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Naphtha prices strengthen position
08
Jan '09
On Wednesday, in the Asian region, naphtha price looked the strongest, as petrochemical manufacturers in South Korea continued to buy raw materials.

Spread of Naphtha widened to 90 cents, driven by strong spot demand of buyers in North Asian region.

Influenced by firm demand from downstream sector, Korean petrochemical manufacturers have improved operating rate of crackers, which boosts demand for naphtha.

In latest spot deal, Samsung Total Petrochemical of Samsung, South Korea, bought 25,000 tons of naphtha cargo for shipment in the first half of February with a premium of US $13.50 over Japanese Spot Price, sharply higher than the premium of US $10 per ton in last purchase price.

Supply drop in South Korea provided some support to the market, January spot exports of South Korean refineries declined by nearly half from December in order to meet domestic demand.

According to the pricing approach set by the headquarters in Sinopec, naphtha ex-factory price to be provided among internal units of China Petroleum & Chemical Corporation for January 2009 has been adjusted to 2330 yuan per ton from the current level of 2380 yuan per ton, showcasing a fall of 50 yuan per ton.

The ex-factory price from Tahe branch to chemical enterprises in eastern China has been adjusted to 1830 yuan from 1880 yuan per ton.

Naphtha ex-factory price of Sinopec is adjusted once in the beginning of each month, in coordination with the average price level of CIF Japan and FOB Singapore of the previous month.

Today Asian naphtha prices opened on a soft note. For the second half of February prices were pegged at $339.50-$342.50 per ton CFR (cost and freight) Japan; for the first half of March the offer prices stood at $333.50-$336.50 per ton CFR Japan and second half March at $330.50-$333.50 per ton CFR Japan.

In the European region, on January 7, open specification spot cargoes were assessed at $307-317 per ton CIF (cost, insurance and freight) NWE (northwest Europe) range, depicting a fall of $26 per ton. January deals were pegged at $307-$309 per ton CIF NWE.

Fibre2fashion News Desk - China

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