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Honam Petrochemical bought 50 KT of naphtha

August 19/2011

(Reuters) - South Korea's Honam Petrochemical bought 50 KT of naphtha at around USD 2.00 a tonne above Japan quotes on a cost-and-freight (C&F) basis, highest premium paid in the country in 3-1/2 months, traders said on Wednesday.

Honam bought the open-grade naphtha for second-half September arrival a day after YNCC had paid about USD 1.00 a tonne for the same arrival period, reflecting stronger premiums.

"There will be less Indian exports ahead and that boosted premiums. Additionally, Japan domestic naphtha stocks are also down," said a North Asian trader.

India is expected to reduce its September exports to around 850 KT from 1 million tonnes in August.

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