Naphtha in Asia stays weak on ample supply

The Asian naphtha price rose on Tuesday for the third straight session to a four-session high of US$862/ton but its intermonth spread stayed at US$10.50/ton after falling to a three-week low a day before due to heavy supplies, as per Reuters. Titan, the Malaysian subsidiary of South Korea's top ethylene maker Lotte Chemical, bought a cargo for H2-June delivery to Pasir Gudang at levels around minus 50 cents/ton to Japan quotes on a cost-and-freight (C&F) basis. This was the first discount it had paid so far this year. Sellers were increasingly discouraged by high eastbound shipments as this came at a time of rising Indian cargo numbers. India has so far sold up to 625,000 tons of naphtha for May lifting and the volumes are expected to reach 700,000 tons vs April at 580,000 tons.
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