04 February 2013 09:46 [Source: ICIS news]
SINGAPORE (ICIS)--Asia’s opec-spec naphtha prices surged to $1,011-1,013/tonne (€738-739/tonne) CFR (cost & freight) Japan, stoked by tightening supply in the region, traders said on Monday.
The prices of the petrochemical feedstock are at their highest levels since 12 September 2012 when naphtha prices closed at $1,013.50-1,015.50/tonne CFR Japan, ICIS data showed.
Stronger Brent crude futures at the close of Asian trading also fuelled the rise in naphtha prices, traders added.
Separately, in physical trading, the first-half April/second-half April naphtha spread was done at a backwardation of $13.50/tonne, traders added.
($1 = €0.73)
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