S Korea’s Honam buys 50,000 tonnes naphtha at $4-5/tonne discount

14 June 2012 09:55  [Source: ICIS news]

SINGAPORE (ICIS)--South Korea’s Honam Petrochemical has bought by tender on Thursday two 25,000-tonne naphtha cargoes for arrival at Yeosu in the second half of July at a discount, a source close to the company said.

The cargoes were settled with two separate traders at a discount of $4.00-5.00/tonne (€3.20-6.25/tonne) to Japan quotes CFR (cost and freight) for open-spec naphtha. The last time Honam bought a naphtha cargo at a discount was in November 2011, the source said.

“The discount was within expectation based on the weak spot market,” he said.

Late last week, Honam bought a 25,000-tonne cargo for first half of July arrival at Yeosu and another lot of similar volume and delivery date at a slight premium to Japan quotes CFR.

($1 = €0.80)

By: Ong Sheau Ling
+65 6780 4359

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