11 October 2013 15:31 [Source: ICIS news]
LONDON (ICIS)--Northwest European naphtha is less appealing as an import option when compared with product from the Mediterranean or the US Gulf Coast, a Brazilian buyer said on Friday.
Brazil is an export destination for European naphtha cargoes, along with the US and Asia.
"At this moment, US Gulf is very competitive compared with the Med. The northwest of Europe is not competitive at all. So we are looking at US Gulf and Med at the moment," the Brazilian buyer said.
The buyer attributed this to the rising prices in northwest Europe. Naphtha prices were assessed at $917-918/tonne CIF (cost, insurance & freight) NWE (northwest Europe) on Friday morning, up 3% from last Friday.
($1 = €0.74)
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