11 July 2012 05:43 [Source: ICIS news]
SINGAPORE (ICIS)--South Korea’s LG Chem has bought at least 25,000 tonnes of open-spec naphtha for second-half August arrival at Yeosu, traders said on Wednesday.
The cargo fetched a premium of $7.50/tonne (€6.15/tonne) to Japan CFR quotes, more than double the premium fetched in its previous purchase, they said.
“The naphtha market seems to be improving on the back of better petrochemical margins,” a Singapore-based trader said.
Several traders said the prompt market remains bullish, but the market direction remains unclear.
($1 = €0.82)
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