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Asian naphtha prices decelerate following crude oil
06
Mar '08
According to reports, naphtha price of Japanese open specifications for the second half of April contract fell nearly US $31.50 to $878.50-879.50 per ton on Wednesday, due to the decline of crude oil futures overnight.

The price difference of contracts, between the second half of April and first half of May, got narrowed by 50 cents to $2 per ton. Weak demand led to sluggish market performance. Production capacity of cracking devices decline in South Korea and Singapore, and according to experts this could be one of the reasons for slower demand rate.

In spot market, Glencore sold one cargo to Itochu at $877 per ton for the first half of May.

Last Monday, Yeochun Naphtha Cracking Centre (YNCC) in Incheon South Korea bought 1,00,000-1,25,000 tons of naphtha at Japanese average price level plus premium of $3.50-5.50 per ton (CIF). Further, officials from the company informed that they have no plan to purchase more cargo for April shipment.

Naphtha demand in Asian spot market is expected to fall slightly due to Asian naphtha cracking enterprises reduce their production on high cost of raw materials.

Fibre2fashion News Desk - China

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