Formosa pays higher premium for 90,000 tons of naphtha for H2 Jan arrival at Mailiao

09-Dec-10
Taiwan's Formosa Petrochemical Corp has bought around 90,000 tons of naphtha for H2 January arrival at Mailiao at higher premiums compared to a previous purchase, as per Reuters. The higher premiums of US$5-6/ton to Japan spot quotes on a cost-and-freight (C&F) basis of three medium-range cargoes, reflect a stronger market, despite high volumes of arbitrage cargoes coming in. These were higher compared to its purchase on Nov. 17 of around 80,000 tons naphtha for H2 December arrival at premiums of US$2-3/ton on a C&F basis. Naphtha cracks hit US$171.85/ton premium, less than US$7/ton away from this year's peak in mid-January at US$178.03/ton premium.
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