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
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|
Asian Chemical Connections