May '08
Singapore spot market concluded two very significant naphtha trades for open specifications on Tuesday. While Victor Company bought a cargo of naphtha from BP Company for shipment in the first half of July at US $991 per ton, Mitsui Oil Asia purchased from Victor Company a cargo of naphtha for shipment in the second half of July at $998 per ton.
According to some traders in Singapore, higher prices contracted for the month of July is keeping the current ethylene demand in stability but attention should be paid to the supply data plane.
Naphtha imports for at least Japan would remain stable until May since several naphtha crackers are under routine maintenance plan, while some others would restart operations after complete overhaul.
Imports of naphtha materials from Japan are expected to gradually increase in June as well as after the month. Besides, domestic production of naphtha will also rebound. According to data released on Tuesday by Japanese Ministry of Economy, Trade and Industry, the country's ethylene output in April fell 2.8 percent, due to parking overhaul of more naphtha crackers.
Fibre2fashion News Desk - China
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