Asian naphtha prices moved higher Wednesday under optimism of better market conditions. Traders said that demand for Northeast Asian cracker operators was expected to remain robust, but at the same time, supply from the Middle East and Europe were expected to slow down.
Mitsui Chemicals, Korea, purchased three naphtha cargoes (each of 25,000 tons) with shipment to arrive in Chiba in the second half of February. Traders said that India Bharat Petroleum Limited (BPCL) has released tenders for sale of two naphtha cargoes (each 30,000 tons), which will close on January 11.
In window deals, Victor Company sold to Itochu Corporation a cargo at US $749.50 per ton for shipment in the first half of March. Brokers said that the price of open specification naphtha contract for arrival in Japan in the second half of February was quoted at $758.50 per ton, up US $2 per ton from the previous trading day.
The half-month spread of the first half of March was US $9.00 per ton and the full month spread of the second half of March was US $15 per ton.
Fibre2fashion News Desk - China