Formosa buys 200,000 tons naphtha for H1-April after skipping March spot purchases

25-Feb-10
Taiwan's Formosa Petrochemical Corp has bought at least 200,000 tons of naphtha for H1-April arrival by tender from four sellers, with premiums starting from US$3/ton to Japan spot quotes on C&F basis. This round of buying follows a dry run in March, when Formosa skipped spot purchases due to sufficient stocks, as per Reuters. From Dec. 21 to Jan. 13, Formosa bought a total of about 320,000-350,000 tons of naphtha for February arrival at premiums of US$12.50-21/ton C&F. But the company postponed delivery of about 150,000 tons of the volumes to March due to ample stocks. On the same day, South Korea's LG Chem paid a premium of around US$8/ton for 25,000 tons of naphtha for H1-April arrival at Yosu port to Japan spot quotes, C&F. LG also failed to lock in 50,000 tons of naphtha for arrival at Daesan port due to limited offers during the earlier part of the day.
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