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Naphtha prices test new highs to roll back again
Mar '09
Asian naphtha prices fell on Thursday, after it touched the highest point in half and five months on the previous day. Since March 20, Japan, Korea and Taiwan have signed contracts totaling to 500,000 tons of naphtha for May arrivals.

A dealer commenting on the situation in May said "In my opinion there will not be any more demand from Korea for naphtha deliveries in the first half of May”. Deals have been struck for around 260,000 tons naphtha for delivery to Asian markets in May.

The Korean downstream manufacturers are expected to begin their purchases for arrivals in second fortnight of May from next week, but if the arbitrage window in North-West Europe - Asia does not open, they will proceed cautiously.

Japan's NAF-1H-TYO (open specifications for shipment in the first half of May) fell US $5.00 to $472.00 per ton, ending its continuous rise in 7 sessions. Spread between the first half and the second half of May was steady at $6.00 per ton.

ICE Brent fell to $77.65 per ton and the previous day, it had hit $82.05 per ton, the highest since March 17.

Fibre2fashion News Desk - China

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