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Asia's naphtha price stayed at a two-week low

August 05/2011

(Reuters) -- Asia's naphtha price stayed at a two-week low on Thursday, while cracks edged higher and South Korean spot prices flipped to premiums for the first time in about two months, supported by recovering ethylene and plastics prices. 


LG Chem bought two open-spec cargoes totalling around 50 KT for second-half September arrival at Daesan and Yosu.  


Prices were estimated to be in the range of 50 cents to USD 1 a tonne premium to Japan spot quotes on a cost-and-freight (C&F) basis.


This is the first time spot prices were in premiums since May 26. The prolonged shutdown of Formosa's 700 KTa No. 1 cracker and an upcoming maintenance at its 1.2 million tpy No. 3 cracker are creating a tighter ethylene market.  
   

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Tags:naphta, ethylene, Formosa.
Category:General News
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