14 November 2012 09:21 [Source: ICIS news]
SINGAPORE (ICIS)--South Korea’s Honam Petrochemical has bought 75,000 tonnes of open-spec naphtha for delivery to Yeosu and Daesan at softer premiums because of rising supply, traders said on Wednesday.
The deals for the cargoes for delivery in the second half of December were done at a premium of around $22.00/tonne (€17.38/tonne) to Japan quotes CFR (cost & freight) basis, they said.
Just a week ago, Honam bought 50,000 tonnes of spot naphtha for delivery to Yeosu and Daesan in the first half of December at a premium of $22.50-23.00/tonne to Japan quotes CFR, traders said.
Rising deep-sea supply from Europe and the US, totalling around 900,000 tonnes, is putting a lid to spot premiums, they said.
($1 = €0.79)
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