bought the cargo at a discount of $1.50/tonne to Japan quotes CFR (cost and freight), compared with a premium of $1.00-1.50/tonne fetched in the company's previous spot purchase of 50,000 tonnes for delivery in the second half of November.
Asia’s naphtha intermonth spread between the first-half December and the first-half January contracts widened to a contango of $2/tonne on Friday’s close, from a contango of $1.50/tonne on Thursday because of surplus and falling prices for key downstream petrochemical products, ICIS data showed.
($1 = €0.71)
For more on naphtha, visit ICIS chemical intelligence
By: Felicia Loo
For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.
Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.
| ICIS news FREE TRIAL |
| Get access to breaking chemical news as it happens. |
| ICIS Global Petrochemical Index (IPEX) |
| ICIS Global Petrochemical Index (IPEX). Download the free tabular data and a chart of the historical index |
Related Articles
- 09 Nov 11 03:00 S Korea’s Honam restarts 1m tonne/year Daesan cracker
- 04 Nov 11 06:38 South Korea’s Honam to restart to Daesan MEG units by 12 November
- 04 Nov 11 05:46 South Korea’s Honam buys 50,000 tonnes naphtha for H1 Dec
- 31 Oct 11 07:14 S Korea’s YNCC buys 800,000 tonnes term naphtha for 2012
- 10 Oct 11 10:08 Honam Petrochemical buys H2 November naphtha at lower premiums
- 06 Oct 11 10:43 S Korea's Yeochun NCC buys 25,000 tonnes for first-half November
- 06 Oct 11 08:47 South Korea’s Honam on track to shut Daesan cracker for maintenance
- 04 Oct 11 11:05 S Korea’s Honam buys 50,000 tonnes naphtha for H1 November
Latest News
- 20 May 13 03:29 Muntajat to leverage on the QAPCO, Qatofin structures
- 20 May 13 03:20 MPC restarts Saudi ammonia plant and DAP unit after maintenance
- 18 May 13 00:01 Indiana pulls nitrogen plant funding over fears about explosives
- 17 May 13 23:59 Europe May EO contracts fall in line with ethylene decrease
- 17 May 13 23:59 Europe May DMT reference prices roll over in line with feedstocks