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Asian naphtha price stoops lower
14
Aug '08
Spot prices of naphtha for Asian region fell on Tuesday, August 12. Naphtha market price of Japanese benchmark open specifications for the second half of September dropped by US $16.25 to stand at $984.50 per ton, showing a plunge of 1.6 percent.

On this day, naphtha price stood at $104.72 per barrel; since the starting of the month, the average price remained at $112.15, down $15.48 from July.

Asian naphtha price first fell below the mark of $1,000 per barrel in past months, due to continued decline in the oil market. But in European and the Mediterranean market, the supply is already in excess and thus the price is high enough to make exports to the orient market.

Spot trade in the market was still low; bids were even lower; presently sellers are dominating the market. However, potential buyers expect prices to go down further.

Fibre2fashion News Desk - China

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