15 July 2013 10:40 [Source: ICIS news]
SINGAPORE (ICIS)--Taiwan’s Formosa Petrochemical Corp (FPCC) has bought by tender 50,000-100,000 tonnes of open-spec naphtha for delivery to Mailiao in the second half of August to early September, traders said on Monday.
The deal for the cargoes fetched a premium of $1.00-2.00/tonne (€0.77-1.54/tonne) to Japan quotes CFR (cost & freight), they said.
In its previous tender, FPCC purchased 100,000-150,000 tonnes of naphtha for delivery to Mailiao in the first half of August, at prices that ranged from a discount of 50 cents/tonne to a premium of 50 cents/tonne over Japan quotes CFR pricing.
However, some traders said that the premiums awarded in the latest tender were deemed low, given the current strong demand for naphtha used as a blending component in making gasoline both in Asia and in Europe.
The second-half August naphtha prices closed $7/tonne higher on Monday from 12 July to $918.50-920.50/tonne, ICIS data showed.
($1 = €0.77)
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