Formosa buys tons of open-spec naphtha for H1-May at premiums lower than last week

Formosa Petrochemical Corp has bought 100,000 to 150,000 tons of open-spec naphtha for H1-May arrival at premiums of US$21-23/ton to Japan spot quotes on a cost-and-freight (C&F) basis. This is lower than US$25/ton paid last week for 50,000-75,000 tons of H2-April arrival, as per Reuters. It seems that the market is also under some correction from its previously overheated condition. Additionally, tight supplies are expected to ease but may not be completely resolved, as India gradually restores exports to its monthly average of more than 800,000 tons. This can be attributed to completion of refinery maintenance by Reliance. The supply situation may not ease totally in Asia as refinery turnarounds are still continuing in Saudi Arabia.
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