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Taiwan's Formosa and South Korea's LG Chem buy more than 200,000T for March

January 25/2011

(Reuters) -- Taiwan's Formosa Petrochemical Corp and South Korea's LG Chem have in total snapped up at least 200,000 tonnes of naphtha for first-half March delivery, supporting a market marked by steady demand and tight supplies.


Formosa, Asia's top naphtha buyer, bought around 150,000 tonnes at premiums of about $4.00 a tonne to Japan spot quotes on a cost-and-freight basis, while LG Chem purchased 50,000-75,000 tonnes at premiums of about $6.00 a tonne to the same price formula.


Traders say that LG Chem was initially seeking four cargoes totalling 100,000 tonnes, but failed to buy all the volumes they were seeking.


"The market is still grappling with tight supplies, especially for naphtha with high paraffinic content," said another trader.


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