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.
“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)
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