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Asian naphtha price takes a down turn
24
Apr '08
This Tuesday, Asian naphtha price fell from the previous day, when it touched a record high, but this price rise directly affected crack spread and spot prices.

Open specification naphtha contract for the first half of June fell US $1.75 to touch $969.00 per ton. Glencore sold one cargo to Trafigura at $968.00 to be shipped during the second half of June. Naphtha cracker spread fell $1.90 to $112.65 per ton.

Formosa Plastics Petrochemical procured one naphtha cargo from spot market for shipment of the second half of June. The prices are short by $2.50-3.00 per ton from Japanese spot market, reflecting bearish atmosphere in the market. But dealers said that cargo price for the second half of June should be able to rebound, due to major petrochemical manufacturers would look for supplies to meet requirements.

Fibre2fashion News Desk - China

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