Honam, Titan, Formosa buy 205,000 tons of naphtha for H1-April: demand improving in Asia

24-Feb-12
Taiwan's Formosa bought about 100,000 tons of naphtha for H1-April arrival followed by purchase of an equal volume by South Korea's Honam and Malaysia's Titan, signaling healthy demand in Asia, as per Reuters. Honam Petrochemical bought two cargoes averaging 25,000 tons each for Yeosu arrival and one cargo for Daesan arrival at premiums of US$16-18/ton to Japan spot quotes on a cost-and-freight (C&F) basis, based on a 45-day price formula for open-spec grade. This reflected a 45-50% hike in premiums compared to what it had paid on Feb. 13 for two H1-April cargoes. Titan bought a 30,000 ton full-range cargo for H1-April arrival at premiums of US$20/ton to Japan quotes on a C&F basis, pegged to a 30-day price formula. Formosa Petrochemical Corp has bought around 100,000 toes of open-spec naphtha for H1-April arrival at premiums ranging from US$14-20/ton
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