10 April 2012 05:40 [Source: ICIS news]
SINGAPORE (ICIS)--South Korea’s Honam Petrochemical has purchased 100,000 tonnes of naphtha, scheduled for delivery into Yeosu in the second half of May, several traders said on Tuesday.
The cargoes, spilt into four parcels of 25,000 tonnes each, were bought at plus $12.50/tonne (€9.50/tonne) to CFR (cost & freight) Japan quotes on a 45-day formula, the traders said.
The cargoes were understood to have been purchased on Monday evening, the traders said.
Honam Petrochemical last bought two naphtha cargoes of around 25,000 tonnes each in the second week of March.
The cargoes were purchased at an $18.50/tonne premium to CFR Japan quotes on a 45-day formula and are scheduled for delivery in the second half of April into Daesan, the traders said.
The firm restarted its newly expanded naphtha cracker in Yeosu on Tuesday, following a planned shutdown and debottlenecking since 1 March, a company official said on Tuesday.
The company’s ethylene nameplate capacity was raised by 250,000 tonnes/year to 1m tonnes/year after the maintenance shutdown.
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