LG Chem buys H1-December naphtha at discount

02-Nov-11
Reflecting a persistently weak market, South Korea's LG Chem has purchased H1-December naphtha at a discount of US$1.25/ton to Japan spot quotes on a cost-and-freight (C&F) basis, as per Reuters. A medium-range cargo for Daesan was bought at a discount of US$1.25/ton, and one medium range parcel for Yeosu for the same period was bought at a steeper undisclosed discount. These discounts contrast with marginal premiums paid for 50,000 tons of spot naphtha for H2-November arrival. Spot prices will be at a discount for now, as dampness continues in the Asian markets due to lack of Chinese demand.
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