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Asian naphtha prices crash
19
Mar '11
Owing to the Japan crisis, Asian naphtha prices have tumbled from last week's $1,000 per ton to $880-890 per ton this week, which is expected to ease the anxiety of downstream users.

The crash in naphtha prices has lead to a significant drop in the raw material cost for the petrochemical producers, who use naphtha as a feedstock for producing mainly ethylene, polyethylene and related polymers.

The downstream petrochemical producers believe that a decline in the naphtha prices may result in a fall in the polymer prices, but it may take some time.

Next to the United States and China, Japan is the third-biggest importer of crude and biggest importer of naphtha. Thus, with crisis like situation in Japan, the crude prices too had plummeted from $105 per barrel on Nymex to $97.18 per barrel.

An oil analyst said that, naphtha generally costs nine times more than crude. He further added that, as the news of Japan temporarily closing down 29 percent of its refineries have overshadowed the news of West Asia turbulences, and this too has lead to a drop in the naphtha and crude prices.

Indeed, experts hold a view that, reduction in industrial activity may prevail over the West Asia unrest and lead to a further fall in the crude and naphtha prices.

Fibre2fashion News Desk - India

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