17 June 2013 03:29 [Source: ICIS news]
SINGAPORE (ICIS)--Taiwan’s Formosa Petrochemical Corp (FPCC) has bought by tender 80,000-90,000 tonnes of spot naphtha supply for delivery to Mailiao in July, traders said Monday.
The deals for the cargoes were done at discount levels ranging from 50 cents/tonne (38 euro cents/tonne) to $1.50/tonne to Japan quotes CFR (cost & freight), they added.
“From second-half June to first half of July, the market is oversupplied,” one trader said.
FPCC last bought by tender 30,000-60,000 tonnes of spot naphtha supply for delivery to Mailiao in the first half of June, at a premium of below $10/tonne to Japan quotes CFR.
($1 = €0.75)
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