Naphtha gains in Asia on buying tender by Lotte

The Asian naphtha price rose on Monday to reach US$875.75/ton, the highest since May 10, while its margin hit a four-session high of US$93.50/ton on spot and term demand, as per Reuters. South Korea's top ethylene maker Lotte Chemical issued a tender to buy an additional 25,000 tons of naphtha for H2-June arrival at Daesan, surprising some traders as most had expected the petrochemical maker to have completed its purchases for H2-June. The premium for the cargo was around US$9/ton to Japan quotes on a cost-and-freight (C&F) basis. Some traders said the grade was likely full-range naphtha, but this could not be immediately confirmed. Lotte Chemical was said to be seeking another 25,000 tons of naphtha for H1-July arrival at Yeosu, but no details were available. Its Malaysia-based unit Titan also issued a tender seeking up to 130,000 tons of naphtha for July 2013 to June 2014 delivery. The tender closes on May 23, with offers to stay valid until May 31.
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