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Naphtha prices touch four month highs
17
Jan '09
On Monday, spreads for Asian naphtha prices rose for two consecutive trading days and thereby touching nearly four-month highs, boosted by sustained strong demand from South Korea.

Korean petrochemical manufacturers, including LG Chemical, SK Energy, Honam Petrochemical Corp, YNCC, have recently increased their cracking capacity to about 90 percent, much higher than about 75 percent in November, due to strong demand of petrochemical products from China.

LG Chemical bought 25,000 tons of naphtha for delivery in the second half of February on January 7, and then the company again bought more of the raw material for deliveries in February, details of which though are not immediately available.

Naphtha prices in Japan's open market also continued to rise for the second half of February. The contract spread between the second half of February and the first half of March though stayed at US $7 per ton.

The naphtha prices at Intercontinental Exchange (ICE), touched $70.25 per gallon, the highest since September 23. According to sources there were no spot transactions deals for the last six days.

Asian naphtha prices closed firmer on Friday. First half March price indications were pegged at $401.50-402.50 per ton CFR (cost and freight) Japan, second half March at $394.50-395.50 per ton CFR Japan and first half April at $390.00-391.00 per ton CFR Japan.

Fibre2fashion News Desk - China

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