UpdateAsia naphtha crosses $1,000/tonne mark on tightening supply

31 January 2013 02:10  [Source: ICIS news]

(adds traders comments)

SINGAPORE (ICIS)--Asia’s open-spec naphtha prices surpassed the $1,000/tonne (€740/tonne) mark on Thursday morning, triggered by rising crude futures and tightening supply of the petrochemical feedstock.

The open-spec first-half March contract rose to $1,001.50-1,004.50/tonne CFR (cost & freight) Japan, up by $4.50-5.50/tonne from Wednesday, according to ICIS data.

Prices hit the highest levels since 14 September 2012 when naphtha stood at $1,003-1,005/tonne CFR Japan, it further indicated.

Falling Indian exports and the rollover of arbitrage material from the western markets to the first half of March delivery from the second half of February were other factors supporting the sky-high naphtha prices, traders said.

Meanwhile, demand remains strong from the end-users as cracker run rates continue to be high, they added.

($1 = €0.74)

By: Felicia Loo

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