Taiwan’s CPC Corp buys 55,000 tonnes naphtha from Vitol

04 April 2012 07:16  [Source: ICIS news]

SINGAPORE (ICIS)--Taiwan’s CPC Corp has purchased 55,000 tonnes of full-range naphtha for delivery in the second half of May at plus $9.00-13.00/tonne (€6.84-9.88/tonne) premium from trading house Vitol, several traders said on Wednesday.

The premium is around half of the amount CPC Corp paid for its last naphtha purchase in early March on CFR (cost and freight) Japan quotes basis, they said.

“Premiums paid for spot naphtha cargoes are likely to continue falling as there is a notable increase in prompt-month supplies,” said a trader.

Around 1m tonnes of naphtha has arrived from the US and the eurozone in Asia, the traders said.

These cargoes were fixed for shipment from the end of February and the bulk of these shipments arrived in Asia at the end of March.

By: Quintella Koh
+65 6780 4372

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