Asia’s naphtha market is currently in favour of buyers, as spot demand is expected to fall due to upcoming cracker maintenance and abundant Western barrels sail into Asia in March, as per Reuters. Honam is shutting a 750,000 tpa cracker in Yeosu from April 1-10 for maintenance, reducing its demand by about 66,000 tons during the shutdown period, while LG Chem is shutting its 800,000 tpa cracker in Daesan from end-March for a 45-day turnaround. This will wipe out about 315,000 tons of naphtha demand during the shutdown period.
S-Oil is looking to sell 32,000 tons of full-range grade for March 24-31 loading from Onsan, with a maximum 10,000 tons of light grade available for co-loading. Honam is seeking volumes for Daesan for H2-March arrival, LG Chem is looking to buy cargoes for the same period, with arrival at Yeosu.