Price fluctuation in the international market, is putting in its effects on the ex-factory prices of the naphtha manufacturers in China.
Offer prices from Sinopec for August increased from the 9,140 yuan to 9,360 yuan per ton, showing a hike of 220 yuan.
The ex-factory price from Tahe branch for supply to the eastern chemical companies was adjusted from 8,640 yuan to 8,860 yuan per ton.
On the other hand, the Asian naphtha prices decline to 10-week low on Friday; while future contracts for buyers showcased a some what positive sign, due to increasing supply of naphtha and weak demand. Such scenario can be attributed to drooping crude prices.
On Tuesday, offer price from the sellers saw a sharp fall and stood at US $1011.50 per Mt CFR Far East. Where as Asian open specification naphtha prices for first half of September, from the buyers was quoted at $1009.50 per Mt, CFR Far East.
Bids for the second half of September touched $1013.50 per Mt, CFR Far East levels. Offer prices for the first half of October, reached $1016.50 per Mt, CFR Far East.
Market researchers are expecting that Europe will continue to ship out arbitrage cargoes, as demand in the West is even weaker than Asia.
In the Indian region, bearish market trend has affected. One of the leading petrochemical company sold one cargo of naphtha for the second half of August at a lower premium; the premium of the transaction price was $18-19 per ton over Middle East price.
For international spot market price of naphtha click here
Fibre2fashion News Desk - China
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