Naphtha in Asia at 2 month high

20-Jul-12

Naphtha price in Asia rose to two-month high of US$884/ton on Thursday as the intermonth premium held firm at US$10/ton on brisk demand, as per Reuters. The intermonth premium is the difference between the front-month H1-September price and H1-October value. Honam Petrochemical paid a steeper premium of an average of US$12.50/ton to Japan quotes on a cost-and-freight (C&F) basis each for two cargoes arriving in H2-August at Daesan and Yeosu. With this, Honam’s total purchase of August cargoes stands at at least 200,000 tons.