21 January 2013 09:35 [Source: ICIS news]
SINGAPORE (ICIS)--Asia is facing a delay in deep-sea naphtha shipments from the Europe and the US because of poor weather conditions, traders said on Monday.
This has resulted in the postponement of deliveries from the second half of February to the first half of March, they added.
At least 500,000 tonnes of arbitrage naphtha from the western markets were expected to arrive in Asia initially from the second half of February.
“The delay is caused by the bad weather, so the cargoes would be rolled over to the first half of March [delivery] instead,” said a trader.
As a result of an unexpected lower arbitrage inflows, Asia’s naphtha prices rose by $8.50/tonne (€6.40/tonne) from 18 January to $972.50-974.50/tonne CFR (cost & freight) Japan on 21 January, ICIS data showed.
The open-spec prices for the first half of March contract were at the highest levels since 10 January, the data indicated.
($1 = €0.75)
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