Taiwan’s FPCC sells 10,000 tonnes MTBE for October at premium
20 September 2012 10:02 [Source: ICIS news]
SINGAPORE (ICIS)--?xml:namespace>Taiwan’s Formosa Petrochemical Corp (FPCC) has sold by tender two cargoes of methyl tertiary butyl ether (MTBE) totalling 10,000 tonnes for loading from Mailiao in October, traders said on Thursday.
FPCC awarded two parcels of 5,000 tonnes each at a premium of mid- to high-single-digits to market quotes FOB (free on board), they said.
The exact premium level could not be confirmed by the seller.
One parcel is due for loading on 3-7 October, while the second lot will be lifted on 17-21 October, traders said.
The MTBE offered is of 95% purity, with sulphur content of 50ppm (parts per million), water content of 1,000ppm and methanol content of 0.5wt% (weight percentage), they added.
“Given such high water and methanol content, it is surprising the tender could close at a premium,” a Chinese trader said.
“The supplies are unlikely to head for China, because China has ample stockpiles domestically,” a second Chinese trader said.
“Neither is the cargo heading to South Korea. Buyers there have already covered their October requirements over the past few weeks,” a Singapore-based trader said.Author: Ong Sheau Ling
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