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European naphtha prices plunge on Monday
15
Mar '11
On the back of fears of slowdown in demand, from one of the biggest consumers in the world; Japan, naphtha prices slid US $31 per ton on Monday.

The earthquake followed by the Tsunami and after shocks in Japan has sent shockwaves across the naphtha and crude oil markets, on fears of drop in demand.

Naphtha prices which stood at $965-973 / ton (CIF NEW) on March 11 plunged $31 per ton to $934-943 / ton (CIF NEW) in the early hours of Monday.

Similarly, Brent crude oil fell to $111.70 / barrel on Monday morning from $114.06 / barrel in afternoon trade on March 11.

The fears have been generated due to the fact that naphtha crackers may have either been shut down or are operating at low rates in Japan, particularly in Chiba prefecture, which is a petrochemical cluster.

Fibre2fashion News Desk - India

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