Honam Petrochemical buys 50,000 tonnes naphtha for H2 October

04 September 2012 03:42  [Source: ICIS news]

SINGAPORE (ICIS)--South Korea’s Honam Petrochemical has bought two cargoes totalling 50,000 tonnes for delivery in the second half of October at a higher premium than its previous purchases because of tight supply, traders said on Tuesday.

The naphtha cargoes fetched a premium of around $11/tonne to Japan quotes CFR (cost and freight) for delivery to Daesan and Yeosu, they added.

Honam previously bought a similar volume for delivery to Daesan in the first half of October at a premium of $9.50-10/tonne to Japan quotes CFR.

The South Korean producer runs a 1m tonne/year cracker in Yeosu and a separate 1.07m tonne/year cracker in Daesan, according to ICIS data.

Honam is operating both crackers at 100% capacity, a company source said.

By: Felicia Loo

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