Asian naphtha bearish on unenthusiastic news from market

03-Nov-11
A term tender for 600,000 tons of naphtha for January to December 2012, has been concluded at levels lower than previous ones, keeping Asian naphtha market bearish, as per Reuters. South Korea's Samsung Total Petrochemicals bought open-spec naphtha at a discount of US$1/ton to Japan quotes on a cost-and-freight (C&F) basis and heavy naphtha at US$1/ton above Japan quotes C&F basis. Last month, Korean petrochemical producer YNCC sealed a 2012 deal with sellers at a discount of 50 cents/ton to Japan quotes on a C&F basis. Price for front-month open spec naphtha for H2-December was at US$881.50/ton.
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