Taiwan’s CPC buys 5,000-10,000 tonnes MTBE for Nov delivery

11 September 2012 10:05  [Source: ICIS news]

SINGAPORE (ICIS)--Taiwan’s state oil refiner CPC Corp has bought by tender 5,000-10,000 tonnes of methyl tertiary butyl ether (MTBE) for delivery in November, market players said on Tuesday.

The parcels, which were for delivery into Keelung or Kaoshiung, were settled at market quotes plus $5-10/tonne (€4-8/tonne), they said.

CPC is now covered for November and will next seek for spot December cargoes, they added.

The origins of the potential one or two cargoes have yet to be defined by the seller, traders said.

“It is really a good buy,” one Chinese trader said.

MTBE demand has been under downward pressure, buying interest dwindles ahead of China’s national holiday in the first week of October.

“The market is rather stagnant now. There are offers, but just no buyers,” the Chinese trader added.

“Supply condition for MTBE is quite good for October,” one trader said.

MTBE is used as an additive to boost octane levels in gasoline.

By: Ong Sheau Ling
+65 6780 4359

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