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Naphtha imports likely to suppress Asian market
17
Jan '08
Shaanxi Yong Ping Refinery increased its naphtha prices on January 9. Highway price stood at around 5,100 yuan per ton, up 50 yuan, railway price at 5,150 yuan per ton.

Price for sales companies increased about 100-150 yuan per ton. Quotations for highway transactions were at 5200-5300 yuan per ton.

According to January 16 reports, naphtha price of Japan's open specifications for first half of March fell US $27, to a 5-week low at US $847.5-848.50 per ton in sympathy of crude oil futures. Price spread against the second half of March narrowed by one dollar, to US $4 per ton.

Mitsui sold one cargo to Itochu at US $844 per ton for shipment in the second half of March.

Market momentum remained strong, but buzz is that more than 400,000 tons, which is expected to arrive in Asian market from western countries, will most likely suppress the market.

Fibre2fashion, News Desk - China

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