S Korea’s Honam buys four H1 August naphtha lots at +$2-3/tonne

03 July 2012 05:15  [Source: ICIS news]

SINGAPORE (ICIS)--South Korea’s Honam Petrochemical bought four 25,000-tonne naphtha cargoes late on 2 July for delivery in the first half of August at premiums of $2.00-3.00/tonne (€1.58-2.37/tonne), traders said on Tuesday.

Three parcels, which will head to Yeosu, were purchased at a premium of $2.00/tonne to Japan quotes CFR (cost & freight), while the fourth cargo, which will go to Daesan, was settled at a premium of $3.00/tonne to Japan quotes CFR.

On 28 June, Honam bought its first spot parcel of first-half August naphtha for delivery to Daesan at a premium of $1.00-1.50/tonne to Japan quotes CFR.

“Premiums are slowly edging up, in tandem with the spot price movement,” a Singapore-based trader said, but added that a spike in premiums would be difficult given the weak demand fundamentals.

($1 = €0.79)

By: Ong Sheau Ling
+65 6780 4359

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