S Korea’s Honam Petrochemical completes August naphtha purchases

19 July 2012 10:39  [Source: ICIS news]

SINGAPORE (ICIS)--South Korea’s Honam Petrochemical has finished its purchases for August, after buying two 25,000 tonne naphtha cargoes through tender for second half of August delivery, a source close to the company said on Thursday.

Both deals were closed at a premium of $12.50/tonne (€10.25/tonne) to Japan quotes CFR (cost and freight) for delivery to Yeosu and Daesan, the source said.

This premium was 56% higher than Honam’s previous purchase on 13 July, for second half of August delivery at plus $8.00/tonne.

“The market is bullish for the near term,” the source said, adding that there were lingering concerns the spike in prices will be short-lived amid unchanged downstream petrochemical demand in the key China market.

($1 = €0.82)

Author: Sheau Ling Ong

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