13 June 2013 03:18 [Source: ICIS news]
SINGAPORE (ICIS)--Malaysia’s Titan Chemicals has bought 55,000 tonnes of spot full-range naphtha for delivery to Pasir Gudang in mid-July, traders said on Thursday.
The deal for the cargo was done at a discount of 50 cents/tonne (38 euro cents/tonne) Japan quotes CFR (cost & freight), they added.
The loading dates are 11-15 July, traders said.
The price differentials slipped into a negative territory because of overwhelming supply, they added.
“The prompt market is long on supply,” said one trader.
Despite of stable-to-firm gasoline blending demand, the naphtha market is hit by surplus material in the region, traders said.
Titan Chemicals previously bought by tender 120,000-130,000 tonnes of term naphtha supply for delivery to Pasir Gudang from July 2013 to June 2014, at a premium of around 75 cents/tonne to Japan quotes CFR on a 45-day pricing basis. Each cargo will have a volume of 25,000-32,500 tonnes.
($1 = €0.75)
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