22 February 2012 05:42 [Source: ICIS news]
SINGAPORE (ICIS)--South Korea’s LG Chem has purchased by tender two 25,000 tonne open-spec naphtha cargoes at a $23.50-24.00/tonne (€17.60-18.00/tonne) premium to Japan quotes CFR (cost & freight), traders said on Wednesday.
The cargoes are scheduled to be delivered in the first half of April, according to the traders.
Some South Korean traders said the cargo priced at a $23.50/tonne premium was destined for Yeosu, while the cargo priced at a $24.00/tonne premium was scheduled for delivery to Daesan, the traders said.
LG Chem last bought a 25,000 tonne open-spec naphtha cargo for delivery to Yeosu in the second half of March at a $19.50-20.00/tonne premium to Japan quotes CFR.
Cracker operators in Asia can expect to continue paying high naphtha premiums because of the prevailing firm crude oil prices, tight spot supply and strong regional demand, traders said.
($1 = €0.75)
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