S Korea’s Lotte Chem buys 50,000 tonnes naphtha at weaker premiums

20 August 2013 11:41  [Source: ICIS news]

SINGAPORE (ICIS)--South Korea’s Lotte Chemical has bought two 25,000-tonne naphtha cargoes for delivery from the second half of September to the first half of October, traders said on Tuesday.

The deal for the second-half September cargo was done at a premium of $2.00/tonne (€1.50/tonne) to Japan quotes CFR (cost & freight) pricing, while the deal for the first-half October cargo was done at a premium of $3/tonne to Japan quotes CFR, they said.

Lotte previously bought a 25,000-tonne naphtha cargo for delivery in the first half of September, at Japan quotes CFR pricing plus $7.00/tonne.

The premiums weakened sharply in response to rising supply and dwindling demand amid cracker maintenance, traders said.

($1 = €0.75)

By: Felicia Loo

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