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)
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