S Korea’s Honam Petrochemical buys 75,000 tonnes Aug-Sep naphtha

13 July 2012 03:57  [Source: ICIS news]

SINGAPORE (ICIS)--South Korea’s Honam Petrochemical has bought three 25,000 tonne naphtha cargoes for August-September delivery, a source familiar with the matter said on Friday.

The first cargo for second-half August delivery was bought at a premium of $8.00/tonne (€6.60/tonne) to CFR (cost & freight) Japan quotes, the source said

The other two cargoes for first-half September delivery to Yeosu and Daesan were at a $5.00/tonne premium and $5.50/tonne premium, respectively, based on a 45-day pricing formula, the source added.

Naphtha prices appear to be on an uptrend, supported by strong buying interest, but it really depends on the global economy if prices were to be sustained in the long term, a Singapore-based trader said.

($1 = €0.82)

By: Samuel Wong

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