S.Korea’s LG Chem buys 75,000 tonnes naphtha for H1 March

24 January 2013 02:18  [Source: ICIS news]

SINGAPORE (ICIS)--South Korea’s LG Chem has bought 75,000 tonnes of spot naphtha for delivery in the first half of March at higher premiums on the back of tightening regional supply, traders said on Thursday.

LG Chem bought two cargoes for delivery to Daesan at a premium of $18-19/tonne (€13.50-14.25/tonne)  to Japan quotes CFR (cost & freight) over a 30-day pricing period, they added.

The company bought one cargo for delivery to Yeosu at a premium of $11.50/tonne to Japan quotes CFR over a 45-day pricing period, traders said.

LG Chem previously bought 50,000 tonnes of spot naphtha for delivery from the second half of February to early March, at a premium of $9.00/tonne to Japan quotes CFR.

The premiums were buoyed by sharply lower Indian exports as well as the postponement of deep-sea naphtha deliveries from Europe, traders said.

($1 = €0.75)

By: Felicia Loo

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